Aoife M. Duffy

Associate

San Francisco


Read full biography at www.orrick.com

Aoife Duffy is an associate in the General Litigation group of Orrick's San Francisco office.  

Her practice focuses on the representation of major financial institutions, corporations, and individuals in securities and complex commercial actions, regulatory investigations, and internal investigations.   Aoife has also successfully represented a Bay Area biotech company in one of the first Defend Trade Secrets Act cases in the Northern District of California.  

Aoife is dedicated to providing pro bono services, including through the International Refugee Assistance Project.  While a law student, Aoife served as Managing Editor of the Journal of International Law & Politics at New York University School of Law. 

Posts by: Aoife M. Duffy

Third Circuit Finds Trustee Not Liable for $168 Million RMBS Loss – IKB Failed to Show Trustee Violated Contractual Obligations

 

The Third Circuit Court of Appeals affirmed a trial’s court’s dismissal of IKB International SA’s claims against Wilmington Trust Co., holding that IKB had not demonstrated that Wilmington violated its contractual obligations. IKB’s breach of contract claim against Wilmington stemmed from a $168 million investment in RMBS issued by various trusts for which Wilmington served as trustee. Plaintiff’s suit against Wilmington sought money damages for breaches of contract and Wilmington’s implied “overarching duty to protect the trusts.” In affirming the dismissal, the Third Circuit held that Wilmington’s role was “primarily ministerial,” that it had only agreed to perform certain “modest functions” specifically enumerated in the Trust Agreements and that the agreements in fact shielded Wilmington from the liability asserted.

New York Federal Court Upholds Privilege and Specificity Requirements Regarding Alleged Awareness of Rep Breaches

 

U.S. District Court Judge Katherine Polk Failla denied Plaintiff-Investors’ attempts in Blackrock Allocation Target Shares et al. v. Wells Fargo et al., No. 1:14-cv-09371 (S.D.N.Y.) to overturn two magistrate judge decisions preventing them from accessing Wells Fargo’s privileged communications and ordering them to identify with greater specificity when Wells Fargo allegedly became aware of problems in a series of residential mortgage-backed securities trusts.  READ MORE

New York Court of Appeals Requires Ambac to Follow Repurchase Protocol and Prove Elements of Fraud Claim

 

On June 27, 2018, the New York Court of Appeals ruled that Ambac Assurance Corporation (“Ambac“) could not recover the full $2.2 billion in damages it sought in the form of claim payouts on $25 billion worth of securitized mortgages from Countrywide Home Loans, Inc. (“Countrywide“). Ambac, a monoline financial guaranty insurer, had agreed to insure payments of principal and interest owed to holders of 17 RMBS securitizations that had been sponsored by Countrywide. Ambac sued Countrywide, alleging claims for fraudulent inducement and breach of contractual representations and warranties. At summary judgment, Ambac contended that it was not required to prove justifiable reliance or loss causation for the fraudulent inducement claim, and that the contract’s repurchase protocol—specified to be the sole remedy for breaches of representations and warranties—did not govern its contractual claims. READ MORE