Simpson Thacher Obtains Dismissal of RMBS Suit Against Countrywide Home Loans, Inc.
06.24.15
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On June 23, the Wisconsin Circuit Court for Dane County dismissed a complaint filed by The Segregated Account of Ambac Assurance Corp. and Ambac Assurance Corp. against Countrywide Home Loans, Inc., represented by the Firm. Plaintiffs sought to recover several hundred million dollars in damages against Countrywide, alleging that Countrywide had fraudulently induced the issuance of financial guaranty insurance policies in connection with five securitizations of residential mortgage loans. After three hours of oral argument on numerous bases for dismissal asserted by Countrywide, the Court dismissed the complaint from the bench on the ground that the Court lacked personal jurisdiction over Countrywide.
The Simpson Thacher team included Joe McLaughlin, (who argued the motion), Mary Kay Vyskocil, David Ichel, Rachel Farnsworth, Aidan Grano, Brian Levy, Sarah Phillips, Shannon McGovern, Rachel Sparks Bradley, Kelly Mannion and Uzezi Abugo.