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Partial summary judgment granted in National Century litigation

Orrick Herrington & Sutcliffe LLP
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USA
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December 20 2010

On December 13, 2010, Judge James Graham of the United States District Court for the Southern District of Ohio granted summary judgment, dismissing several claims brought against Credit Suisse Securities LLC by investors in asset-backed securities issued by National Century Financial Enterprises, Inc

Ratings in a private placement are protected speech under California law

Orrick Herrington & Sutcliffe LLP
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USA
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December 20 2010

On December 10, 2010, Judge Richard Kramer of the Superior Court of California, County of San Francisco, issued a tentative bench ruling that ratings issued by Moody's, S&P and Fitch on structured investment vehicles are a form of protected speech concerning a subject of public interest protected by California's "Anti-SLAPP law"

Defendant's motion to dismiss granted in KKR class action

Orrick Herrington & Sutcliffe LLP
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USA
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December 13 2010

On November 17, 2010, Judge Paul A. Crotty of the United States District Court for the Southern District of New York granted in its entirety the Defendant's motion to dismiss in a securities class action brought against KKR Financial Holdings LLC, a REIT heavily invested in RMBS

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

Orrick Herrington & Sutcliffe LLP
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USA
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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

SEC files complaint for securities fraud against former IndyMac Bank CFO

Orrick Herrington & Sutcliffe LLP
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USA
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February 22 2011

On February 11, 2011, the SEC filed a complaint in the Central District of California against IndyMac's former Chief Financial Officer, S. Blair Abernathy, alleging violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act in connection with six IndyMac RMBS offerings in 2007 and several other public securities filings in 2008 on behalf of IndyMac Bancorp, Inc

SDNY rules rating agencies are not underwriters

Orrick Herrington & Sutcliffe LLP
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USA
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January 24 2011

On January 12, 2011, Federal District Judge Harold Baer, Jr. of the Southern District of New York ("SDNY") dismissed all claims against several rating agencies (Moody's, Fitch, S&P) in an RMBS securities class action

SDNY denies class certification in two mortgage-backed securities cases

Orrick Herrington & Sutcliffe LLP
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USA
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January 24 2011

On January 18, 2011, Federal District Court Judge Harold Baer of the Southern District of New York denied plaintiffs' motion for class certification in two related RMBS cases

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

Orrick Herrington & Sutcliffe LLP
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USA
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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

JP Morgan settles with the SEC for $154 million over CDO disclosures

Orrick Herrington & Sutcliffe LLP
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USA
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June 27 2011

On June 21, 2011, the SEC announced that JP Morgan Chase & Co. agreed to pay $153.6 million in disgorgement and penalties to settle claims brought by the SEC in the Southern District of New York

U.S. Bancorp sued over management of securities lending trust

Orrick Herrington & Sutcliffe LLP
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USA
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March 28 2011

On March 15, 2011, Woodmen of the World Life Insurance Society, a participant in a securities lending trust formed by U.S. Bancorp, filed a complaint against U.S. Bancorp, and several affiliated individuals and entities, in Delaware Chancery Court