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USA - June 5 2012
The United States District Court for the Northern District of California recently denied the motion of Wells Fargo & Company (“Wells Fargo”) to dismiss claims that its directors and officers breached their fiduciary duties to shareholders during the mortgage crisis.
USA - March 1 2012
A New York trial court recently granted partial summary judgment in favor of MBIA Insurance Corporation (“MBIA”) on fraud and breach of warranty claims it had brought against Countrywide Home Loans, Inc. and various affiliates (collectively, “Countrywide”) concerning certain financial guaranty insurance policies that MBIA had issued in connection with residential mortgage-backed securitizations originated by Countrywide.
USA - December 1 2011
A recent decision by a New York federal district court upheld federal court jurisdiction under the Edge Act, 12 U.S.C.§ 632 (the “Edge Act”), in a lawsuit brought by American International Group, Inc. (“AIG”) and several other insurers against Bank of America, Merrill Lynch and Countrywide Affiliates
USA - September 13 2011
Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York recently granted in part and denied in part a motion to dismiss federal securities law claims brought on behalf of a putative class of purchasers of securities issued by Lehman Brothers Holdings Inc. (“Lehman”) prior to its September 2008 collapse.
USA - June 24 2011
On June 20, 2011, the U.S. Supreme Court, in an 8-0 decision, held that federal public nuisance claims seeking to enjoin the emission of “greenhouse” gases are barred (or, in the Court’s language, “displace[d]”) by the provisions of the federal Clean Air Act (the “Act”) and the Environmental Protection Agency’s (“EPA”) regulatory authority over greenhouse gases.
