In mid-2007, at the very outset of the financial crisis, Patterson Belknap formed its interdisciplinary Structured Finance Litigation Team. As one of the few elite firms positioned to be adverse to most major banks and other financial institutions, and with attorneys who have decades of relevant experience in complex financial litigation, we were well positioned to advise a broad array of clients. Over the past 12 years, we have recovered over $6.5 billion on behalf of our clients in this area, including a settlement of $1.84 billion in 2022. Since its formation, our team has played a critical role in cutting edge matters arising out of today's constantly changing financial markets environment.
This market positioning has led to a host of complex matters in this area. One area of particular focus has been the work of the RMBS Group, a sub-group within the larger Structured Finance Litigation Team that advises on disputes involving residential mortgage-backed securities transactions. Due to our team's early formation and insight, we were able to make a substantial footprint and establish leadership before the crisis received significant global attention in 2008. As a result, we have been one of the most active law firms in the area, having brought 23 lawsuits on behalf of monoline insurers and investors against major financial institutions since 2008.
Marketing Leading Experience
- We have represented several monoline insurers in connection with their remediation efforts relating to dozens of separate RMBS transactions, including investigation and prosecution of billions of dollars in claims for breaches of representations and warranties and other wrongdoing against some of the world's largest financial institutions, as well as advising on restructuring and other loss-mitigation options.
- We are a go-to-firm for institutional investors in RMBS with diverse goals and strategies. This representation includes investigations and/or legal actions pertaining to misrepresentations in the issuance of RMBS, negotiation with trustees, implementation of settlements, waterfall disputes, and advice relating to legal risks and opportunities associated with investment in legacy RMBS.
- We represent a monoline insurer in litigation involving 15 student loan trusts, including litigation with the Consumer Financial Protection Bureau.
- We provide advice to lenders and institutional investors in connection with disputes relating to commercial mortgage-backed securities (CMBS).
Industry Recognition
Consistent with our leadership position, we have one of the largest groups of any law firm focused on Structured Finance matters, with partners, counsel and associates from our litigation, creditors' rights, corporate and real estate departments collaboratively working on various aspects of these matters.
Chambers USA has recognized Patterson Belknap's Structured Finance Litigation Team, with one commenter noting that, “their work is outstanding. They have a very strong group of partners who are very committed, very knowledgeable and provide extremely good counsel and service. They also have a very strong bench of associates.”
The firm is also “Highly Recommended” for Litigation – New York in Euromoney Institutional Investor PLC’s Benchmark Litigation guide. Benchmark quoted a client as saying, “for residential mortgage-backed securities litigation, they are a go-to firm.”