Justia Securities Law Opinion SummariesArticles Posted in Wisconsin Supreme Court
Segregated Account of Ambac Assurance Corp. v. Countrywide Home Loans, Inc.
Appointing a registered agent under Wis. Stat. 180.1507 does not signify consent to general personal jurisdiction in Wisconsin.Plaintiffs filed this suit against Defendant, alleging that Defendant fraudulently misrepresented the quality of mortgages underlying certain securities. Defendant moved to dismiss the complaint for lack of personal jurisdiction. The circuit court dismissed the complaint, concluding that Wisconsin courts could not exercise general jurisdiction over Defendant. The court of appeals reversed, holding that by maintaining a Wisconsin agent to receive service of process, Defendant subjected itself to the general jurisdiction of Wisconsin courts and actually consented to personal jurisdiction. The Supreme Court reversed, holding that Defendant’s compliance with section 180.1507 did not, on its own, confer general jurisdiction in Wisconsin. View "Segregated Account of Ambac Assurance Corp. v. