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Second Circuit rejects edge act jurisdiction in AIG RMBS case

Orrick Herrington & Sutcliffe LLP
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USA
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April 22 2013

On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving

NCUA sues UBS over $1.1 billion in RMBS sold to collapsed credit unions

Orrick Herrington & Sutcliffe LLP
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USA
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September 17 2012

On September 6, 2012, the National Credit Union Administration Board (NCUA) sued UBS in the United States District Court for the District of Kansas

FDIC files five lawsuits against bank entities over RMBS

Orrick Herrington & Sutcliffe LLP
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USA
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August 20 2012

On August 10, the FDIC in its capacity as receiver for Colonial Bank filed five lawsuits three in Alabama state court, one in New York federal court, and one in California federal court seeking $741 million in damages from a number of investment banks, including Bank of America Corp., JPMorgan Chase & Co., Citigroup, Inc., and others, for making allegedly false and misleading statements that induced Colonial Bank into buying mortgage-backed securities

Allstate suit against Citigroup remanded to state court

Orrick Herrington & Sutcliffe LLP
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USA
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March 19 2012

On March 13, 2012, Judge Richard J. Sullivan of the Southern District of New York remanded a $200 million RMBS suit against Citigroup to state court

Allstate RMBS suit against Credit Suisse remanded to New York State Court

Orrick Herrington & Sutcliffe LLP
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USA
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October 31 2011

Judge Buchwald of the U.S. District Court for the Southern District of New York issued an order on October 19, 2011, remanding a suit brought by Allstate against Credit Suisse and related entities arising out of alleged misrepresentations made in connection with over $200 million of RMBS allegedly purchased by Allstate

JPMorgan sues FDIC in third-party suit

Orrick Herrington & Sutcliffe LLP
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USA
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August 1 2011

On July 25, 2011, JPMorgan Bank filed a third-party complaint against the FDIC in the Southern District of Ohio, claiming the FDIC indemnified JPMorgan when it agreed to buy assets from Washington Mutual, which went bankrupt in 2008

FDIC final rule on orderly liquidation authority

Orrick Herrington & Sutcliffe LLP
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USA
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July 11 2011

On July 6, the FDIC adopted a final rule addressing the rights and powers of the FDIC as a receiver of a nonviable systemic financial company under the orderly liquidation provisions of Title II of the Dodd-Frank Act

FDIC report on Lehman orderly resolution

Orrick Herrington & Sutcliffe LLP
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USA
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April 25 2011

On April 18, the FDIC released a report examining how it could have structured an orderly resolution of Lehman Brothers Holdings Inc

Third Circuit finds discounted cash flow valuation of contested portfolio "commercially reasonable"

Orrick Herrington & Sutcliffe LLP
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USA
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February 28 2011

On February 16, 2011, the Third Circuit affirmed a Delaware bankruptcy court's order determining the value of mortgage loans in the context of a 2006 repurchase agreement

Los Angeles federal court has jurisdiction over RMBS suit

Orrick Herrington & Sutcliffe LLP
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USA
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January 10 2011

On December 29, 2010, the Honorable Mariana R. Pfaelzer denied a motion by Stichting Pensioenfonds ABP ("Plaintiff") to remand its claims against Countrywide and others to state court