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New York firm Kasowitz Benson Torres LLP is active for both plaintiffs and defendants in securities litigation, frequently using this dual role to successfully negotiate settlements. The firm has long been involved in matters arising from mortgage-backed securities and continues to handle work in that area, including acting for Wall Street investor Carl Icahn in a claim against Rialto Capital Advisors alleging breach of contract and fraud in connection with the servicing of a CMBS trust that resulted in a loss of almost $73m. Michael Hanin, who leads the practice with Sheron Korpus and Stephen Tountas, took the lead in that case. Hanin also acted for Waterfall Asset Management affiliate Cascade Funding in a case arising from its purchase from Bancorp of a pool of $900m in mortgage loan assets, to be funded through a securitization in a CRE CLO, ultimately recovering $13m for the client. Name partner Marc Kasowitz, a pioneer of high-value securities litigation on behalf of hedge funds, international banks and sovereigns, remains active in the practice.
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- 'The team consists of knowledgeable, articulate and well-resourced individuals.'
Kernmandanten
- U.S. Bank
- MBIA Insurance
Highlight-Mandate
- Served as counsel to Cascade Funding, LP-Series 6, an affiliate of asset manager Waterfall Asset Management, in securing summary judgment on Cascade’s breach of contract claim against The Bancorp Bank relating to Cascade’s valid exercise of a “market out” clause in connection with the purchase of a pool of $900 million in mortgage loan assets for securitization in a CRE CLO.
- Carl Icahn, one of Wall Street’s most successful activist investors, hired the firm for the first time in 2022, for a dispute against Rialto Capital Advisors alleging breach of contract and fraud in connection with Rialto’s servicing of a CMBS trust secured by the Prizm Outlets mall in Nevada, which resulted in a loss of almost $73 million, plus almost $13 million in fees, the largest loss on a CMBS conduit loan since the 2008 financial crisis.