At the a listening, brand new court sustained Countrywide Financial’s demurrer versus get off in order to amend
Especially, Countrywide Economic argued the Bank’s area 25504 allege try an identical reason behind action as its Section fifteen allege beneath the top rights’ principle. Centered on Nationwide Monetary, the financial institution needed to hold they accountable regarding the Credit Suisse step once the a processing person to have alleged misrepresentations inside the [home-based financial-recognized securities] providing files plus the latest declaratory relief step, the financial institution tries to hang [Countrywide Monetary] accountable since the a processing individual for the same alleged misrepresentations in the exact same ? providing documents. Countrywide Monetary conceded the fresh courtroom ideas in the two cases was additional, but contended the bank alleged a violation of the same first correct-this new asserted to offering data files clear of issue misrepresentations; and you will, additionally, states in steps to possess suffered a comparable harm while the a direct result [Countrywide’s Financial’s] so-called misconduct.
Countrywide Economic demurred to the surgical amended declaratory save grievance, fighting res judicata prohibited the fresh Bank’s point 25504 allege due to the fact Bank is actually impermissibly seeking relitigate a factor in step which had been disregarded that have bias within the a previous action amongst the exact same activities
As well, the bank argued you will find no final view on deserves from the Credit Suisse step as the claims on each securitization involved within the Borrowing Suisse had been section of a single factor in action to possess reason for res judicata. Since the Bank told me, almost all of the payday loans Pike Road Bank’s states toward people bonds regarding the Credit Suisse step are nevertheless pending. Hence, there were zero latest view with the deserves of one’s Bank’s whole reason for action to the any of the five ties regarding the Borrowing from the bank Suisse step which might be as well as the subject off this action[.] 5
