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

Inside resistance, the bank contended the latest part 25504 claim it asserted from the declaratory relief step is unlike the latest states that [it] willingly dismissed within the Borrowing from the bank Suisse and that res judicata did not bar it from asserting additional says under a different sort of statute

The latest judge noticed, [t]he genuine concern listed here is whether the thing that was overlooked ‘s the same number one best with what is claimed right here [regarding the declaratory rescue action]. Then the legal answered issue on the affirmative. It said, the latest Ties Work and you may parts 25401 and 25501 bring control people responsible underneath the exact same factors ? with no significant difference beneath the federal scheme or perhaps the state scheme? Plus the Ca law isnt materially distinct from the newest government law. This new judge went on, a general layout into the preclusive effect jurisprudence is that the [c]ourt isnt limited by the brand new structure, or even the pleadings, or even the articulation about factors that cause action. This means ? that you do not see factors that cause step ? otherwise components of cause[s] away from step. You reach the center of what is happening. And it also seems to myself your cardio of what is going on, from this perspective ? was manage person responsibility. That lower than a national statute and another around a state law. With no count how you beg it or precisely what the succession try, ? that it’s the same in both cases.

We opinion de- novo the fresh new court’s acquisition sustaining Countrywide’s demurrer instead log off so you can amend. (Estate off Dito (2011) 198 Cal.Application.fourth 791, 800 (Dito ).) I first comment new ailment de- novo to choose when it contains items enough to county a factor in action less than one legal theory. [Solution.] We clean out the latest demurrer because admitting most of the thing products properly pleaded, yet not contentions, deductions otherwise results of-fact otherwise law. [Ticket.] I contemplate issues which is often judicially seen.’ [Citation.] ‘ [Pass.] We affirm if any crushed available in service of the demurrer is actually well taken however, select error in the event your plaintiff has stated a cause of action under any possible judge principle. [Citations.] We’re not bound by new trial court’s stated factors, if any, supporting the governing; i feedback new ruling, not the rationale. [Ticket.]’ [Admission.] (Id. within p. 800.)