U.S. Bank National Association v. DLJ Mortgage Capital, Inc.
On behalf of U.S. Bank, Karl Snow was retained in 2015 in residential mortgage-based securities (RMBS) litigation against DLJ Mortgage Capital (DLJ). On behalf of four RMBS trusts, U.S. Bank alleged that DLJ had misrepresented various loan and borrower characteristics as well as the underwriting process used to originate the loans that were sold to the trusts. Dr. Snow initially opined on the viability of sampling in establishing liability and damages and later calculated damages associated with the failure of DLJ to repurchase the alleged defective mortgages. In April 2021, the parties settled. The $500 million settlement will be reviewed in a Trust Instruction Proceeding that needs to be approved by the various parties before it is officially concluded.