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Judge Rakoff Issues First Verdict Ever For Insurer and Against Bank for Bad Mortgages

Judge Rakoff issued an opinion with significant implications for parties litigating cases involving mortgage backed securities. InĀ Assured Guaranty v. Flagstar Bank, Assured sought to recover some $89 million in insurance claims it paid to bondholders who invested in Flagstar bonds secured by what turned out to be lousy mortgages. When the mortgage market collapsed, the … Continue Reading

Judge Gorenstein on Bad Drivers and Bad Verdicts

It’s not often a simple fender-bender goes to trial in the S.D.N.Y. But any trial can generate interesting jury law. And taking a few fender-benders to trial can hone the craft.  In Springer v. Cetro.pdf, Magistrate-Judge Gorenstein found himself presiding over a jury trial arising from plaintiff’s hasty decision to reverse down West 83rd street … Continue Reading