In NECA-IBEW v. Goldman Sachs, the Second Circuit arguably opened up a new door in class action litigation when it held that investors in one securities offering had standing to represent a putative class of investors in other offerings, as long as the fraud claims on both securities gave rise to “the same set
Chris Houpt is a co-chair of Mayer Brown's Banking & Finance Litigation group, concentrating on banking and finance matters, particularly cases involving cross-border issues; securitization, structured finance, and derivatives; and asset turnover. Recognized as a Next Generation Partner by Legal 500, and a Rising Star by Law360 (for Banking) and the New York Law Journal, Chris has represented securitization trustees and investors in and out of litigation. Those engagements include the first case against an RMBS trustee to go to trial, which resulted in a complete victory for the trustee, three appeals limiting trustee liability, and judicial instruction (Article 77) proceedings relating to some of the largest RMBS underwriting and servicing settlements. Partly as a result of those wins, plaintiffs in three cases against Chris’s trustee clients have simply walked away, after years of litigation. Chris is also active in securitization industry groups and is the co-chair of SFIG’s RMBS 3.0 Litigation and Arbitration Workstream.
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