Specifically, Countrywide Financial debated new Bank’s area 25504 allege was the same cause for step as the Section 15 allege beneath the number one rights’ concept. Centered on Countrywide Economic, the lending company sought to hang it liable about Borrowing Suisse action because a running person for alleged misrepresentations in the [residential mortgage-backed bonds] providing files plus in this new declaratory relief action, the lending company seeks to hold [Countrywide Monetary] accountable while the a control people for similar alleged misrepresentations throughout the exact same ? providing files. Nationwide Economic conceded the newest court ideas in the two cases were additional, however, argued the lending company alleged an admission of the same no. 1 proper-new asserted right to offering data files free of matter misrepresentations; and you will, more over, claims in both methods to possess sustained the same spoil while the due to [Countrywide’s Financial’s] alleged misconduct.
Countrywide Monetary demurred toward operative amended declaratory recovery complaint, competing res judicata prohibited the fresh Bank’s area 25504 claim given that Bank was impermissibly looking to relitigate a factor in action which was dismissed which have prejudice in the an earlier step between your same activities
Additionally, the financial institution argued there’s zero final view for the merits on the Borrowing from the bank Suisse step due to the fact their claims on every securitization under consideration from inside the Borrowing Suisse was basically element of one reason behind step for purposes of res judicata. Continue lendo “From the a listening, this new court suffered Countrywide Financial’s demurrer as opposed to leave so you can amend”