US Bank Sued Over MBS Trust Losses

Law360, New York (August 6, 2015, 6:10 PM EDT) -- Investors who lost money in a mortgage-backed security trust sued US Bank NA in New York court Wednesday, alleging the trustee bank repeatedly failed to act in their best interests and to take timely legal action.

Investors Alexander Bakal, David and Sandra Visher, and ESM Fund I LP, who collectively held tens of millions of dollars in the troubled MASTR Adjustable Rate Mortgage Trust 2006-OA2, threw a litany of allegations at US Bank, generally arguing that it failed to inform them about and act upon issues with the securities, according to the complaint.

By repeatedly breaching the pooling and servicing agreement...

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