Axonic Capital LLC v. Gateway One Lending & Finance, LLC,
No. 18-cv-05127 (C.D. Cal.).
Case Overview
Status: | Status: Settled |
Related Practices: | Related Practices: Securities, Structured Finance |
Representation of institutional investors in a lawsuit involving ABS backed by automobile loans. The case alleges that in marketing these ABS to plaintiffs and other investors, defendants TCF Bank and Gateway fraudulently and materially understated the key metric that investors rely upon to evaluate and price auto-loan ABS, resulting in millions of dollars of investor losses. The court recently denied TCF Bank’s and Gateway’s motion to dismiss.