By Teri Buhl.
UPDATE 4pm: The NY Courts have now issued an official policy about their ‘One Judge’ for RMBS cases. Ironically on the same day I started asking questions about these private decision they are now public!
Orignal Text
Banks looking to judge shop in RMBS putback cases filed in New York State court are going to get shut out of the process. Apparently there are so many cases to litigate against banks, like JP Morgan and Credit Suisse selling billions of garbage mortgage securities to investors, that administrative judge Sherry Heitler has decreed all RMBS cases as of March 2013 now go to one judge. Roberta McClinton, Heitler’s law clerk, confirmed this today explaining that similar cases need to go to one judge now because it’s for ‘judicial economy’.
This news just came to light after I saw a non-public letter from Judge Heitler to JP Morgan’s outside counsel ,Andrew Cereseney and Robert Sacks, stating she appreciated JPM’s letter about their desire to have the NY AG’s civil fraud case against JP Morgan assigned to Judge Ramos but the court’s new policy is all commercial RMBS cases are now going to Judge Friedman.
for More on this investigative piece provided by Teri Buhl go to:
http://www.teribuhl.com/2013/05/23/ny-state-court-halts-judge-shopping-in-rmbs-putback-cases/
