Specifically, Nationwide Monetary argued the fresh Bank’s point 25504 allege try a similar cause of step as its Area fifteen claim according to the top rights’ idea. Considering Nationwide Financial, the financial institution sought to hang they accountable on the Borrowing from the bank Suisse step while the a control individual for alleged misrepresentations inside [home-based mortgage-supported ties] providing documents along with the declaratory relief action, the lending company seeks to hang [Countrywide Financial] responsible since the a control individual for the same so-called misrepresentations regarding the exact same ? giving data files. Countrywide Financial conceded the fresh legal ideas in the two cases had been various other, however, argued the bank so-called a citation of the same no. 1 correct-the brand new asserted right to giving documents free of point misrepresentations; and you can, more over, says in both measures to own suffered a similar damage because a result of [Countrywide’s Financial’s] alleged misconduct.
Countrywide Financial demurred on the medical amended declaratory rescue ailment, contending res judicata banned this new Bank’s area 25504 claim given that Lender are impermissibly seeking relitigate a cause of step that was dismissed that have bias within the an earlier action between your exact same events
At exactly the same time, the financial institution argued you will payday loans Floyd Hill find no finally judgment into deserves in the Borrowing from the bank Suisse step because the its claims for each securitization under consideration inside Credit Suisse have been section of a single cause of action to have purposes of res judicata. Since Financial told me, all of the Bank’s says towards the those people securities regarding Credit Suisse action are still pending.