Federal Home Loan Bank of Indianapolis
Superior Court for Marion County, Indiana
Case No. 49D05-10-10-PL-045071
Keller Rohrback represents the Federal Home Loan Bank of Indianapolis in Federal Home Loan Bank of Indianapolis v. Banc of America Mortgage Securities, Inc., et al., which was filed on October 15, 2010 in the Superior Court for Marion County, Indiana. The Federal Home Loan Bank of Indianapolis seeks, among other remedies, rescission of over $2.5 billion of mortgage-backed securities issued or underwritten by the defendants based on offering documents that misrepresented the risks of the securities and the quality of the mortgage loans backing the securities.
The Federal Home Loan Bank of Indianapolis’ 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 state blue sky laws and negligent misrepresentation. In addition to rescission, Plaintiff seeks interest, attorneys’ fees, and costs.
On July 3, 2012, Marion County Superior Court Judge Robyn Moberly, upheld most of the Federal Home Loan Bank of Indianapolis’s claims on all of the mortgage-backed securities at issue in the action in her ruling on the defendants’ motion to dismiss.
This action is in active discovery.