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NY AG to sue Bank of America and Wells Fargo over National Mortgage Settlement

Kelley Drye & Warren LLP
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USA
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May 10 2013

Back in February of last year, we posted about the $25 billion settlement between the federal government, 49 states, and the nation's largest

SDNY: pattern of scrutiny extends to private settlements

Kelley Drye & Warren LLP
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USA
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January 16 2013

In previous posts, we have covered Judge Jed S. Rakoff's rejection of the SEC - Citigroup settlement (see compilation of posts at this link). Judge

Investors’ suit against RBS dismissed: SDNY provides guidance for issuers’ disclosures

Kelley Drye & Warren LLP
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USA
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September 7 2012

On September 4, 2012, the Southern District of New York, Judge Deborah A. Batts, issued a decision in In re Royal Bank of Scotland Group PLC Secs. Litigation, dismissing a putative class action alleging that RBS’s offering materials concerning its shares did not disclose the extent of RBS’s subprime exposure, misrepresented internal controls, and provided an inaccurate assessment of RBS’s acquisition of ABN AMRO

Bank of America and Syncora settle countrywide MBS suit for $375 million

Kelley Drye & Warren LLP
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USA
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July 20 2012

We have previous reported on MBIA v. Countrywide and Syncora v. Countrywide, two cases proceeding before Justice Bransten in the New York Supreme Court’s Commercial Division

SEC and Citi argue to Second Circuit that Judge Rakoff committed “clear error of law”

Kelley Drye & Warren LLP
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USA
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May 17 2012

We have posted previously about Judge Jed S. Rakoff’s refusal to approve the SEC’s proposed $285 million settlement with Citigroup in connection with certain mortgage backed securities

$25 billion mortgage servicing settlement approved by court

Kelley Drye & Warren LLP
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USA
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April 10 2012

We previously posted regarding the $25 billion settlement entered into between the Justice Department, 49 state attorneys general and the nation’s five largest mortgage servicers

Guidance from the First Department on discovery cost-shifting in greenpoint MBS case

Kelley Drye & Warren LLP
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USA
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February 28 2012

Today, the Appellate Division, First Department issued a decision in U.S. Bank National Association, et al. v. GreenPoint Mortgage Funding, Inc. that held that as an initial matter, the producing party must bear the costs of production (including with regard to electronically stored information), therefore adopting the standards articulated by the Southern District of New York in 2003 in Zubulake v. UBS Warburg LLC

Second Circuit: Bank of America settlement challenges will be heard in state court

Kelley Drye & Warren LLP
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USA
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February 28 2012

Yesterday, the Second Circuit Court of Appeals issued its decision on whether the challenges to the Bank of America RMBS settlement should be heard in federal or state court

The continuing saga of Bank of America’s RMBS settlement with institutional investors

Kelley Drye & Warren LLP
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USA
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February 17 2012

We have been following the settlement of institutional investors’ representations and warranties claims against Bank of America in connection with 530 residential mortgage-backed securities transactions

Justice Bransten rules on MBS causation motions

Kelley Drye & Warren LLP
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USA
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January 13 2012

We previously posted about the October 5, 2011 hearing before Justice Eileen Bransten in the New York Supreme Court’s Commercial Division in MBIA Ins. Co. v. Countrywide Home Loans, Inc., et al. (Index No. 60282508), during which Justice Bransten heard arguments concerning the causation burden presented by monoline insurers’ fraud and breach of warranty claims against Countrywide relating to mortgage-backed securities transactions the plaintiffs insured