On Thursday, May 18, 2023, the Court of Appeals will hear argument in IKB International v Wells Fargo (No. 51) APL-2022-165. The case issue statement describes the issues as:
- Contracts—Construction—Whether provision in agreement governing residential mortgage backed securities trusts, which stated that trustee agreed to exercise rights for benefit of present and future certificate holders, imposed an express duty on the trustees to enforce repurchase protocol for the benefit of investors;
- Contracts—Breach or Performance of Contract—Whether plaintiffs sufficiently alleged that trustees had actual knowledge or written notice of event of default; whether economic loss doctrine barred claims for breach of conflict of interest and post event of default breach of fiduciary duty;
- Limitation of Actions—When Cause of Action Accrues—Whether plaintiffs’ pre-event of default document defect repurchase claims are time barred.
The parties’ briefs address only the first two issues above, as well as the scope of the no-action clause.