Federal Judge Gives New Life to ABCP Investors In Litigation Over Securitization Agreements
June 15, 2012
Asset-backed commercial paper investors in the ongoing legal squabble that resulted from the collapse of Taylor Bean & Whitaker Mortgage Corp. and its Ocala Funding LLC subsidiary may bring suit over claims arising in documents, despite not being parties to those documents, when their agent refuses to sue or allow the investors to sue, a federal judge has ruled. Last week, U.S. District Court Judge Robert Sweet in Manhattan permitted Ocalas two sole investors, plaintiffs Deutsche Bank AG and BNP Paribas Mortgage Corp., to sue defendant Bank of America in its roles as indenture trustee and collateral agent...