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

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

Beware the boilerplate: Issue two

  • Andrews Kurth LLP
  • -
  • USA
  • -
  • January 2 2013

Times change, and so does the English language. Nowhere is this more prevalent than in the use of industry jargon and terms of art. If you’ve been using

CIFG sues Bank of America over RMBS insurance policies

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • 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

New York court rejects insurer’s rescissionary damages claim for mortgage-backed securities policy

  • Simpson Thacher & Bartlett LLP
  • -
  • USA
  • -
  • November 2 2012

A New York state court dismissed an insurer’s rescissionary damages claim against DLJ Mortgage Capital and Credit Suisse Securities, finding that the insurer’s continued acceptance of premiums foreclosed all rescission-related claims

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
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

Irish special purpose reinsurance vehicles

  • Matheson
  • -
  • Ireland
  • -
  • August 10 2012

The Irish reinsurance industry represents a significant proportion of the reinsurance business written worldwide

Assured Guaranty sues GMAC entities in connection with RMBS insurance

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

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