30 05 2016

United States Court of Appeals for the Second Circuit reversed a verdict against former Countrywide executive Rebecca Mairone as well as Bank of America and Countrywide Bank for allegedly selling fraudulent mortgages to Fannie Mae and Freddie Mac in

Orrick, Herrington & Sutcliffe LLP and Bracewell have advised on the matter


The ruling erases both the $1 million penalty against Mairone and $1.27 billion imposed upon Bank of America following the nearly one-month jury trial in the United States District Court for the Southern District of New York in 2013. Central to today’s ruling was the fact that the “Government presented no evidence” that Mairone or any Countrywide executive made any misrepresentation that could support a fraud claim. “[T]he Government has never argued—much less proved at trial—that the contractual representations at issue were executed with contemporaneous intent never to perform. Accordingly, the jury had no legally sufficient basis on which to conclude that the misrepresentations alleged were made with contemporaneous fraudulent intent.” Bracewell served as lead trial counsel on the case, and worked alongside E. Joshua Rosenkranz (Picture), Robert M. Loeb and Kelsi Brown Corkran, of Orrick, Herrington & Sutcliffe LLP, who took the lead on the appeal. Bracewell attorneys involved in this appeal included Michael C. Hefter, Seth M. Cohen and Ryan M. Philp Involved fees earner: Joshua Rosenkranz - Orrick; Robert Loeb - Orrick; Kelsi Brown Corkran - Orrick; Michael Hefter - Bracewell & Giuliani; Seth Cohen - Bracewell & Giuliani; Ryan Philp - Bracewell & Giuliani;

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