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On September 27, 2023, Justice Crane of the New York County Commercial Division issued a decision in HSBC Bank USA, N.A. v. Nomura Credit & Capital, Inc., 2023 NY Slip Op. 33361(U), dismissing an RMBS loan servicer’s claim for lost profits damages arising from the seller’s failure to give notice of document defects, explaining:

On September 21, 2023, Judge Engelmayer of the S.D.N.Y, issued a decision in Ambac Assurance Corporation v. U.S. Bank, 17 Civ. 2614 (PAE) (KHP), holding that where the servicer and originator were the same, the originator’s failure to cure defective loans was a servicer failure to perform event of default.

The court framed the

On September 19, 2023, Justice Crane of the New York County Commercial Division issued a decision in HSBC Bank USA, N.A. v. Nomura Credit & Capital, Inc., 2023 NY Slip Op. 33252(U), dismissing a claim against Ocwen for failing to give Nomura notice of representation and warranty breaches because Normura would have refused to

On August 28, 2023, Justice Crane of the New York County Commercial Division issued a decision in Fortelus Funds Invs. Trust v. Hellas Telecom. (Luxembourg) II SCA, 2023 NY Slip Op. 32978(U), rejecting a champerty defense where the plaintiffs had purchased defaulted bonds with the intention of suing to collect on them, explaining:

Plaintiffs

On March 17, 2023, Justice Borrok of the New York County Commercial Division issued a decision in Antara Capital Master Fund LP v. Bombardier Inc., 2023 NY Slip Op. 50206(U), holding that a no-action clause barred suit when the plaintiff failed to show that demand under the clause would be futile, explaining:

It is