December 22, 2014
In December 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 U.S. Bank National Association and Bank of America National Association, in their role as Trustees for 99 residential mortgage-backed securities (“RMBS”) trusts that issued certificates purchased by the credit unions from 2005 to 2007. The complaint asserts that the Trustees failed to take action to protect the interests of the credit unions and investors when the Trustees 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.