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National Credit Union Administration Board et al v. HSBC Bank US, National Association
Case Number:
1:15-cv-02144
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- Goulston & Storrs
- Kellogg Hansen
- Korein Tillery
- Mayer Brown
- Olshan Frome
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January 04, 2022
HSBC Reaches Deal To Settle NCUA Suit Over RMBS
HSBC's U.S. banking arm has reached a tentative deal to resolve long-running claims tied to its role as trustee for residential mortgage-backed securities that were sold to several now-failed corporate credit unions before the 2008 financial crisis, according to a Monday filing by a New York federal judge.
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February 26, 2018
RMBS Investors Barred From Sampling Loans In HSBC Suits
A New York federal judge on Friday backed a magistrate judge's conclusion that investors in residential mortgage-backed securitization trusts overseen by HSBC Bank USA NA can't use sampling of loans in those trusts to establish liability and damages in their suits accusing the bank of bungling its duties as trustee.
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May 23, 2017
HSBC Fights For Right To Legal Advice Defense In MBS Row
HSBC urged a New York federal court Monday to reject a magistrate judge's recommendation to bar the bank from deflecting blame onto its lawyers in a raft of cases alleging HSBC failed to protect investors from toxic mortgage-backed securities, saying it is too early to know whether it will raise the defense.
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May 09, 2017
HSBC Can't Raise Atty Advice In RMBS Cases, Judge Says
An HSBC Holdings PLC unit facing allegations concerning its oversight of residential mortgage-backed securities trusts cannot defend itself by arguing it relied on its attorneys' advice while refusing to divulge its contents, a New York federal magistrate judge said Monday.
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January 30, 2017
HSBC Balks At NCUA Bid For Atty Docs In $2B MBS Suit
HSBC blasted a discovery bid by the National Credit Union Administration in its suit claiming the bank mismanaged over $2 billion in mortgage-backed securities, telling a New York federal court the agency was trying to breach attorney-client privilege.
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July 21, 2015
HSBC Can't Escape Regulator's Suit Over $2B In MBS
A New York federal judge refused to let HSBC Bank USA NA out of a suit by the National Credit Union Administration over $2 billion in mortgage backed securities on Monday, saying the NCUA completed the requisite steps to act derivatively on behalf of Bank of New York Mellon under Delaware law.
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May 19, 2015
NCUA Says It's In Position To Sue HSBC For Trust Failures
The National Credit Union Administration board told a Manhattan federal judge Monday that with indenture trustee Bank of New York Mellon conflicted by litigation, it is in the proper position to bring suit against HSBC Bank USA NA over its management of $2 billion worth of residential mortgage-backed securities trusts.
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April 28, 2015
HSBC Says Regulator Lacks Authority To Bring $2B RMBS Suit
HSBC Bank USA NA told a New York federal court Monday that the National Credit Union Administration Board lacks standing to prosecute claims that the bank failed as trustee for about $2 billion worth of residential mortgage-backed securities trusts.
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March 20, 2015
NCUA Sues HSBC For Alleged $2B RMBS Trustee Failures
The U.S. credit union regulator on Friday said it was suing HSBC Bank USA NA in New York federal court, alleging it failed as trustee of about $2 billion worth of residential mortgage-backed securities trusts and contributed to the downfall of five credit unions.