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Case 1:09-Cv-01656-RMC Document 54 Filed 11/22/10 Page 1 of 2 Case 1:09-cv-01656-RMC Document 54 Filed 11/22/10 Page 1 of 2 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA DEUTSCHE BANK NATIONAL TRUST COMPANY, Plaintiff, v. Case No. 09-CV-1656-RMC FEDERAL DEPOSIT INSURANCE CORPORATION (as receiver of Hon. Rosemary M. Collyer WASHINGTON MUTUAL BANK); JPMORGAN CHASE BANK, National Association; and WASHINGTON MUTUAL MORTGAGE SECURITIES CORPORATION, Defendants. FDIC RECEIVER’S MOTION TO DISMISS Defendant Federal Deposit Insurance Corporation, in its capacity as Receiver for Washington Mutual Bank (“FDIC Receiver”), by its undersigned counsel, hereby moves this Court, pursuant to Rules 12(b)(1) and 12(b)(6) of the Federal Rules of Civil Procedure, for an order dismissing with prejudice all claims asserted against FDIC Receiver in the above-captioned action. Support for this motion is set forth in the accompanying Memorandum of Points and Authorities in Support of FDIC Receiver’s Motion to Dismiss, and in the Declaration of Jason S. Cohen and the exhibits thereto. A proposed order is attached hereto. Case 1:09-cv-01656-RMC Document 54 Filed 11/22/10 Page 2 of 2 Dated: November 22, 2010 Respectfully submitted, Of Counsel: /s/ William R. Stein William R. Stein, D.C. Bar No. 304048 Kathryn R. Norcross, D.C. Bar No. 398120 Scott H. Christensen, D.C. Bar No. 476439 Senior Counsel, Commercial Litigation Unit Jason S. Cohen, D.C. Bar No. 501834 Anne M. Devens HUGHES HUBBARD & REED LLP Counsel, Commercial Litigation Unit 1775 I Street, N.W., Suite 600 Kaye A. Allison Washington, D.C. 20006-2401 Counsel, Commercial Litigation Unit Telephone: (202) 721-4600 FEDERAL DEPOSIT INSURANCE Facsimile: (202) 721-4646 CORPORATION Email: [email protected] 3501 Fairfax Drive, Room VS-D-7062 Email: [email protected] Arlington, Virginia 22226 Email: [email protected] Telephone: (703) 562-2204 Facsimile: (703) 562-2475 Attorneys for Federal Deposit Insurance Email: [email protected] Corporation in its capacity as Receiver for Email: [email protected] Washington Mutual Bank Email: [email protected] 2 Case 1:09-cv-01656-RMC Document 54-1 Filed 11/22/10 Page 1 of 51 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA DEUTSCHE BANK NATIONAL TRUST COMPANY, Plaintiff, v. Case No. 09-CV-1656-RMC FEDERAL DEPOSIT INSURANCE CORPORATION (as receiver of Hon. Rosemary M. Collyer WASHINGTON MUTUAL BANK); JPMORGAN CHASE BANK, National Association; and WASHINGTON MUTUAL MORTGAGE SECURITIES CORPORATION, Defendants. MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT OF FDIC RECEIVER’S MOTION TO DISMISS Of Counsel: William R. Stein (D.C. Bar No. 304048) Scott H. Christensen (D.C. Bar No. 476439) Kathryn R. Norcross (D.C. Bar No. 398120) Jason S. Cohen (D.C. Bar No. 501834) Senior Counsel, Commercial Litigation Unit HUGHES HUBBARD & REED LLP Anne M. Devens 1775 I Street, N.W. Counsel, Commercial Litigation Unit Washington, D.C. 20006-2401 Kaye A. Allison Telephone: (202) 721-4600 Counsel, Commercial Litigation Unit Facsimile: (202) 721-4646 FEDERAL DEPOSIT INSURANCE Email: [email protected] CORPORATION Email: [email protected] 3501 Fairfax Drive, Room VS-D-7062 Email: [email protected] Arlington, Virginia 22226 Telephone: (703) 562-2204 Attorneys for Federal Deposit Insurance Facsimile: (703) 562-2475 Corporation in its capacity as Receiver for Email: [email protected] Washington Mutual Bank Email: [email protected] Email: [email protected] November 22, 2010 Case 1:09-cv-01656-RMC Document 54-1 Filed 11/22/10 Page 2 of 51 TABLE OF CONTENTS Page Table of Authorities ....................................................................................................................... iii INTRODUCTION ...........................................................................................................................1 BACKGROUND AND SUMMARY OF ALLEGATIONS ...........................................................4 A. The WaMu Receivership And The P&A Agreement ..............................................6 B. WaMu’s Mortgage-Backed Securities Business ....................................................10 1. The Securitization Process .........................................................................10 2. The Trusts and the Governing Agreements ...............................................12 C. WaMu’s Disclosure Of Liabilities And Obligations Under The Governing Agreements ............................................................................................................16 D. JPMC’s Acknowledgment Of Liabilities And Obligations Under The Governing Agreements ..........................................................................................19 E. DBNTC’s Amended Complaint .............................................................................22 