US BANK v. DLJ MTGE CAPITAL

No. 7.

33 N.Y.3d 72 (2019)

122 N.E.3d 40

98 N.Y.S.3d 523

2019 NY Slip Op 01169

U.S. BANK NATIONAL ASSOCIATION, Solely in its Capacity as Trustee of the ASSET BACKED SECURITIES CORPORATION HOME EQUITY LOAN TRUST, SERIES AMQ 2006-HE7 (ABSHE 2006-HE7), Respondent, v. DLJ MORTGAGE CAPITAL, INC., Appellant.

Court of Appeals of New York.

Decided February 19, 2019.


Attorney(s) appearing for the Case

Orrick, Herrington & Sutcliffe LLP, New York City ( Barry S. Levin , John Ansbro , Richard A. Jacobsen , Paul F. Rugani , Daniel W. Robertson , Daniel A. Rubens and Matthew R. Shahabian of counsel) and Washington, D.C. ( Robert Loeb and Randall C. Smith of counsel), for appellant.

Selendy & Gay PLLC, New York City ( Philippe Z. Selendy , Andrew R. Dunlap , Yelena Konanova and Ryan W. Allison of counsel), and Kasowitz Benson Torres LLP, New York City ( Hector Torres , David J. Abrams and David J. Mark of counsel), for respondent.

Wachtell, Lipton, Rosen & Katz, New York City ( Elaine P. Golin , Graham W. Meli , Jordan L. Pietzsch and David Shieh of counsel), for Securities Industry and Financial Markets Association, amicus curiae.


OPINION OF THE COURT

U.S. Bank National Association in its capacity as trustee of the ABSHE 2006 residential mortgage-backed securities (RMBS) trust seeks to sue DLJ Mortgage Capital, Inc. (DLJ), the sponsor and seller of the trust securitization, for alleged violations of representations...

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