Manhattan Supreme Court Justice Eileen Bransten (See Profile) does not usually allow people to stand during arguments in her courtroom. But the Commercial Division judge said she would make an exception Wednesday at a hearing in two cases against Bank of America’s Countrywide unit. The proceedings unfolding before her, she noted, were likely to have “a major impact on people.”
Roughly 90 lawyers and onlookers crowded the courtroom—15 to 20 of them standing—to hear lawyers at Quinn Emanuel Urquhart & Sullivan; Debevoise & Plimpton; and Goodwin Procter battle over a causation question with far reaching impact: Will the monoline insurers MBIA Inc. and Syncora Guarantee Inc., which insured mortgage-backed securities in the run-up to the financial crisis, be required to prove that thousands of securitized mortgages at issue in their suits against Countrywide actually defaulted in order to get a shot at damages?
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
