Wilk Auslander Completes a Trial Including Credit Default Swaps

Stuart M. Riback and Alan D. Zuckerbrod

December 17, 2015

Wilk Auslander litigators recently completed a week-long trial before Justice O. Peter Sherwood in the Commercial Division of the Supreme Court of the State of New York.  Since 2010, Wilk Auslander has been representing the plaintiff, an investment firm, in a vigorously contested lawsuit against Deutsche Bank, the defendant, relating  to events occurring during the financial crisis of 2008-2009.

Touching upon issues in Michael Lewis' book and the recently released movie, "The Big Short", the litigation centers around a claim that Deutsche Bank breached a credit default swap contract when it failed to return $22 million in collateral posted by the plaintiff.  The swap trade was based on a class of residential mortgage-backed securities issued by Bank of America.

The Wilk Auslander team was led by Alan Zuckerbrod, Stuart Riback and Eric LaMons.  Post-trial briefing will be completed in January, with a decision expected in the first quarter of 2016. We look forward to providing a more detailed account of the case once the decision is released.