On December 30, 2023, Justice Cohen of the New York County Commercial Division issued a decision in U.S. Bank N.A. v. DLJ Mtge. Capital, Inc., 2023 NY Slip Op. 34560(U), holding open the possible viability of post-suit notice of representation and warranty breaches . . . Continue reading In RMBS Put-Pack Action, Court Leaves Open Possibility of Post-Suit Notice of Breaches
On October 27, 2023, Justice Reed of the New York County issued a decision in U.S. Bank N.A. v. EquiFirst Corp., 2023 NY Slip Op. 51150(U), holding that failure to notify RMBS put-back claims survived a motion to dismiss, but only within a narrow window . . . Continue reading RMBS Failure to Notify Claims Survive, But Only Within a Narrow Window
On September 27, 2023, Justice Crane of the New York County Commercial Division issued a decision in HSBC Bank USA, N.A. v. Nomura Credit & Capital, Inc., 2023 NY Slip Op. 33361(U), dismissing an RMBS loan servicer’s claim for lost profits damages arising from the seller’s failure to give notice of document defects . . . Continue reading Court RMBS Loan Servicer’s Claim for Lost Profit Damages Arising from Seller’s Failure to Give Notice of Document Defects
On September 19, 2023, Justice Crane of the New York County Commercial Division issued a decision in HSBC Bank USA, N.A. v. Nomura Credit & Capital, Inc., 2023 NY Slip Op. 33252(U), dismissing a claim against Ocwen for failing to give Nomura notice of representation and warranty breaches because Normura would have refused to cure any breaches of which it was given notice . . . Continue reading Court Dismisses Claim Against Servicer for Failing to Give Notice of Representation and Warranty Breaches Because Originator Would Have Ignored Any Demand Made on It
On March 2, 2023, the First Department issued a decision in Freedom Trust 2011-2 v. DB Structured Prods., Inc., 2023 NY Slip Op. 01136, holding that a certificateholder cannot sue a third-party without complying with the no-action clause, even when the trustee consents . . Continue reading Certificateholder Cannot Sue a Third-Party Without Complying with the No-Action Clause, Even When the Trustee Consents
On June 21, 2022, Justice Chan of the New York County Commercial Division issued a decision in Deutsche Bank Natl. Trust Co. v. EquiFirst Corp., 2022 NY Slip Op. 31953(U). In this decision, Justice Chan addresses a question left unanswered by the Court of Appeals in Deutsche Bank Natl. Trust Co. v. Barclays Bank PLC, in which it held that the statute of limitations for put-back claims brought by Deutsche Bank National Trust Co. was four years, because that was the statute of limitations for a breach of contract claim in California, where Deutsche Bank National Trust Co. is located. Continue reading Statute of Limitations for a Put-Back Action
On July 2, 2022, Justice Masley of the New York County Commercial Division issued a decision in Freedom Trust 2011-2 v. DB Structured Prods., Inc., 2022 NY Slip Op. 32096(U), dismissing a put-back brought by a certificateholder of an RMBS trust, with the trustee’s permission, against the trust’s sponsor because (1) the certificateholder lacked capacity under the trust’s no-action clause and (2) the claims were in any event time-barred. Continue reading RMBS Certificateholder Lacked Capacity to Sue Sponsor
On Tuesday, April 19, 2022, the Court of Appeals will hear argument in ACE Securities v. DB Structured Prods. (No. 34), APL-2020-126. Argument is scheduled to begin at 2:00 PM New York time and can be viewed on the Court of Appeals website. Continue reading Oral Argument in ACE Securities v. DB Structured Prods
On March 17, 2022, the Court of Appeals issued a decision in U.S. Bank Natl. Assn. v. DLJ Mtge. Capital, Inc., 2022 NY Slip Op. 01866, holding that an RMBS trustee cannot rely on the relation back doctrine to avoid a pooling and servicing agreement’s pre-suit demand requirement. Continue reading RMBS Trustee Cannot Avoid Pre-Suit Put-Back Demand Requirement
On March 10, 2022, Judge Nathan of the S.D.N.Y. issued a decision in U.S. Bank v. Goldman Sachs, 19-cv-02305-AJN, rejecting the use of sampling in an RMBS put-back action. Continue reading SDNY Rejects Sampling in Put-back Action
