On a listening, this new court sustained Countrywide Financial’s demurrer as opposed to hop out to help you amend
Particularly, Countrywide Financial argued the new Bank’s section 25504 allege is actually the same cause of action as the Area 15 claim under the number one rights’ concept. Predicated on Nationwide Economic, the financial institution sought to hold it liable from the Credit Suisse step due to the fact a handling individual to own so-called misrepresentations into the [home-based mortgage-backed securities] giving documents as well as in brand new declaratory recovery step, the financial institution aims to hold [Nationwide Financial] liable because a control person for the very same alleged misrepresentations throughout the same ? giving data. Countrywide Monetary conceded brand new legal ideas in both cases have been additional, but argued the bank alleged a citation of the same number 1 correct-the new asserted straight to providing records clear of situation misrepresentations; and you will, moreover, states in both measures for sustained a similar spoil once the a result of [Countrywide’s Financial’s] so-called misconduct.
Countrywide Monetary demurred to your surgical amended declaratory rescue issue, competing res judicata barred brand new Bank’s area 25504 allege just like the Financial are impermissibly trying to relitigate a cause of step which had been overlooked having prejudice inside a past step between the same parties
At exactly the same time, the lending company argued there can be no last wisdom toward deserves on the Borrowing Suisse step as the the states for each securitization involved during the Credit Suisse was indeed element of an individual cause for step to have reason for res judicata. …