Bear Stearns Funding Trust 2007-AR2 v. EMC Mortg. LLC, 2013 Del. Ch. Lexis 9 (Del. Ch. Jan. 15, 2013).
Landis Rath & Cobb, together with Sullivan & Cromwell LLP, defends EMC Mortgage LLC, a JP Morgan Chase Bank subsidiary that sold mortgage-backed securities, in several actions brought by trusts that acquired those securities. The plaintiffs, who allege breaches of representations and warranties relating to the underwriting of the mortgage loans, seek to compel the repurchase of hundreds of millions of dollars in allegedly underperforming loans. In early 2013, EMC successfully moved to dismiss a claim that an indemnification provision in one of the contracts compelled EMC to pay the plaintiffs’ attorneys fees and expenses. Several of the actions against EMC were subsequently resolved and dismissed by agreement of the parties.
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