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Commonwealth ex rel. Integra Rec LLC v. Countrywide Sec. Corp.

United States District Court, E.D. Virginia, Richmond Division

March 17, 2015

COMMONWEALTH OF VIRGINIA ex rel. INTEGRA REC LLC, Plaintiff,
v.
COUNTRYWIDE SECURITIES CORPORATION, et al., Defendants

Page 470

For Commonwealth of Virginia ex rel. Integra Rec LLC, Plaintiff: Christy Elizabeth Harris-Lipford, LEAD ATTORNEY, Office of the Attorney General, Richmond, VA; Mark Rankin Herring, Rhodes Beahm Ritenour, LEAD ATTORNEYS, Cynthia Annette Eppes Hudson, Peter Edwin Broadbent, III, Office of the Attorney General (Richmond), Richmond, VA.

For Countrywide Securities Corporation, Defendant: Alexis Laraine Shapiro, LEAD ATTORNEY, PRO HAC VICE, Brian Charles Devine, PRO HAC VICE, Goodwin Procter LLP (MA-NA), Boston, MA; Brian Edward Pastuszenski, PRO HAC VICE, Goodwin Procter LLP (NY-NA), New York, NY; Brian Emory Pumphrey, Richard Cullen, McGuireWoods LLP, Richmond, VA; Jason Lee Krajcer, Goodwin Procter LLP (DC-NA), PRO HAC VICE, Washington, DC.

For Credit Suisse LLC, formerly known as Credit Suisse First Boston LLC, Defendant: John William Boland, LEAD ATTORNEY, Jeremy Stephen Byrum, McGuireWoods LLP, Richmond, VA; Lauren Ann Moskowitz, Michael Timothy Reynolds, Omid Hshemi Nasab, Richard Wayland Clary, LEAD ATTORNEYS, PRO HAC VICE, Cravath Swaine & Moore LLP, New York, NY.

For Goldman Sachs & Co., Defendant: Stephen Charles Piepgrass, LEAD ATTORNEY, Ashley Lionel Taylor, Jr., William Henry Hurd, Troutman Sanders LLP, Richmond, VA.

For RBS Securities Inc., formerly known as Greenwich Capital Markets, Inc., Defendant: David Ian Horowitz, LEAD ATTORNEY, Kirkland & Ellis LLP (CA/NA), Los Angeles, CA; Robert Alexander Pilmer, LEAD ATTORNEY, PRO HAC VICE, Kirkland & Ellis LLP (CA/NA), Los Angeles, CA; Brendan David O'Toole, Charles E. James, Jr., Jonathan Tyler Lucier, Williams Mullen (Richmond), Richmond, VA.

For UBS Securities LLC, Defendant: Alexander Kosta Mircheff, Dean Joel Kitchens, LEAD ATTORNEYS, PRO HAC VICE, Los Angeles, CA; Geoffrey Manson Sigler, LEAD ATTORNEY, Gibson Dunn & Crutcher LLP (DC), Trent James Benishek, Washington, DC.

For Barclays Capital, Inc., Defendant: Bryan Alan Fratkin, LEAD ATTORNEY, Richard Cullen, McGuireWoods LLP, Richmond, VA; Stanley Abbott Roberts, McGuireWoods LLP (Richmond), Richmond, VA.

For Citigroup Global Markets, Inc., Defendant: Matthew Paul Bosher, LEAD ATTORNEY, Hunton & Williams LLP (Richmond), Richmond, VA; Edward Joseph Fuhr, Hunton & Williams LLP, Richmond, VA.

For Deutsche Bank Securities, Inc., Defendant: Lewis Franklin Powell, III, LEAD ATTORNEY, Hunton & Williams LLP, Richmond, VA; John Eliot Beerbower, Hunton & Williams LLP (Richmond), Richmond, VA.

For HSBC Securities, Inc., Defendant: Wyatt B. Durrette, Jr., LEAD ATTORNEY, Brittany Joy Falabella, Durrette Crump PLC, Richmond, VA.

For Merrill Lynch, Pierce, Fenner & Smith, Incorporated, and as successor-in-interest to Banc of America Securities LLS, Defendant: Brian Emory Pumphrey, Richard Cullen, McGuireWoods LLP, Richmond, VA.

For Morgan Stanley & Co. LLC, Defendant: Neil Harvey MacBride, Davis Polk & Wardwell LLP, Washington, DC.

Page 471

MEMORANDUM OPINION

M. Hannah Lauck, United States District Judge.

In its Complaint originally filed in the Circuit Court for the City of Richmond, the Commonwealth of Virginia, on behalf of the Virginia Retirement System (" VRS" ), alleges that defendants made fraudulent misrepresentations in offerings of mortgage-backed securities (" MBS" ), also called certificates, or residential mortgage-backed securities (" RMBS" ), also called certificates (collectively, " certificates" ).[1] Pursuant to 28 U.S.C. § 1452(a),[2] Countrywide Securities Corporation (" CSC" ) and four of its affiliates (" the Removing Defendants" ) removed the portion of the Richmond Circuit Court action they say involves every MBS certificate issued by Countrywide Financial Corporation (" CFC" ) and its affiliates.

What remains pending before this Court are a Motion to Transfer Venue to the Central District of California(the " Motion to Transfer" ) filed on October 24, 2014 by CSC on behalf of the Removing Defendants (ECF No. 15), and the Motion to Remand and Request for Expedited Hearing (the " Motion to Remand" ) filed on October 31, 2014 by the Commonwealth of Virginia (ECF No. 42). The Motion to

Page 472

Transfer seeks to transfer the action pursuant to 28 U.S.C. § 1404(a)[3](" Section 1404(a)" ) to Judge Mariana R. Pfaelzer in the Central District of California who has presided over a factually-related multidistrict litigation No. 2265 (" MDL No. 2265" ) since at least 2011.

For the reasons that follow, the Court denies CSC's Motion to Transfer Venue. (ECF No. 15.) The Court also denies the Commonwealth's Motion to Remand. (ECF No. 42). The Court will order further action as described below.

I. Procedural and Factual Background

The Court addresses below pertinent procedural and factual background since the entry of its January 14, ...


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