Christopher J. Houpt

• Argued motion that led to the dismissal on the pleadings of qui tam claims against RMBS trustees. U.S. ex rel. Szymoniak v. AHM Servicing et al. (D. South Carolina).
• Dismissals of suits against trustees by former investors and CDO investors for lack of standing. FDIC v. Citibank; FDIC v. BNY Mellon; Triaxx v. BNY Mellon (S.D.N.Y.).
• Briefed interlocutory appeal holding that the Trust Indenture Act does not apply to most RMBS and that claims against trustees must be proved "loan by loan and trust by trust." The case was abandoned by the putative class representatives after five years. Retirement Board v. BNY Mellon (S.D.N.Y.).
• Defended expert witnesses and gave closing argument in the court approval of 8.5 billion and $4.5 billion settlements of mortgage-loan origination and servicing claims. In re The Bank of N.Y. Mellon (N.Y. Commercial Division).

Securitization and derivatives

• Filed amicus briefs for ISDA and SIFMA in cases addressing the bankruptcy safe harbors for derivatives and other financial contracts.
• Advised CDO investors on litigation issues arising from decisions to accelerate notes or direct trustees.
• Represented:
  –  Noteholders of super-senior securities in Lehman Brothers-related litigation relating to the interpretation and enforceability in bankruptcy of CDO contracts, including "waterfall flip" terms.
  –  CDO trustee in successful defense of its interpretation of waterfall and subordination terms of indenture.
  –  Lehman Brothers derivatives counterparties, including from Japan, France, Belgium, and Canada, in disputes over ISDA close-out calculations following bankruptcy.

Cross-border litigation and asset turnover

• Briefed motions to dismiss for lack of personal jurisdiction or forum non conveniens (or both) for financial-industry clients from Switzerland, Liechtenstein, Hungary, The Bahamas, and Lebanon.
• Filed amicus brief for Institute of International Bankers in case in which plaintiff sought to apply New York's Koehler doctrine to obtain turnover of assets from a non-U.S. subsidiary of the defendant garnishee.
• Filed amicus brief for American Bankers Association supporting indenture trustee in Argentine sovereign debt litigation.

Represented:

• Hungarian and German banks in successful defense of litigation over Holocaust-era claims.

  Lebanese bank in successful defense of Anti-Terrorism Act and Alien Tort Claims Act claim.

• Garnishee banks in cases in which judgment creditors of Iran and Cuba seek turnover of OFAC-blocked accounts under the Terrorism Risk Insurance Act.
• European bank in Hague Convention production of documents from France and UK, also involving U.S. bank examination privilege.