ARGUMENT .................................................................................................................................23 I. FDIC RECEIVER HAS NO LIABILITY TO DBNTC UNDER THE GOVERNING AGREEMENTS. .......................................................................................23 A. The P&A Agreement Transferred The Governing Agreements And All Of WaMu’s Rights, Obligations, And Liabilities Thereunder To JPMC. ..................24 1. The Governing Agreements are Assets that transferred to JPMC under Section 3.1 of the P&A Agreement. ................................................25 2. All of WaMu’s obligations and liabilities under the Governing Agreements transferred to JPMC under Section 2.1 of the P&A Agreement. .................................................................................................29 B. The Transfer Of The Governing Agreements To JPMC Extinguished FDIC Receiver’s Potential Liability. .....................................................................38 II. CLAIMS AGAINST FDIC RECEIVER BASED ON ALLEGED POST- RECEIVERSHIP BREACHES SHOULD BE DISMISSED. ...........................................40 A. DBNTC Failed To Exhaust The Administrative Claims Process With Respect To Its Claims Of Post-Receivership Breach. ...........................................40 61221878_5 - i - Case 1:09-cv-01656-RMC Document 54-1 Filed 11/22/10 Page 3 of 51 TABLE OF CONTENTS (continued) Page B. The Amended Complaint Fails to State A Claim Of Post-Receivership Breach Against FDIC Receiver. ............................................................................42 CONCLUSION ..............................................................................................................................45 61221878_5 - ii - Case 1:09-cv-01656-RMC Document 54-1 Filed 11/22/10 Page 4 of 51 TABLE OF AUTHORITIES Page(s) CASES Acevedo v. First Union Nat’l Bank, 357 F.3d 1244 (11th Cir. 2004) ............................................39 Aljaf Assocs. Ltd. P’ship v. FDIC, 879 F. Supp. 515 (E.D. Pa. 1995)...........................................42 Ameren Servs. Co. v. FERC, 330 F.3d 494 (D.C. Cir. 2003) ........................................................24 Bank of N.Y. v. FDIC, 453 F. Supp. 2d 82 (D.D.C. 2006) .............................................................26 Beal Bank, SSB v. Pittorino, 177 F.3d 65 (1st Cir. 1999) ..............................................................30 Brady Dev. Co., Inc. v. RTC, 14 F.3d 998 (4th Cir. 1994) ............................................................40 Brown Leasing Co. v. FDIC, 833 F. Supp. 672 (N.D. Ill. 1993) ...................................................42 In re Chicago, Milwaukee, St. Paul, & Pac. R. Co., 789 F.2d 1281 (7th Cir. 1986).....................38 Coleman v. FDIC, 826 F. Supp. 31 (D. Mass. 1993) .....................................................................42 Conseil Alain Aboudaram, S.A. v. de Groote, 460 F.3d 46 (D.C. Cir. 2006) ................................24 Courtney v. Halleran, 485 F.3d 942 (7th Cir. 2007) .....................................................................39 E.I. du Pont de Nemours & Co. v. FDIC, 32 F.3d 592 (D.C. Cir. 1994).......................................30 FDIC v. Condit, 861 F.2d 853 (5th Cir. 1988) ..............................................................................39 FDIC v. Great Am. Ins. Co., 607 F.3d 288 (2d Cir. 2010) ............................................................30 Flynn v. Dick Corp., 481 F.3d 824 (D.C. Cir. 2007) .....................................................................33 Flynn v. So. Seamless Floors, Inc., 460 F. Supp. 2d 46 (D.D.C. 2006) ........................................34 Forest Mktg. v. State Dept. Natural Res., 104 P.3d 40 (Wash. Ct. App. 2005) ............................35 Freeman v. FDIC, 56 F.3d 1394 (D.C. Cir. 1995) ..................................................................40, 41 Goodman v. Challenger Int’l, Ltd., No. 94-1262, 1995 WL 402510 (E.D. Pa. July 5, 1995) ........................................................................................................................................38 Hatco Corp. v. W.R. Grace & Co., 59 F.3d 400 (3d Cir. 1995) ....................................................38 Henderson v. Bank of New England, 986 F.2d 319 (9th Cir. 1993) ..............................................41 Hennessy v. FDIC, 58 F.3d 908 (3d Cir. 1995) .............................................................................39 61221878_5 - iii - Case 1:09-cv-01656-RMC Document 54-1 Filed 11/22/10 Page 5 of 51 Home Capital Collateral, Inc. v. FDIC, 96 F.3d 760 (5th Cir. 1996) ...........................................41 India Breweries, Inc. v. Miller Brewing
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