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District of Massachusetts denies in part JP Morgan's motion to dismiss RMBS investor suit
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- February 19 2013
On February 13, Judge Rya W. Zobel of the District of Massachusetts dismissed in part, but largely sustained, an investor suit brought by Capital
Financial industry developments
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- November 5 2012
On November 1, the FHFA announced that it was encouraged by Fannie Mae’s first Real Estate Owned pilot transactions and it made available additional details about the transactions
Syncora sues JP Morgan for losses from insuring RMBS
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- February 21 2012
On February 14, 2012, Syncora Guarantee filed a complaint in New York state court against JP Morgan, Bear Stearns, and EMC Mortgage alleging $52 million in losses incurred by the insurance company as a result of its insuring RMBS issued by the defendants
Monoline insurer assured files suit against DLJ and Credit Suisse
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- October 24 2011
On October 17, 2011, Assured Guaranty Municipal Corp. filed a lawsuit in the Supreme Court of New York against DLJ Mortgage Capital, Inc. and Credit Suisse Securities for breaches of mortgage representations and repurchase obligations in connection with six RMBS
UK consultation on managing, recovering and resolution planning
- Orrick Herrington & Sutcliffe LLP
- -
- United Kingdom, USA
- -
- August 23 2011
The UK Financial Services Authority ("FSA") published its long awaited consultation and discussion papers on Recovery and Resolution Plans for UK financial institutions
Dismissal of MBIA's fraud claim against Credit Suisse
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- June 6 2011
Justice Shirley Kornreich of the Supreme Court of the State of New York dismissed MBIA Insurance Corporation's claim that it was fraudulently induced to insure a Credit Suisse RMBS issuance
Rating agency developments
- Orrick Herrington & Sutcliffe LLP
- -
- Canada, USA
- -
- March 28 2011
On March 23, S&P issued a request for comment on proposed changes to its covered bond criteria for assessing counterparty and supporting party risk
FCIC report on financial crisis
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- January 31 2011
On January 27, the Financial Crisis Inquiry Commission issued a report on the causes of the financial and economic crisis, concluding that the financial crisis was avoidable and was due to: (i) widespread failures in financial regulation and supervision, (ii) failures of corporate governance and risk management at many systemically important financial institutions, (iii) a combination of excessive borrowing, risky investments, and lack of transparency, (iv) a lack of preparation by the government, (v) a systemic breakdown in accountability and ethics, (vi) lowered mortgage-lending standards, (vii) lack of oversight of over-the-counter derivatives, and (viii) failures of rating agencies
Senate passes financial reform bill
- Orrick Herrington & Sutcliffe LLP
- -
- USA
- -
- July 16 2010
On July 15th, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by the House of Representatives on June 30th and which will likely be signed by the President next week
