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John Hancock Life Ins. Co. U.S.A. v. JP Morgan Chase & Co.

United States District Court, S.D. New York

March 29, 2013

John Hancock Life Insurance Company (U.S.A.), et al., Plaintiffs,
v.
JP Morgan Chase & Co., et al., Defendants

Page 441

For Plaintiffs: Geoffrey Coyle Jarvis, and Deborah A. Elman of Grant & Eisenhofer P.A., New York, NY.

For JPM, Defendants (unless otherwise noted) and Third-Party Plaintiff JP Morgan Chase Bank, N.A.: Penny Shane, Allison Joan Cambria, David Allen Castleman, and Robert Andrew Sacks of Sullivan and Cromwell, LLP, New York, NY.

For Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., and Merrill Lynch & Co., Defendants: Meredith Eve Kotier of Cleary Gottlieb Steen & Hamilton, LLP, New York, NY.

For CSE Mortgage, LLC, Defendant: John E. Zummo and Michelle Dianne Velasquez of Vedder Price P.C., Chicago, IL.

For Deutsche Bank Securities Inc. and UBS Securities LLC, Defendants: Robert F. Serio, Aric Hugo Wu, Jonathan Brian Austin, and Lawrence Jay Zweifach of Gibson, Dunn & Crutcher, LLP, New York, NY.

For Sara Bonesteel, Thomas F. Marano and Michael B. Nierenberg, Defendants: Joel Charles Haims and Lashann Moutique DeArcy of Morrison & Foerster LLP, New York, NY.

For Marc R. Kittner, Defendant: Joel Charles Haims and Lashann Moutique DeArcy of Morrison & Foerster LLP, New York, NY; and Robert Andrew Sacks of Sullivan and Cromwell, LLP, New York, NY.

For Jeffrey Mayer, Defendant: Richard Aframe Edlin, Candace Marie Camarata, and Ronald Daniel of Lefton of Greenberg Traurig, LLP, New York, NY.

For Samuel L. Molinaro, Jr., Defendant: Pamela Rogers Chepiga and Josephine Alice Cheatham of Allen & Overy, New York, NY.

For Jeffrey L. Verschleiser, Defendant: Dani R. James and Jade Anne Bums of Kramer Levin Naftalis & Frankel, LLP, New York, NY.

For Federal Deposit Insurance Corporation, Third Party Defendant: Scott Hu Christensen and William Robert Stein of Hughes Hubbard & Reed LLP, Washington, DC; and Andrew J. Dober and Thomas M. Clark of the Federal Deposit Insurance Corporation, Arlington, VA.

Page 442

Memorandum and Order

RICHARD J. SULLIVAN, United States District Judge.

Plaintiffs[1] bring this suit against a collection of corporate and individual Defendants, alleging violations of § § 11, 12(a)(2), and 15 of the Securities Act of 1933 (the " Securities Act" ), 15 U.S.C. § § 77k, 77l(a)(2) & 77o, and New York common law in connection with the sale of a number of residential mortgage-backed securities. Before the Court are four separate motions to dismiss, pursuant to Federal Rule of Civil Procedure 12(b)(6), submitted by: (1) the JPMorgan Defendants (" JPM Defendants" ); [2](2) Defendant CSE Mortgage, LLC (" CSE" ); (3) Banc of America Securities LLC (" BAS" ) and Merrill Lynch, Pierce, Fenner & Smith Inc. (" Merrill" ); and (4) Deutsche Bank Securities Inc. (" DB" ), Greenwich Capital Markets, Inc. (n/k/a/ RBS Securities Inc.) (" GCM" ), and UBS Securities LLC (" UBS" ) (collectively, with BAS and Merrill, the " Outside Underwriters" ). For the reasons that follow, the Court grants each Defendants' motion to dismiss in its entirety.

I. Background

A. Facts

Plaintiffs are nine affiliated insurance companies and investment trusts that, between January 20, 2006 and July 23, 2008, purchased 107 certificates (the " Certificates" ) as part of eighty-three separate residential mortgage-backed securities transactions (" RMBS" or " Transactions" ), ...


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