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On July 30, 2015, District Judge Denise Cote of the Southern District of New York denied GE Mortgage Holding LLC's motion for summary judgment in a repurchase action brought by the RMBS Trustee for the GE-WMC 2006-1 Trust.

The plaintiffs had asserted causes of action for violations of federal securities laws as well as for common law fraud, negligent misrepresentation, and unjust enrichment.

On May 8, 2015, the Federal Home Loan Bank of Boston filed a stipulation of voluntary dismissal with prejudice of claims it levied against JP Morgan Chase & Co., the Bear Stearns Companies Inc., EMC Mortgage Corporation and other entities.

On February 1, JP Morgan Chase & Co. settled federal securities claims brought by investors led by the Public Employees’ Retirement System of Mississippi...

Without admitting any wrongdoing JPMorgan agreed to pay plaintiffs $388 million, subject to court approval.

The Bank of New York Mellon, suing as trustee for the J.P. Morgan Mortgage Acquisition Trust, filed a summons with notice in the Supreme Court for the State of New York.

On February 3, Judge Alison Nathan of the United States District Court for the Southern District of New York largely denied Deutsche Bank National Trust Co.'s motion to dismiss...

On May 22, the Second Circuit Court of Appeals ruled that when a nonbank entity purchases loans from a national bank, the interest rate the nonbank entity may charge is limited to the rate of interest...

On February 25, 2015, Morgan Stanley announced that it reached an agreement in principle with the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of Califoirnia, Civil Division.

On March 31, 2015, Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York denied HSBC Bank USA, National Association's ("HSBC") motion to dismiss an action...

The National Credit Union Administration, acting as liquidating agent for five failed credit unions, sued Deutsche Bank National Trust Company (DBNTC) for allegedly breaching its duties as trustee under the governing trust agreements for 121 RMBS trusts with a total original face value of approximately $140 billion.

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia.

On December 22, National Credit Union Administration sued Wells Fargo, as an RMBS trustee, in the United States District Court for the Southern District of New York.

Judge William J. Martini of the U.S. District Court for the District of New Jersey granted in part U.S. Bank’s motion to dismiss VNB Realty, Inc.’s claims.

On August 18, 2015, the New York Appellate Division's First Department held that ACA Financial Guaranty Corp. adequately pled its fraud suit against Goldman Sachs Group Inc.

Larry Childs is one of PAM's most frequently relied upon attorneys, having represented numerous financial institutions for over three decades.

The white paper presents a set of general principles that can guide practitioners until such time as the interpretive questions raised by these recent cases are resolved through future judicial opinions and/or legislative action.