Julie Pearlman

Associate

New York


Read full biography at www.orrick.com

Julie is an associate in Orrick's New York office, where she is a member of the Public Policy Group.

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Posts by: Julie Pearlman

Royal Park and Wells Fargo Reach Settlement in RMBS Litigation

 

On January 14, U.S. District Judge Katherine Polk Failla of the Southern District of New York granted a joint request from plaintiff certificateholder Royal Park Investments SA/NV and defendant trustee Wells Fargo Bank NA to dismiss Royal Park’s remaining claims against Wells Fargo. The dismissal follows a settlement that resolves the litigation brought by Royal Park accusing Wells Fargo of breaching its contractual duties as trustee of two RMBS trusts, including the alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties. The settlement also resolves a separate suit brought by Royal Park, which accused Wells Fargo of improperly financing its defense using money from two RMBS trusts. Wells Fargo maintained that it was entitled to reimbursement pursuant to the trusts’ governing agreements. Details of the settlement agreement were not disclosed as a stipulation of the voluntary dismissal.

U.S. Bank and UBS Reach $850M Settlement in RMBS Put-Back Action

 

On July 25, 2018, U.S. Bank NA and UBS AG announced they had reached an $850 million settlement in connection with a dispute over loans in three residential mortgage-backed securities trusts. U.S. Bank filed suit against UBS in the Southern District of New York in 2012 seeking $2 billion for UBS’s alleged breach of representations and warranties about those loans. Following a three-week bench trial in 2016, U.S. District Judge P. Kevin Castel held that UBS had breached representations and warranties in certain respects and appointed special master Barbara S. Jones to review breach allegations concerning thousands of individual loans and issue a recommendation regarding liability and damages as to each loan. Order.