Litigators of the Week: Orrick Scores a Market-Moving Reversal at New York's High Court
Rich Jacobsen, Paul Rugani and Danny Rubens of Orrick Herrington & Sutcliffe are still very much engrossed in the world of residential mortgage securities, where New York's Court of Appeals made new law that benefits their client Credit Suisse last week and other RMBS sponsors.
March 25, 2022 at 07:30 AM
9 minute read
There's no need to apologize if you've flushed your brain of all things related to residential mortgage-backed securities, or RMBS. The large pots of securitized home loans were among the alphabet soup of financial instruments many of us got up to speed on during the Great Recession.
But our Litigators of the Week, Rich Jacobsen, Paul Rugani and Danny Rubens of Orrick Herrington & Sutcliffe are very much still engrossed in the world of RMBS. This past week they won a key reversal from the New York Court of Appeals, the state's highest court, that will shape how disputes over billions of dollars of pending RMBS claims play out. The court found that the trustee of an RMBS suing an affiliate of their client Credit Suisse was required by contract to give "loan-specific pre-suit notice" prior to filing suit seeking to invoke repurchase obligations for individual loans.
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