A135898
The trial legal ended res judicata barred Government Mortgage Bank away from San Francisco’s (the financial institution) claim facing Nationwide Monetary Organization (Nationwide Financial) and you may suffered Nationwide Financial’s demurrer into earliest revised criticism instead log off so you can amend.
The financial institution is attractive. It contends new courtroom erred of the concluding res judicata banned their claim up against Countrywide Monetary because the [t]right here was zero latest view into deserves within the an earlier action which will possess offered rise so you can res judicata within this action. We differ and affirm. I conclude the fresh new philosophy away from res judicata pubs new Bank’s claim against Countrywide Financial given that: (1) the latest Bank’s volunteer dismissal of the claim against Countrywide Financial during the the earlier action is a final judgment with the deserves; and you may (2) the allege the bank disregarded within the a prior lawsuit is the same cause for step just like the claim they asserts against Nationwide Monetary in today’s lawsuit. With willingly ignored that have prejudice says out-of manage people wrongdoing against certainly numerous defendants for its very own proper explanations, the financial institution will most likely not steer clear of the res judicata effects of their choice and you may sue the fresh overlooked defendant anew, once again alleging control-individual responsibility, inside dependence on the fresh new pendency of them exact same claims resistant to the leftover actors in the 1st step.
We deal with due to the fact genuine another accusations about Bank’s revised ailment for the intended purpose of evaluating your order retaining Nationwide Financial’s demurrer:
Legal of Notice, Basic District, Division 5, Ca
In a method called securitization, an organization originate[s] mortgages or acquires those people finance and aggregates her or him toward good collateral pool otherwise financing pool obtainable in order to a lender entitled an excellent depositor. 1 This new depositor carries new funds so you can a believe, which in turn situations certificates you to definitely people-such as the Bank-can purchase. At some point prior to , the lending company bought 95 home-based mortgage-supported securities regarding various securities dealers during the 78 securitization trusts backed by residential mortgages at a cost more than $13.5 mil cash. The financial institution purchased licenses from inside the four securitizations out of Countrywide Securities Company (Countrywide Securities). CWALT, Inc. (CWALT) approved new certificates into the five securitizations. Countrywide Bonds seem to provided new certificates in the 5th securitization. dos
When you look at the , the bank prosecuted 7 bonds dealers hence provided and you will marketed the latest 95 domestic financial-recognized bonds, as well as the agencies and this issued brand new licenses otherwise controlled one of the entities you to definitely approved the newest licenses (Borrowing from the bank Suisse or even the Credit Suisse step). step three New crux of Bank’s states is actually defendants generated false or misleading comments inside the offering records granted to the the fresh residential home loan-supported bonds the financial institution ordered.
One of the defendants into the Borrowing Suisse was indeed Nationwide Ties Corporation, CWALT, and you will Nationwide Financial. As the associated here, the bank so-called: (1) Countrywide Bonds made not true otherwise misleading comments throughout the product sales away from ties during the ticket from Firms Password sections 25401 and you can 25501 which have regard to securitizations 74 as a result of 78; cuatro (2) Countrywide Bonds and you can CWALT generated untrue or mistaken statements when you look at the pass out-of sections eleven and you can several of the Securities Work out-of 1933 (parts 11 & 12) with regards to securitizations 75 due to 78; and you can (3) Nationwide Economic broken point 15 of your own Ties Act (Area fifteen) considering the control over CWALT. In Point fifteen allege against Countrywide Economic, the financial institution alleged CWALT stayed for no mission rather than receive and deposit fund on trusts. Lower than Section 15 ? Countrywide ? therefore is liable towards the Bank as one and you can severally having, and to a similar the quantity as the, CWALT.
Into the , the lending company registered loans in Glendale the brand new problem on action just before us seeking to erica Company (declaratory relief action). The lending company desired an effective erica Enterprise-which in fact had ordered Countrywide’s property-are responsible for people problems Nationwide needed to spend for the the credit Suisse step.
