IKB International, S.A., et al., Respondents-Appellants,
v.
Wells Fargo Bank, N.A., as Trustee (and Any Predecessors and Successors Thereto), et al., Appellants-Respondents, et al., Defendants.
IKB International, S.A., et al. Respondents-Appellants,
v.
U.S. Bank, N.A., as Trustee (and Any Predecessors and Successors Thereto), et al., Appellants-Respondents, et al., Defendants.
IKB International, S.A., et al., Respondents-Appellants,
v.
HSBC Bank USA N.A., as Trustee (and Any Predecessors and Successors Thereto), Appellant-Respondent, et al., Defendants.
IKB International, S.A., et al., Respondents-Appellants,
v.
Deutsche Bank National Trust Company, as Trustee (and Any Predecessors and Successors Thereto), et al., Appellants-Respondents, et al., Defendants.
IKB International, S.A., et al., Respondents-Appellants,
v.
LaSalle Bank N.A., as Trustee (and Any Predecessors and Successors Thereto), et al., Appellants-Respondents, et al., Defendants.
IKB International, S.A., et al., Respondents-Appellants,
v.
The Bank of New York, as Trustee (and Any Predecessors and Successors Thereto), et al., Appellants-Respondents, et al., Defendants.
Appellate Division of the Supreme Court of New York, First Department.https://leagle.com/images/logo.png
Decided August 30, 2022.
Decided August 30, 2022.
Attorney(s) appearing for the Case
Jones Day, New York ( Howard F. Sidman of counsel), for Wells Fargo Bank, N.A. and Wells Fargo Bank, N.A. as successor by merger to Wells Fargo Bank Minnesota, N.A., appellants-respondents.
Jones Day, New York ( David F. Adler and Michael T. Marcucci of counsel), for U.S. Bank National Association and U.S. Bank Trust National Association, appellants-respondents.
Morgan Lewis & Bockius, LLP, New York ( Michael S. Kraut of counsel), for Deutsche Bank National Trust Company and Deutsche Bank National Trust Company Americas and Deutsche Bank Trust Company Americas appellants-respondents.
Winston & Strawn LLP, New York ( Alan A. Stevens of counsel), and Munger, Tolles & Olson LLP, Los Angeles, CA ( Jacob S. Kreilkamp , of the bar of the State of California, admitted pro hac vice, of counsel), for Bank of America N.A., and Bank of America, N.A., as successor to LaSalle Bank, N.A., appellants-respondents.
Mayer Brown LLP, New York ( Christopher J. Houpt of counsel), for The Bank of New York, BNY Western Trust Company, The Bank of New York Trust Company, N.A., The Bank of New York Mellon Corporation, N.A., and The Bank of New York Mellon Trust Company, N.A., appellants-respondents.
Plaintiffs purchased residential mortgage-backed securities (RMBS) certificates issued by RMBS trusts for which defendants served as the trustees. In six separate actions brought in May 2016, plaintiffs allege that their investments are almost worthless as a result of defendants' breaches of their contractual, fiduciary, and statutory duties.
Plaintiffs' noncompliance with the no-action clauses in the governing agreements is not a ground for dismissal of the complaints...
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