Jonah M. Block’s practice focuses on complex commercial litigation.
- MBIA in a long-running put-back action against Credit Suisse in which MBIA is seeking to recover over $750 million related to RMBS insured by MBIA. After a two-week bench trial in New York State Supreme Court, the court found that MBIA had convincingly proved that Credit Suisse breached its representations and warranties, and is liable for damages expected to amount to over even the $680 million Credit Suisse has acknowledged.
- Seven foreign municipalities in a fraud and negligent misrepresentation action against subsidiaries of a national bank, concerning the sale and marketing of derivative financial products.
- Clients involved in disputes arising out of the housing market crisis, who invested in or were otherwise exposed to asset-backed securities and collateralized debt obligations and sought redress for the misrepresentations and breaches of warranties written into those financial products by the sponsoring financial institutions.
- MBIA, one of the world’s largest monoline insurers, in litigation brought by 18 of the world’s largest banks seeking to overturn MBIA’s corporate restructuring which, with the approval of the New York Department of Insurance, established a separate company for MBIA’s municipal bond insurance business. After a several-week evidentiary proceeding, the New York Supreme Court upheld MBIA’s restructuring, and MBIA received $1.7 billion in cash and a $500 million line of credit for its municipal bond insurance business.