Particularly, Countrywide Financial debated the fresh new Bank’s area 25504 allege is an equivalent reason behind action as its Section 15 claim within the number 1 rights’ theory. Considering Nationwide Monetary, the bank found to hold they responsible about Credit Suisse step because the a running people having alleged misrepresentations for the [domestic financial-backed securities] providing data files plus in the fresh new declaratory recovery action, the bank tries to hang [Countrywide Monetary] accountable as a processing individual for the very same alleged misrepresentations on the same ? giving data. Nationwide Monetary conceded the new legal ideas in the two cases was various other, but debated the bank alleged a ticket of the identical first best-the fresh asserted right to giving data files clear of question misrepresentations; and you may, furthermore, states both in measures for suffered an equivalent spoil since the a direct result [Countrywide’s Financial’s] alleged misconduct.

Nationwide Monetary demurred on operative amended declaratory relief criticism, competing res judicata banned the brand new Bank’s point 25504 claim since Bank is actually impermissibly trying relitigate a cause of step that was disregarded having bias inside a past step amongst the exact same parties

On the other hand, the bank debated discover no latest view towards deserves on Borrowing from the bank Suisse step as the its claims on each securitization at issue when you look at the Borrowing Suisse was in fact part of a single reason behind action getting reason for res judicata. Due to the fact Bank explained, most of the Bank’s states with the men and women ties regarding Borrowing from the bank Suisse step remain pending. Therefore, there’s been zero latest wisdom into deserves of your Bank’s entire factor in step to the the five securities in the Borrowing Suisse action that are in addition to the subject of this action[.] 5

Inside opposition, the bank argued the brand new area 25504 claim they asserted throughout the declaratory relief action are not the same as the new says you to definitely [it] voluntarily disregarded into the Borrowing Suisse and therefore res judicata didn’t club they away from saying various other states less than a unique law

This new legal observed, [t]he actual matter we have found whether or not that was ignored ‘s the same first correct with what is considered here [throughout the declaratory rescue action]. Then the legal replied the question in the affirmative. They explained, the Bonds Operate and you can areas 25401 and you can 25501 give manage individuals in control in exact same products ? without any factor according to the federal plan or perhaps the state scheme? As well as the Ca statute isnt materially distinctive from the government law. New judge proceeded, a general concept for the preclusive impact jurisprudence is the fact that the [c]ourt is not limited by new format, or the pleadings, or the articulation regarding causes of step. Put simply ? that you do not see reasons for step ? otherwise elements of trigger[s] of step. You are able to the center of what is taking place. And it also appears to me personally that heart of what actually is taking place, from this angle ? try handle people responsibility. That not as much as a federal statute and something lower than your state statute. With no number the way you ask they or just what sequence try, ? it is an equivalent in the two cases.

I comment de novo the latest court’s buy preserving Countrywide’s demurrer in place of leave to help you amend. (House out of Dito (2011) 198 Cal.Application.fourth 791, 800 (Dito ).) I basic review the fresh grievance de novo to choose whether it includes factors enough to state a factor in step below people courtroom concept. [Citation.] I lose the brand new demurrer given that admitting every situation factors securely pleaded, however contentions, deductions otherwise results of fact otherwise rules. [Admission.] I contemplate matters that is certainly judicially noticed.’ [Ticket.] ‘ [Admission.] I affirm or no surface offered in service of demurrer is well-taken however, find mistake should your plaintiff states a cause of step significantly less than any potential courtroom principle. [Citations.] We are really not limited by the fresh trial loan places in Glendale Colorado court’s mentioned factors, if any, help its ruling; i feedback the newest governing, maybe not its rationale. [Ticket.]’ [Ticket.] (Id. in the p. 800.)