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Article

Orrick, Herrington & Sutcliffe LLP | USA | 15 Aug 2016

New York Intermediate Appellate Court Holds that Accrual Provision Does Not Save RMBS Trustee’s Time-Barred Putback Claim

On August 11, 2016, the First Department of the Appellate Division of the Supreme Court of the State of New York affirmed dismissal of an action

Article

Orrick, Herrington & Sutcliffe LLP | USA | 11 Jul 2016

Appellate Court Affirms Dismissal of Certain Claims Against Trustee

On July 5, 2016, the First Department of the Appellate Division of the Supreme Court of the State of New York affirmed the partial grant of Bank of

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Madoff trustee has no standing to bring common law claims on behalf of Madoff customers

The trustee of Bernard L. Madoff Investment Securities, LLC (“BLMIS”), Irving Picard, recently suffered a severe setback in his efforts to recover money on behalf of investors in BLMIS at the expense of the banks and other financial firms that provided services to BLMIS.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Creative arguments partly succeed in circumventing indenture’s “no action” clause

In his recent decision in RJ Capital, S.A. v. Lexington Capital Funding III, Ltd., 10 Civ. 25 (PGG), 2011 U.S. Dist. LEXIS 82912 (S.D.N.Y. July 28, 2011), Judge Paul G. Gardephe dealt with a noteholder’s creative attempts to circumvent noncompliance with a “no action” clause in an indenture that required several conditions to be met before suit thereunder could be brought.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 6 Sep 2011

U.S. bank sues Bank of America over $1.75 billion Countrywide RMBS deal

On August 29, 2011, U.S. Bank National Association ("U.S. Bank") filed a lawsuit against Bank of America and certain affiliates, as successor to Countrywide Financial Corp., in the Supreme Court for the State of New York. U.S. Bank, as Trustee of the RMBS transaction, filed this suit at the direction of trust investors, in order to force Bank of America to repurchase each of the securitized loans underlying the trust.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 22 Aug 2011

Knights of Columbus seek damages from Bank of New York Mellon

On August 16, 2011, the Knights of Columbus amended their complaint against Bank of New York Mellon in New York state court to seek damages from BNY Mellon as trustee of 18 RMBS trusts serviced by Countrywide Financial Corp.

Article

Chadbourne & Parke LLP | USA | 20 Jun 2011

Noteholder claims proceed against trustee for withholding funds to indemnify itself for litigation costs

A New York trial court recently held that a breach of contract claim brought by a third-party beneficiary noteholder of an indenture could proceed to trial against the indenture trustee, JPMorgan Chase Bank (“JPMC”), based on JPMC’s withholding disbursements from the noteholder to indemnify itself for fees and expenses for anticipated litigation.

Article

Morrison & Foerster LLP | USA | 9 Jun 2011

Derivative action challenging rule 12b-1 fees dismissed based on lack of private right of action

The U.S. District Court for the Southern District of New York dismissed a shareholder derivative lawsuit challenging distribution fees paid pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 28 Feb 2011

Investor group sues Countrywide to enforce contractual buy-back provision

On February 23, 2011, a group of holders of RMBS certificates represented by Plaintiffs' lawyer David Grais filed a breach of contract claim against Countrywide Home Loans (now part of Bank of America) in New York State court, alleging that they were defrauded into purchasing over $1 billion in RMBS.

Article

Eversheds Sutherland (US) LLP | USA | 13 Jul 2010

Corporate officer held personally liable for bankrupt corporation’s unpaid sales taxes

In an interesting twist on a run-of-the-mill case regarding the personal liability of a corporate officer for unremitted sales taxes, the New York State Division of Tax Appeals held an owner ("Petitioner") personally liable for sales tax even though the corporation was in Chapter 11 bankruptcy and was being run by a bankruptcy court-approved management company.

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