United States District Judge Susan Nelson set an initial briefing schedule for summary judgment motions in the In Re: RFC and ResCap Liquidating Trust Litigation matter at the August 24, 2017 Case Management Conference. Per the order, all “First Wave” (meaning the “First Wave” of cases filed by the Trust) common-issue summary judgment motions and motions pertaining to the exclusion of certain evidence at trial are to be filed no later than March 16, 2018 and will be heard by the court on June 14, 2018. Judge Nelson also extended the deadline for the completion of expert discovery in “First Wave” cases to January 31, 2018. Judge Nelson also set an initial trial date in one of the matters for October 1, 2018 should any cases survive summary judgment. RFC and the ResCap Liquidating Trust filed this “First Wave” of cases in December 2013, which means that some lenders will have litigated this matter for nearly 5 years before reaching any kind of conclusion.
This briefing schedule is significant for any lenders facing pre-litigation demands from the ResCap Liquidating Trust as it means we likely will not see a ruling from the court on whether ResCap’s claims are time-barred until Summer 2018-almost one year from now. If you have received a pre-litigation demand from the ResCap Liquidating Trust and would like to discuss how this most recent development could affect your company, please feel free to contact Jack Valinoti.