Peter E. Calamari
New York Office
Tel: +1 212-849-7000
Fax: +1 212-849-7100
Lender Liability and Other Banking and Financial Institution Litigation
Class Action Litigation
Employment Litigation and Counseling
Intellectual Property Litigation
Structured Finance and Derivatives Litigation
Domestic U.S. Arbitration
Credit Suisse First Boston, LLC:
Member, New York State Bar Association
The State Bar of New York; United States District Courts: Southern District of New York, Eastern District of New York; United States Court of Appeals: Second Circuit
Secured a multi-billion dollar settlement, involving both cash payments and the commutation of swaps, for our client MBIA Insurance Corporation, after a series of victories in the New York state trial and appellate courts. In the rulings immediately prior to settlement, Justice Bransten ruled substantively in MBIA's favor on the parties' summary judgment motions, adopting virtually the entire legal framework advocated by Quinn Emanuel.
Representing MBIA in an action against J.P. Morgan Securities (“JPMS”) based on misrepresentations made by Bear, Stearns & Co. Inc. (“Bear Stearns”), JPMS’s predecessor-in-interest, in connection with a 2006 securitization of mortgage loans. Filed in September 2012, the Complaint in this action alleges that Bear Stearns intentionally altered the contents of a due diligence report before providing it to MBIA to induce MBIA to insure the securitization, causing MBIA has paid in excess of $168 million in claims when the securitization suffered massive losses from delinquencies and defaults.
Representing a Mid East sovereign wealth fund in an ICC arbitration against the manager of a US based Hedge fund in which our client was the largest shareholder. Peter and his team asserted claims of breach of contract, breach of fiduciary duty, and fraud (among other claims) when the fund manager applied default provisions of the fund’s shareholders agreement so as to deprive our client of its entire investment in the fund. As a result of a multi-faceted tactical approach that placed the fund manager under significant pressure both inside and outside the arbitration, they obtained a confidential settlement that completely achieved their client’s financial objectives.
Representing AEP Generating Company (“AEPG”) and Indiana Michigan Power Company (“I&M”) in a $1.4 billion breach of contract and indemnification case brought by a series of trusts on behalf of corporate investors. The case, Wilmington Trust Co. et al. v. AEP Generating Co. et al., (filed July 26, 2013 in the S.D.N.Y), concerns the operation of a coal-fired power plant located in Rockport, Indiana, which was sold to Plaintiffs in 1989 in a sales/leaseback transaction.
Representing Fifth Third Bank, a major banking corporation, in parallel actions against Concord Capital Management, LLC and related entities (collectively, "Concord") in the Circuit Court of Cook County, Illinois. These actions arise out of Concord's failed “Ultra” program to lend money to high net worth individuals to pay premiums on life insurance policies.
Represented MBIA in Minnesota Federal Court against Ally Financial and associated Ally entities such as Ally Bank pursuing claims arising out of the Ally entities’ aiding and abetting their subordinate companies’ fraudulent misrepresentations to MBIA regarding the quality of the loans included in their RMBS offerings. On June 26, 2013, an agreement was reached settling this case, along with other claims brought by MBIA against various Ally subordinate companies that had been placed in Chapter 11 bankruptcy in the Southern District of New York, resulting in a nine figure recovery for MBIA. This settlement is conditional on the bankruptcy court’s approval of the Ally subordinate companies’ Chapter 11 plan.
Obtained a 2.1 billion settlement in connection with claims asserted against bank defendants involving the issuance of 2.4 billion in Enron Credit linked notes.