Gibbs & Bruns LLP in Houston continues to handle cases related to mortgage-backed securities (MBS), the area in which it made its presence felt in the securities litigation market. Key partner David Sheeren recently won significant victories for PIMCO in cases concerning the calculation of termination prices owed in “clean-up calls” for legacy RMBS trusts, with more than $100m at stake. Also on behalf of PIMCO, Sheeren also secured a $242m settlement of RMBS claims with First Franklin and Bank of America. Standout partner Kathy Patrick, who has a stellar track record in high-stakes matters, secured $40m for key client Occidental Petroleum Corp. and Anadarko Petroleum Corp. in breach of contract litigation against Wells Fargo concerning the sale of Occidental shares. Partner Sam Cruse remains a prominent advisor to clients in the financial services and energy sectors. Cruse worked closely with Patrick on the $800m Libor suit against nine banks on behalf of Fannie Mae arising from alleged manipulation of bank borrowing rates.

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Key clients

BlackRock, Inc.
Pacific Investment Management Company (PIMCO)
Trustmark National Bank
Goldman Sachs Asset Management (GSAM)
Fannie Mae
The TCW Group, Inc.
Kore Advisors LP
BlackRock Financial Management
MetLife

Work highlights

Victories in Two Precedent-Setting Matters for PIMCO in California and New York. As lead counsel for PIMCO, the firm obtained victories in two precedent-setting matters in California and New York concerning the calculation of termination prices owed in “clean-up calls” for legacy RMBS trusts, with over $100 million at stake.
Acting as lead counsel for TCW and PIMCO, the firm obtained and achieved court approval of two RMBS settlements totaling $249 million, following a June 2023 trial in Ramsey County, Minnesota. Also obtained and act as lead trial counsel in a related $88 million settlement for TCW and PIMCO, which was tried in October 2023 and remains pending.
Representing the Federal National Mortgage Association in litigation involving the suppression of Libor. Fannie Mae brought claims against major financial institutions, including Bank of America, Credit Suisse, and others. Fannie Mae has secured significant, confidential settlements with four defendants. Fannie Mae continues to pursue claims against its remaining defendants.

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