Deutsche Defends RMBS Accrual Clause In Quicken Suit
By Jon Hill (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!