Grais & Ellsworth

Walnut Place Investors Remove Proceeding Concerning Bank of America’s Proposed $8.5 Billion Settlement to Federal Court

On August 26, 2011, Walnut Place Investors removed Bank of America’s proposed $8.5 billion settlement with holders of Countrywide Financial Corporation’s RMBS from New York State Court to the United States District Court for the Southern District of New York. The attorneys for Walnut Place Investors, Grais & Ellsworth, noted that the case is subject to federal jurisdiction as a mass action under the Class Action Fairness Act (“CAFA”). In a letter addressed to counsel for Bank of New York Mellon, Grais & Ellsworth argued that removal should not create any additional delay in ultimately settling the action. Grais & Ellsworth also represents several other parties that intervened in the proposed settlement including several Federal Home Loan Banks, pension funds, and private equity firms. Letter and Notice of Removal.

Plaintiffs’ Attorneys Present Their Views on RMBS Litigation

On October 27, 2010, Grais & Ellsworth LLP, a plaintiff’s firm representing purchasers of RMBS in litigation against a variety of underwriters, sponsors and issuers, hosted a presentation on the advantages and disadvantages of various types of RMBS claims.  Topics included ways in which investors can obtain and pool information concerning the RMBS they own, ways in which plaintiffs’ counsel are bringing together investors to participate anonymously in litigation, and the “robosigning” controversy.