December 22, 2014
In November 2014, the Firm, as co-counsel, filed a complaint on behalf of the National Credit Union Administration Board (“NCUA”), as liquidating agent of several credit unions, against Deutsche Bank National Trust Co., in its role as Trustee for 121 residential mortgage-backed securities (“RMBS”) trusts that issued certificates purchased by the credit unions from 2005 to 2007. The complaint asserts that Deutsche Bank failed to take action to protect the interests of the credit unions and investors when the Trustee learned of numerous defaults and Events of Default under the governing transaction documents in violation of the Trust Indenture Act, 15 U.S.C. § 77aaa et seq., and New York Real Property Law § 124 et seq.
A copy of the complaint is available here.