Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
27Activity
0 of .
Results for:
No results containing your search query
P. 1
Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. Et Al

Federal Home Loan Bank of San Francisco v. Deutsche Bank Securities Inc. Et Al

Ratings: (0)|Views: 936|Likes:
Published by Isaac Gradman
Lawsuit by the Federal Home Loan Bank of San Francisco against numerous Wall Street banks containing claims of securities violations, misrepresentation and rescission in connection with losses allegedly resulting from the marketing and sale of mortgage-backed securities.
Lawsuit by the Federal Home Loan Bank of San Francisco against numerous Wall Street banks containing claims of securities violations, misrepresentation and rescission in connection with losses allegedly resulting from the marketing and sale of mortgage-backed securities.

More info:

Published by: Isaac Gradman on Mar 17, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

11/06/2010

pdf

text

original

 
567GOODIN,MACBRIDE,SQUERI,DAY& LAMPREY,LLPROBERTA.GOODIN,StateBarNo.061302rgoodin@goodinmacbride.omFRANCINET. RADFORD,StateBarNo. 168269fradford@ oodinmacbride.omANNEH. HARTMAN,StateBarNo.184556ahartman@gooinmacbri e.om505Sansometreet,uite900SanFrancisco,alifomia 94lllTelephone: (415)392-7900Facsimile:(415)398-4321GRAIS& ELLSWORTHLP
DAVIDJ. GRAIS(prohac applicationsubmittedherewith)KATHRYNC. ELLSWORTHQtrohacapp. submittedherewith)OWEN L.CYRULNIK(prohac applicationsubmittedherewith)
70 East55thStreetNew York, NewYork 10022Telephone:(212)755-0100Facsimile:(212)755-0052Attomeys or PlaintiffFederalHomeLoanBankof SanFrancisco
r: v.vllVll-'rvruuvLt/
FILED
SanFrandiscoountySuperlorCourt
HAR52010
CASEANAGEMENTONFERENCEET
AUG3Z01llgruAM
urrAlilMLNT212
No.cGC.0,Ag7819
COMPLAINT FORRESCISSIONANDDAMAGESFOR:(1)VTOLATTONSOFS$2s40rAND25501OF THECALIFORNIACORPORATESECURITIESACT;(2)VTOLATTONSOF$St AND lsOFTHE SECURITIESACT OF 1933;(3)VIOLATIONSoFSS2(a)(2)ANI)15OFTHESECURITIESACT OF1933;(4)VTOLATTONSOF$$1s72AND 1710OF THE CALIFORNIACIVILCODE(NEGLIGENTMISREPRESENTATION);andIN THESUPERIORCOURTOF THE STATEOF CALIFORNIAIN AND FORTHECITYANDCOLTNTYOF SAN FRANCISCO18T9
FEDERALHOME LOAN BANKOF SANFRANCISCO,Plaintiff.
V.
DEUTSCHE ANKSECURITIESNC.;DEUTSCHE LT-ASECUzuTIES,NC.;DB STRUCTURED RODUCTS,NC.;J.P.MORGANSECUzuTIES,NC.,F/IVABEAR,STEARNS CO. NC.;STRUCTUREDASSETMORTGAGEINVESTMENTSI,INC.;THEBEAR STEARNSCOMPANIES,LC,F/K/ATHE BEAR STEARNSCOMPANIES,INC.;COUNTRYWIDESECURITIESCORPORATION;CREDITSUISSESECURITIESUSA)LLC,F/K/ACREDITSUISSE IRSTBOSTONLLC;RBSSECURITIES,NC.,FIKINGREENWICHCAPITAL MARKETS202l22232425262728
CLERKOFTH
COMPLAINT
 
