Representative Experience

Following are some of the Structured Finance Litigation Team's principal activities and accomplishments over the past few years:

  • Represented numerous monoline and investor clients in the negotiation and execution of loan-by-loan and global RMBS settlements aggregating more than $6.5 billion;
  • Represented clients in connection with the bankruptcies of RMBS sponsors/originators;
  • Brought 23 lawsuits (including the following currently active lawsuits) on behalf of monoline insurers and investors against major financial institutions, involving several billion dollars in claims, including breach of representations and warranties and, in certain cases, fraud or violations of federal or state securities laws:
    • Ambac Assurance Corp. v. U.S. Bank National Association, No. 17-cv-2614 (S.D.N.Y.)
    • Ambac Assurance Corp. v. Nomura Credit & Capital, Inc., Index No. 651359/2013 (N.Y. Sup. Ct.)
    • Freedom Trust 2011-2 and ARI Investments LLC v. HSBC Bank USA, National Association, Index No. 653319/2021 (N.Y. Sup. Ct. N.Y. Cnty.)
  • Appeared in numerous trust instructional proceedings on behalf of RMBS investors and monoline insurers involving disputes over RMBS settlements, distribution of cash flows and clean-up calls;
  • Represented a private investment firm with over $20 billion in assets under management in the enforcement of remedies relating to events of default that occurred in a multi-billion dollar revolving credit facility used by one of the largest mortgage servicers in the country to finance its operations;
  • Analyzed representations and warranties, "put-back" mechanics, direction and indemnity provisions, no action clauses, waterfalls, and other key aspects of PSAs and MLPAs for hundreds of separate RMBS transactions, and advised clients as to the risks and opportunities associated therewith; and
  • Implemented a number of RMBS servicer terminations and negotiated servicing transfers to improve collateral performance.