Edward Filusch

• Represented MBIA, a monoline insurer, in a decade-long put-back action against Credit Suisse in which MBIA sought to recover for breaches of representations and warranties related to residential mortgage-backed securities (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 that Credit Suisse was liable for over $600 million in damages.*
• Represented Investment vehicles associated with Carl Icahn, one of Wall Street’s most successful investors and activists, in a dispute against Rialto Capital Advisors alleging breach of contract and fraud in connection with Rialto’s servicing of a commercial mortgage-backed security (CMBS) trust secured by the Prizm Outlets mall in Nevada, which resulted in a loss of almost $73 million, plus almost $13 million in fees, the largest loss on a CMBS conduit loan since the 2008 financial crisis. Successfully opposed Rialto Capital Advisor’s motion for summary judgment with the Court finding that Icahn adequately demonstrated that the at-issue Class E Certificates were uniquely harmed by a loss of their control rights and adversely affected by Rialto’s alleged scheme, and that Icahn therefore has standing to pursue the action.*
• Represented a leading international textile manufacturing company in its Southern District of New York action against a large multinational e-commerce conglomerate in seeking over $100 million in damages in claims for breach of fiduciary duty, intentional misrepresentation, and unfair and deceptive trade practices arising out of the parties’ decade-long relationship pursuant to which the manufacturer made specially designed storage pods for use in the conglomerate’s warehouse distribution centers.*
• Represented Cascade Funding, LP-Series 6, an affiliate of asset manager Waterfall Asset Management, in securing summary judgment on Cascade’s breach of contract claim against The Bancorp Bank relating to Cascade’s valid exercise of a “market out” clause in connection with the purchase of a pool of $900 million in mortgage loan assets for securitization in a commercial real estate collateralized loan obligation (CRE CLO).*
• Represented Silverfern, a private equity investment management firm, as lead trial counsel in its New York State Supreme Court action against Citi seeking over $20 million in damages for Citi’s breach of its “best efforts” and other contractual obligations as Placement Agent under the parties’ Distribution Agreement.*
• Served as principal trial counsel for a leading surplus lines insurance company. Instrumental in helping the insurer successfully resolve its years-long litigation with a utility company insured concerning hundreds of millions of dollars in coal ash cleanup costs sought pursuant to decades-old liability policies.*
• Represented a leading international insurance company in an international arbitration governed by The Danish Institute of Arbitration rules of arbitration procedure concerning a nine-figure coverage dispute under a professional indemnity insurance policy.*
• Represented a licensed medical marijuana company, in a series of legal battles with its Colorado-based franchisor. After defeating the franchisor’s attempts to obtain emergency injunctions at hearings held before the American Arbitration Association and the District Court of Denver, Colorado, the Colorado court dismissed the franchisor’s underlying action against the company in its entirety and awarded the company attorneys’ fees. The Colorado Court of Appeals unanimously affirmed the trial court’s decision in its entirety.*
• Represented Howard Meyers, the Chairman of Eco-Bat Technologies, a world leader in the recycling of lead batteries, in actions for purported breach of contract, fraud, racketeering, and other alleged misconduct brought by a number of foreign investment funds concerning a €600 million payment in kind loan that later was securitized and sold to investors.*
• Represented Insight Global, a national staffing company, in reaching a successful settlement of litigation brought in the Southern District of New York against a national competitor arising out of the competitor’s alleged employee-poaching scheme and misappropriation of Insight Global’s trade secrets.*
• Represented TPG, one of the world’s largest publicly traded private equity firms, and senior TPG partners, in bankruptcy proceedings and multiple state and federal court actions concerning TPG portfolio company Caesars Entertainment. Claims at issue included alleged fraudulent transfers, breaches of governing indentures, and breaches of fiduciary duty in connection with controversial and complex transactions undertaken prior to the bankruptcy filing of Caesars' operating subsidiary.*
• Represented a Federal Housing Finance Agency, as conservator for Fannie Mae and Freddie Mac, in actions in federal and state courts against numerous financial institutions and individuals. The lawsuits sought rescission or damages from the banks for, among other things, their misrepresentations concerning pools of mortgage loans that underlie residential mortgage-backed securities the banks issued, securitized and sold to Fannie Mae and Freddie Mac. After prevailing on critical pre-trial issues, FHFA settled the actions for over $2 billion, including a $1.25 billion settlement with Morgan Stanley.*
• 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.*
• Represented a major investment fund concerning multi-million dollar disputes arising from real estate deals and related securitizations.*
• Represented a private equity portfolio fund manager in multi-million dollar disputes with partners concerning valuation of firm’s RMBS portfolio and improper wind-up of the firm.*

* Matters completed prior to joining Allen Matkins.