1
)
J
4567891011I2l3t415t6RBSACCEPTANCE,NC.,F WAGREENWICHCAPITAL ACCEPTANCE.INC.;RBSHOLDINGSUSA,INC.,F/IVAGREENWICHCAPITAL HOLDINGS.INC.;MORGANSTANLEY& CO.INCORPORATED;UBSSECURITIES,LC;MORTGAGEASSETSECURITIZATIONTRANSACTIONS,NC.;MERRILLLYNCH, PIERCE,FENNER&SMITH,INC.;AND,DOES1-50,(s)RESCTSSTONF CONTRACTSUNDER$1689ETSEQ.OF THECALIFORNIACIVL CODE
t718
Defendants.Plaintiff, FEDERALHOMELOAN BANKOFSAN FRANCISCO(refenedto inthiscomplaintas theBank),alleges,basedupon itscontinuing investigation,ncluding thecontinuinginvestigationofitscounsel, hat the followingallegationsand other factualcontentionshaveevidentiary supportor, where specificallyidentifiedas beingpledoooninformationand belief"arelikelytohaveevidentiarysupport afterareasonableopportunityforfurther investigationordiscovery.NATUREOF THISACTION1. This isan action for rescissionand damagesasa result of the violationby theDefendantsof the CaliforniaCorporateSecuritiesAct,the federal SecuritiesActof 1933, heCalifornia CivilCode, and the common aw. Asalleged n detailbelow, the Defendantssold orissued o the Bank36 certificates n33 securitizationtrustsbackedby residentialmortgage oans.The Bankpaidmore than$5.4billionfor thosecertificates.When theyoffered and then soldthesecertificates o the Bank, the Defendantsmade numerousstatements o the Bankabout thecertificatesandthe creditqualityof the mortgage oanshat backedhem. On information andbelief, many of those statementswereuntrue. Moreover, oninformation and beliel theDefendantsomitted to statemany material factsthat were necessary n ordertomaketheirstatements ot misleading. Forexample, he Defendantsmade untruestatements, r omittedimportantinformation, about such material facts ashepercentageof equity that borrowers hadin
-2-
19202l22232425262728
COMPLAINT
 
I2345678910
their homes,he numberofborrowerswho actuallylivedinthe houseshatsecuredheir loans,thecreditscoresof the borrowers,andthe businesspracticesof the lendershat madehe loans.TheBank reasonablyandustifiablyreliedontheseuntruestatementsndomissionsof importantinformationindeciding topurchasehecertificates.The certificatesare'osecurities"within themeaningof theCalifomia CorporateSecuritiesActand the SecuritiesActof1933.Under thoseActs,the CaliforniaCivilCode, andthe commonlaw,the Bank isentitledto rescind tspurchaseof thecertificatesor to bepaiddamagesor its lossesonthecertificates.2.Eightsecuritiesdealerssoldthesecertificatesothe Bank. Theeight dealersareDefendantsDeutscheBankSecurities nc.(whichsold tothe Bankcertificates n foursecuritizationrusts,which are referredo inthis complaintas SecuritizationsNos. 1through 4),BearSteams& Co. Inc.(foursecuritizations,Nos. 5 through8), CountrywideSecuritiesCorporation(onesecuritization,No.9), Credit SuisseSecuritiesUSA)LLC(sevensecuritizations,Nos.10through 16),GreenwichCapital Markets,Inc.(threesecuritizations,Nos.17 hrough 9),MorganStanley&Co.Inc.(twosecuritizations,os. 20and2l), UBSSecurities,LLC(sevensecuritizations,Nos.22 through28), and MenillLynch,Pierce,Fenner& Smith, Inc.(fivesecuritizations,Nos. 29through 33). Theother Defendantsnamedn this complaintareliableto the Bankbecause hey werethe issuersof some of thosecertificatesor because heycontrolledone of those ssuers.PARTIES3. Plaintiffis abank createdby the FederalHomeLoan BankAct. The headquartersoftheBankare nthe CityandCountyof San Francisco.Under itsOrganizationCertificate, heBank isto operate n FederalHome Loan BankDistrict I l,which compriseshe StatesofArizona,Califomia, and Nevada. TheBank doesoperate n eachof those hree States.4. Defendant DeutscheBankSecurities nc.(refenedtoasDeutsche)s a corporationorganizedunderthelawsof Delaware. DeutschesoldtheBankfourof thecertificates.5. DefendantDeutscheAlt-ASecurities, nc.(referredo as Deutsche Alt-A)is acorporationorganizedunder the lawsof Delaware.DeutscheAlt-A wastheissuerof oneof thecertificateshat Deutschesold to the Bank.
11t2l3
I415t6l7l8I9202l22232425262728
-3-
COMPLAINT

Activity (27)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
rubyjeweleye liked this
antony1986 liked this
PAtty Barahona liked this
PAtty Barahona liked this
PAtty Barahona liked this
dareed67 liked this
Ploni Almoni liked this
neil9039 liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->