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Assured and UBS agree to settle RMBS litigation for $358 million

Orrick Herrington & Sutcliffe LLP
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USA
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May 13 2013

On May 6, monoline insurer Assured Guaranty Ltd. announced a $358 million settlement with UBS and its affiliates stemming from losses on residential

NY Appellate Court holds CIFG and Syncora lack standing in $1.8 billion MBS suit

Orrick Herrington & Sutcliffe LLP
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USA
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April 29 2013

On April 25, the First Department of the Appellate Division of the New York Supreme Court affirmed an order barring monoline insurers CIFG and

CIFG sues Bank of America over RMBS insurance policies

Orrick Herrington & Sutcliffe LLP
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USA
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December 3 2012

On November 20, CIFG sued Bank of America in Supreme Court for the State of New York concerning five financial guaranty policies issued in connection with two structured transactions backed by 22 RMBS

Federal court rules that insurer may prevail on its representation and warranty claims without proving that the breaches caused loans to default

Orrick Herrington & Sutcliffe LLP
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USA
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October 1 2012

On September 25, Judge Jed S. Rakoff of the Southern District of New York issued a written opinion denying summary judgment in Assured Guaranty Municipal Corp.’s contract dispute with Flagstar Bank FSB over its insurance policies on nearly $1 billion in mortgage-backed securities backed by home equity loans

Assured sues OneWest Bank in connection with RMBS insurance

Orrick Herrington & Sutcliffe LLP
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USA
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August 20 2012

On August 9, Assured Guaranty filed suit in California state court against OneWest Bank FSB, claiming that the company’s loan servicing was to blame for $335 million it has paid in insurance claims related to residential mortgage-backed securities

Assured Guaranty sues GMAC entities in connection with RMBS insurance

Orrick Herrington & Sutcliffe LLP
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USA
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May 21 2012

On May 11, 2012, Assured Guaranty filed suit in the United States District Court for the Southern District of New York against several GMAC entities alleging that the defendants induced Assured to issue financial guaranty insurance for certain RMBS by making misrepresentations about the underlying mortgage loans

Assured Guaranty and Deutsche Bank settle RMBS claims for $165.6 million

Orrick Herrington & Sutcliffe LLP
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USA
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May 21 2012

On May 10, 2012, Assured Guaranty announced that it had reached a $165.6 million settlement with Deutsche Bank resolving claims related to RMBS transactions issued, underwritten or sponsored by Deutsche Bank that were insured by Assured Guaranty under financial guaranty insurance policies

Court denies Goldman Sachs’s motion to dismiss in case arising out of Abacus CDO

Orrick Herrington & Sutcliffe LLP
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USA
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April 30 2012

On April 24, 2012, New York State Court Judge Barbara Kapnick denied a motion brought by Goldman Sachs Group Inc. (“Goldman Sachs”) to dismiss an action brought by ACA Financial Guaranty Corp. (“ACA”) arising out of ACA’s provision of financial guaranty insurance wrapping the Abacus 2007-ACI CDO issued by Goldman Sachs

Ambac files $856 million RMBS insurance suit against Bank of America and Merrill Lynch

Orrick Herrington & Sutcliffe LLP
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USA
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April 23 2012

On April 16, 2012, bankrupt insurer Ambac Financial Group filed suit against Bank of America as successor to Merrill Lynch, Merrill Lynch, and certain of its affiliates, in New York County Supreme Court

New York court dismisses insurer claims in $1.8 billion RMBS suit

Orrick Herrington & Sutcliffe LLP
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USA
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March 5 2012

On February 28, 2012, New York State Supreme Court Judge Bernard J. Fried rejected an attempt by Syncora and CIFG Assurance to plead new claims against Greenpoint Mortgage Funding after their initial claims were dismissed in March of 2010