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Managers of structured investment vehicle owe no fiduciary duty to noteholders
- Chadbourne & Parke LLP
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- USA
- -
- October 15 2012
New York’s highest court dismissed claims brought by a noteholder alleging that actions taken by the collateral managers of the noteholder’s structured investment vehicles breached their fiduciary duties
US “ipso facto” and UK “anti-deprivation”: the Lehman “flip” clause
- Chadbourne & Parke LLP
- -
- United Kingdom, USA
- -
- August 18 2010
On November 6, 2009, the English Court of Appeal issued a judgment in the case of Perpetual Trustee Company Limited & another v BNY Corporate Trustee Services Ltd & another 2009 EWCA Civ 1160, an action commenced in the English High Court by the noteholders representative Perpetual Trustee Company Limited ("Perpetual"
The Edge Act keeps AIG’s suit against Bank of America in federal court
- Chadbourne & Parke LLP
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- 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
Court dismisses complaint arising from downgrade of mortgage-backed Credit Default Obligation
- Chadbourne & Parke LLP
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- USA
- -
- December 1 2011
A New York federal district court recently dismissed a fraud action brought by plaintiff Landesbank Baden-Württemberg (“Landesbank”) against Goldman Sachs & Co. (“Goldman”) and TCW Asset Management Company (“TCW”) related to the devaluation and downgrade of a mortgage-backed Credit Default Obligation (“CDO”) known as Davis Square Funding VI (“Davis Square”
Insurer prevails on fraud claim in mortgage securitization action against Countrywide
- Chadbourne & Parke LLP
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- 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
Fraud claims against CDO arranger fail absent misrepresentations to plaintiff
- Chadbourne & Parke LLP
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- USA
- -
- December 1 2011
Judge Barbara S. Jones of the United States District Court for the Southern District of New York recently dismissed claims of fraud and unjust enrichment against Morgan Stanley, the arranger of a collateralized debt obligation (“CDO”) that allegedly had a hand in procuring a false and misleading Triple-A rating for the CDO
Fraud claims survive against Morgan Stanley over inflated credit ratings
- Chadbourne & Parke LLP
- -
- USA
- -
- December 21 2010
In a recent decision, Judge Shira A. Scheindlin of the United States District Court for the Southern District of New York denied defendant Morgan Stanley’s motion to dismiss fraud claims brought by two institutional investors in connection with the collapse of a structured investment vehicle (SIV) called Rhinebridge
First Amendment protection denied to credit ratings privately disseminated
- Chadbourne & Parke LLP
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- USA
- -
- March 1 2012
Judge James O. Browning of the U.S. District Court for the District of New Mexico has held that allegedly faulty credit ratings for mortgage-backed securities (“MBS”) that were offered to a limited group of investors are not protected speech under the First Amendment
New York federal courts split on mortgage-backed securities class action certifications
- Chadbourne & Parke LLP
- -
- USA
- -
- September 13 2011
A conflict has emerged in a trio of class certification rulings filed this year in the United States District Court for the Southern District of New York
MBIA’s fraud claim against Credit Suisse reinstated but court signals claim is fatally flawed
- Chadbourne & Parke LLP
- -
- USA
- -
- December 1 2011
In 2009, MBIA, a company that insures financial products including financial risk, commenced an action against Credit Suisse Securities USA LLC (“Credit Suisse”), DLJ Mortgage Capital, Inc. (“DLJ”) and Select Portfolio Servicing, Inc. (“SPS”) claiming fraudulent inducement and breach of contract in connection with its insurance of a pool of mortgage-backed securities
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- Workarea - Litigation
- Workarea - Securitization & Structured Finance
- Firm Name - Chadbourne & Parke LLP
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