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The Marketplace Lending Industry Sneezes and Securitization Catches a Cold - Bad Law in the Madden Decision
  • Dechert LLP
  • USA
  • August 22 2016

For the past year or so, Dechert has been keeping a close eye on the marketplace lending industry and the tension between innovation, which portends

New York Court Dismisses Claims against EquiFirst and Barclays as Untimely
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • August 2 2016

On July 25, 2016, Justice Marcy Friedman of the New York Supreme Court dismissed a $619 million suit brought by U.S. Bank in its capacity as Trustee

Eighth Circuit holds time limit for MSMLA claims is three years
  • Maurice Wutscher LLP
  • USA
  • August 24 2015

The U.S. Court of Appeals for the Eighth Circuit recently affirmed the dismissal of a class action by Missouri borrowers alleging that various

Second Circuit narrows class standing doctrine
  • Mayer Brown
  • USA
  • February 25 2015

In NECA-IBEW v. Goldman Sachs, the Second Circuit arguably opened up a new door in class action litigation when it held that investors in one

Second Circuit permits expansive class standing for RMBS purchasers
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • September 10 2012

On September 6, 2012, the United States Court of Appeals for the Second Circuit reversed the dismissal of RMBS claims against Goldman Sachs and related entities based on lack of standing and failure to state a claim.

New York court dismisses RMBS claims brought by CIFG against Goldman and M&T Bank
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • May 7 2012

On May 1, 2012, Justice O. Peter Sherwood of the New York State Supreme Court dismissed the majority of claims brought by CIFG Assurance North America, an insurer of RMBS, against M&T Bank and Goldman Sachs, the originator and underwriter respectively of those securities.

Federal court in California finds Countrywide RMBS suit time-barred
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • August 15 2011

Judge Mariana Pfaelzer of the Central District of California ruled on August 10, 2011 that claims asserted by Stichting Pensioenfonds ABP on August 18, 2010 and in an amended complaint on February 14, 2011 were barred by the applicable statutes of limitations and repose.

S.D.N.Y. judge finds potential RMBS plaintiffs' claims against Indymac time-barred under the Securities Act of 1933
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • July 5 2011

On June 21, 2011, Judge Kaplan in the Southern District of New York denied several potential plaintiffs' motions to intervene in this action against Indymac on the basis that the intervenors' claims were time-barred.

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.

Innkeepers bankruptcy court rules on CMBS certificateholder’s standing
  • Sidley Austin LLP
  • USA
  • March 31 2011

In a recent decision, the United States Bankruptcy Court for the Southern District of New York ruled that a certificateholder of two CMBS securitization trusts ("CMBS Trusts") had no standing to be heard in a chapter 11 case involving the borrowers under a securitized mortgage loan held by the CMBS Trusts.