Firm Obtains Favorable Trial Court Rulings on Daubert Motions in Action Against an RMBS Trustee
The Firm represents several related investment vehicles in a lawsuit against an RMBS trustee for breaches of the trustees’ duties, and other wrongdoing. See Phoenix Light SF Limited, et al. v. The Bank of New York Mellon, as Trustee, Case No. 14 CV-10104 (VEC) (S.D.N.Y.). The RMBS trustee moved to exclude the testimony of plaintiffs’ five expert witnesses in their entirety. After full briefing and oral argument, the Court largely denied the RMBS trustee’s motion and allowed, in full, the opinions of plaintiffs’ re-underwriting expert, statistics expert, damages expert, and loan servicing expert. See id., 2020 WL 1322856. With respect to plaintiffs’ securitization expert, the Court ruled that he sufficiently explained how his industry experience supports the bulk of his opinions, and excluded only one of his opinions.
Plaintiffs also moved to exclude, in part, the opinions of the RMBS trustee’s experts. The Court excluded significant portions of the opinion of the trustee’s expert regarding RMBS trustee custom and practice because they constituted legal opinions. The Court also excluded portions of the opinions of the trustee’s two damages experts, its servicing expert, and its expert regarding investor expectations.
A copy of the Court’s March 20, 2020 Opinion and Order is available here.