ResCap Noteholders Say $1.8B Claim Must Be Allowed

Law360, New York (July 1, 2013, 2:31 PM EDT) -- UMB Bank NA and a group of junior secured noteholders on Friday urged a New York bankruptcy judge to find that Residential Capital LLC owes them nearly $1.8 billion related to a set of bonds and to reject the mortgage servicer’s contention that their claims are undersecured.

In a joint response to ResCap’s adversary proceedings against the bank and the ad hoc group of JSNs, the two defendants fired off counterclaims saying that of the $2.2 billion in claims they hold against ResCap, about $800 million...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.