Firm Files Suits Against RMBS Trustees on Behalf of Commerzbank AG

On December 23, 2015, the Firm filed four complaints in the Southern District of New York on behalf of Commerzbank AG against The Bank of New York Mellon, Deutsche Bank National Trust Company, HSBC Bank USA, N.A., and Wells Fargo Bank, N.A. (Case Nos. 15-cv-10029, 15-cv-10031, 15-cv-10032, and 15-cv-10033) in their roles as trustees for residential mortgage-backed securities (“RMBS”) trusts that issued certificates purchased by Commerzbank from 2005 to 2007. On December 28, 2015, the Firm filed a fifth complaint on behalf of Commerzbank in the Southern District of Ohio asserting similar claims against U.S. Bank National Association and Bank of America, N.A. (Case No. 15-cv-00818). The actions together involve hundreds of RMBS certificates with a total purchase amount of over $2.5 billion. The complaints assert that the defendant trustees breached their contractual and fiduciary duties, and their duties under the Trust Indenture Act, 15 U.S.C. § 77aaa et seq., and New York Real Property Law § 124 et seq.

The Firm is the preeminent law firm in representing institutions in direct actions against RMBS trustees. In 2013, we brought the first ever such action on behalf of The Western & Southern Life Insurance Company, and have since brought similar lawsuits on behalf of a diverse group of institutional clients, including the Federal Deposit Insurance Corporation, National Credit Union Administration, Pacific Life Insurance Company, Phoenix Light SF Limited, and Commerzbank AG.