CORRECTED: Thornburg Trustee Scores $45M In MBS Suit
Law360, New York (August 27, 2015, 3:25 PM EDT) -- The Chapter 11 trustee for Thornburg Mortgage Inc. won summary judgment Thursday in a suit against RBC Capital Markets LLC when a Maryland federal judge ruled that RBC underpaid Thornburg by $26.3 million when it seized and sold Thornburg-owned mortgage-backed securities, and now owes that amount plus $18.9 million in interest.
RBC had seized some mortgage-backed securities from Thornburg — now called TMST Inc. — in August 2007 after issuing a margin call and declaring an event of default. It kept some of the securities for itself and credited Thornburg's account with their value. But U.S. District Judge Benson Everett Legg...
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