BSF was retained by Deutsche Bank National Trust Company in its capacity as trustee for 99 mortgage-backed securities to pursue litigation against the FDIC and JPMorgan Chase Bank, NA, for breaches of the MBS agreements. The MBS were issued by subsidiaries and affiliates of Washington Mutual Bank, NA, which was placed in receivership by the FDIC following its failure in September 2008; the FDIC then sold most of WaMu’s assets and liabilities to JPMC for approximately $2 billion.
The claims made by Deutsche Bank – which total in excess of $10 billion – are now set to proceed in district court in Washington: on August 24th, the FDIC lost its bid to have the case dismissed. In April 2011, BSF successfully opposed the JPMC’s motion to dismiss and for partial summary judgment.
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