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Results: 1-10 of 45

The subprime debt market fallout

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 23 2008

A new issue came to the forefront in 2007 the collapse of the subprime debt market

New York Federal Court rejects argument based on "repurchase or substitute" clauses

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • January 10 2011

On December 23, 2010, Judge Leonard Wexler of the United States District Court for the Eastern District of New York issued rulings denying motions to dismiss in two related cases asserting non-fraud based federal securities claims alleging material misstatements in RMBS offering documents

Federal securities claims dismissed in In re Royal Bank of Scotland based on Morrison

  • Mayer Brown LLP
  • -
  • USA
  • -
  • February 11 2011

On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals

Plaintiffs ask Judge Crotty to reconsider his denial of leave to file amended complaint in Barclays RMBS litigation

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • February 14 2011

On February 4, 2011, plaintiffs in In re Barclays Bank PLC Securities Litigation (S.D.N.Y.) filed a motion asking Judge Crotty to reconsider his January 5, 2011 order which dismissed all of plaintiffs' claims against defendants without granting leave to amend

CDO suit against Morgan Stanley dismissed with leave to amend

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • October 10 2011

On September 30, 2011, Judge Barbara Jones of the Southern District of New York dismissed a class action suit against Morgan Stanley with leave to amend

Judge certifies class in lawsuit against Dynex Capital for over $630 million in mortgage-backed securities

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • March 14 2011

On March 7, 2011, Judge Harold Baer, Jr. of the U.S. District Court for the Southern District of New York certified a class of plaintiffs bringing claims under Section 10(b) and 20(a) of the Exchange Act against Dynex Capital, Inc. on the basis that Dynex Capital allegedly made material misstatements and omissions regarding underwriting standards, market conditions, loss reserves, and delinquencies in connection with the sale of bonds that are MBS collateralized by pools of mobile home loans

Second Circuit affirms dismissal of rating agencies in RMBS suit

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 16 2011

On May 11, 2011, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of credit rating agencies from three different RMBS actions, finding that the rating agencies could not be held liable as underwriters or control persons under Sections 11 and 15 the '33 Act for alleged misstatements or omissions in securities offering documents

Massachusetts Mutual Life Insurance Co. files two new RMBS actions

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 16 2011

On May 6, 2011, Massachusetts Mutual Life Insurance Co. filed two complaints in the U.S. District Court for the District of Massachusetts, both alleging violations of the Massachusetts Uniform Securities Act in connection with MassMutual's purchases of RMBS

Citigroup: another market crisis case grounded in conflicts

  • Dorsey & Whitney LLP
  • -
  • USA
  • -
  • October 20 2011

First there was Goldman, then J.P Morgan and now Citigroup

California federal court holds that class plaintiffs may only sue over certificates in tranches that they purchased

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • May 31 2011

On May 5, 2011, Judge Pfaelzer of the U.S. District Court of Central District of California held that putative class representatives in an action asserting claims under the federal Securities Act of 1933 in connection with 14 offerings of RMBS only had standing to pursue claims for purchases of certificates in those tranches for which they had purchased certificates

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