Federal Home Loan Bank of Boston
United States District Court for the District of Massachusetts
Case No. 1:11-cv-10952-GAO
Keller Rohrback represents the Federal Home Loan Bank of Boston in Federal Home Loan Bank of Boston v. Banc of America Mortgage Securities, Inc., et al., which was filed on April 20, 2011 in the Suffolk County Massachusetts Superior Court, and removed to the United States District Court for the District of Massachusetts, where it is pending. The Federal Home Loan Bank of Boston seeks, among other remedies, rescission of its purchase of over $5.7 billion of mortgage-backed securities issued, underwritten, or sponsored by over 50 defendants based on offering documents that misrepresented the risks of the securities and the quality of the mortgage loans backing the securities. The Bank has also sued the credit rating agencies in connection with their ratings on the transactions at issue.
The Federal Home Loan Bank of Boston’s complaint is based on Keller Rohrback’s extensive investigation of loan origination and mortgage-backed securitization practices, rating agency practices, and a detailed review and analysis of loan characteristics and performance. Plaintiff brings claims for violations of the Massachusetts blue sky law, the Regulation of Business Practices Act, negligent misrepresentation, and fraud by the rating agency defendants. Plaintiff seeks rescission and/or damages, plus interest, attorneys’ fees, and costs.