On March 17, 2026, Justice Masley of the New York County Commercial Division issued a decision in Oasis Invs. II Master Fund Ltd. v. Chang Ye Inv. Co. Ltd., 2026 NY Slip Op. 31050(U), analyzing the issue of an
ABS Update
ABS Update, published by Lundin PLLC, focuses on legal developments and court decisions related to asset-backed securities (ABS) litigation, particularly in the context of residential mortgage-backed securities (RMBS). The blog covers topics such as enforcement of indenture provisions, notice requirements for put-back claims, trustee obligations regarding representations and warranties breaches, limitations on champerty claims, and procedural issues like statute of limitations and notice timing in RMBS litigation. It analyzes rulings from New York courts, including the Commercial Division and appellate courts, providing insights into contractual interpretation, trustee duties, and litigation strategy in ABS and RMBS contexts.
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No-Action Clause Did Not Bar Claim Based on Denial of Plaintiff’s Rights Listed in the Indenture
By John Lundin
On March 17, 2026, Justice Cohen of the New York County Commercial Division issued a decision in CPPIB Credit Invs. II Inc. v. Deutsche Bank Trust Co. Ams., 2026 NY Slip Op. 31052(U), holding that a no-action clause did…
Court Did Not Abuse its Discretion in Directing RMBS Trustee to Accept Settlement
By John Lundin
On March 10, 2026, the First Department issued a decision in Matter of HSBC Bank USA v. West Park Fund LLC, 2026 NY Slip Op. 01307, holding that a trial court did not abuse its discretion in ordering a…
Claim for Breach of CMBS PSA Time Barred Under Borrowing Statute Based on Location of Special Servicer
By John Lundin
On January 15, 2026, the First Department issued a decision in Wells Fargo Bank, N.A. v. UBS AG, 2026 NY Slip Op. 00221, holding that a a claim for breach of a CMBS PSA was time-barred under New York’s…
Article 77 Decision Enforces Write-Up Provisions Notwithstanding Past Practice and Arguments About Waterfall Logic
By John Lundin
On May 19, 2025, Justice Masley of the New York County Commercial Division issued a decision in Matter of Bank of N.Y. Mellon, 2025 NY Slip Op 31952(U), enforcing an indenture’s write-up provisions notwithstanding past practice and arguments about waterfall…
First Department Issues Latest Guidance on Notice Relating to Put-Back Claims
By John Lundin
On April 10, 2025, the First Department recently issued a decision in U.S. Bank N.A. v. DLJ Mtge. Capital, Inc., 2025 NY Slip Op. 02139, issuing its latest guidance on notice relating to put-back claims.
Among the rulings were…
Court Upholds RMBS Failure to Notify Claims
By John Lundin
On May 1, 2024, Justice Reed of the New York County Commercial Division issued a decision in Deutsche Bank Natl. Trust Co. v. HSBC Fin. Corp., 2024 NY Slip Op. 50512(U), upholding failure to notify claims, explaining:
In this…
First Department Clarifies Limits of Champerty Claims
By John Lundin
On March 26, 2024, the First Department issued a decision in IKB Intl. S.A. v. Morgan Stanley, 2024 NY Slip Op. 01675, clarifying the limits of champerty claims, explaining:
The doctrine of champerty is codified in New York within…
In RMBS Put-Pack Action, Court Leaves Open Possibility of Post-Suit Notice of Breaches
By John Lundin
On December 30, 2023, Justice Cohen of the New York County Commercial Division issued a decision in U.S. Bank N.A. v. DLJ Mtge. Capital, Inc., 2023 NY Slip Op. 34560(U), holding open the possible viability of post-suit notice of…
RMBS Failure to Notify Claims Survive, But Only Within a Narrow Window
By John Lundin
On October 27, 2023, Justice Reed of the New York County issued a decision in U.S. Bank N.A. v. EquiFirst Corp., 2023 NY Slip Op. 51150(U), holding that failure to notify RMBS put-back claims survived a motion to dismiss,…