In 2015, a court dismissed all claims under the suit entirely, citing a six-year statute of limitations on MBS contract litigation, as established in ACE Securities Corp. v. DB Structured Products Inc. According to Judge Karla Moskowitz, a member of the five-judge panel in Thursday’s appeals court, JPMorgan Chase’s six-year obligation to safeguard WMC didn’t stop when its obligation to repurchase the loans did. It instead will end six years after WMB actually failed to make the repurchase.
Read More »Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement
Investors who are waiting to receive the payouts from Bank of America's $8.5 billion mortgage-backed securities settlement will have to wait a little longer.
Read More »BNY Mellon Cautions U.S. Supreme Court on RMBS Decision
Bank of New York Mellon told the U.S. Supreme Court in a filing that overturning a Second Circuit Court ruling would mean disaster for the residential mortgage-backed securities market.
Read More »Court Dismisses BNY Mellon’s $600 Million RMBS Suit Against JPMorgan Chase
BNY Mellon contended that the clock for the six-year statute of limitations began ticking when it made the repurchase demand. JPMorgan countered that the statute of limitations began running on the date the transaction closed, which was June 28, 2006—more than seven years before BNY Mellon filed the lawsuit.
Read More »FDIC Suit Claims BNY Mellon Breached Trustee Duties for $2 Billion Worth of RMBS
The lawsuit, filed in the U.S. District Court for the Southern District of New York, claims that BNY Mellon "shirked its duty" as a bond trustee to make sure that the securities were not defective.
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