SIFMA has submitted an Amicus “Friend of the Court” Brief.

Court:

New York Court of Appeals

Amicus Issue:

Whether a trustee may circumvent a sole remedy provision within a pooling and services agreement – which provides that the sole remedy for a breach of the mortgage representations is cure or repurchase of the loans – by also bringing claims for damages for breach of the No Untrue Statement Provision, based on the same allegations of misstatements as to the characteristics of the loans.

Counsel of Record:

Paul Hastings LLP
Shahzeb Lari
Timothy D. Reynolds

Other Amici:

None.