IKB Intl. S.A. v U.S. Bank, N.A.

Holding The court reinstated claims regarding disclosed noncompliance events of default and mortgage file defects, finding that issues of fact precluded summary judgment and that liquidation does not automatically bar repurchase enforcement claims. It also granted plaintiffs summary judgment on standing for specific contract claims while dismissing claims based on ratings downgrades that did not meet the required threshold.

The court’s words

any disclosed noncompliance may be assumed to permeate the trusts administered by that servicer

2026 NY Slip Op 05726, at the official text

The fact of liquidation does not cut off the trustee's reasonable time to perform its repurchase enforcement duties as a matter of law

2026 NY Slip Op 05726, at the official text

The Article 77 determinations did not necessarily decide an issue that is decisive of the present action

2026 NY Slip Op 05726, at the official text

The Contract Claims thus constitute claims Rio may have obtained in connection with its purchase of the certificates from IKB AG

2026 NY Slip Op 05726, at the official text