Phoenix Light SF DAC and Kleros Preferred Funding V PLC v. The Bank of New York Mellon
Christopher Bennett was retained as a testifying expert on behalf of plaintiffs to quantify damages related to claims of substandard servicing in the FNLC 2005-1 Trust. Plaintiffs purchased residential mortgage-based securities certificates issued by the Trust and allege that the performance of those certificates was negatively impacted by the master servicer’s failure to enforce contractual servicing requirements and repurchase provisions. Moreover, Plaintiffs contend that The Bank of New York Mellon, in its role as master servicer, failed to adequately monitor the subservicer. As part of his damages analysis, Dr. Bennett calculated the additional payments that would have been made to the certificates absent the alleged conduct.