Deutsche Defends RMBS Accrual Clause In Quicken Suit
Law360 (September 6, 2018, 10:29 PM EDT) -- New York’s highest court heard Thursday that a so-called accrual clause in a contract at issue in Deutsche Bank National Trust Co.'s suit over allegedly bad loans sold by Quicken Loans Inc. into a residential mortgage-backed securities trust doesn’t go against public policy.
The accrual clause, which says that no cause of action against Quicken for a breach of its loan quality promises can accrue until certain conditions are met, was previously found by a state appellate court to be unenforceable on public policy grounds.
But Deutsche Bank counsel Zachary Rosenbaum of Lowenstein Sandler LLP said in oral arguments before the New...
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