Wilmington Trust Seeks ResCap Judge's OK To Sue Ally
By Maria Chutchian
Law360, New York (April 19, 2013, 4:08 PM ET) -- The trustee for $1 billion in senior unsecured bonds issued by Residential Capital LLC sought a New York bankruptcy judge’s permission Friday to sue the firm’s former parent, Ally Financial Inc., adding to the growing pressure on Ally to pay up for ResCap’s collapse.
Wilmington Trust NA’s court filing came a week after the official committee of unsecured creditors sought the judge’s authorization to sue the auto lender. The unsecured creditors said at the time that Ally could be responsible for up to $25 billion for...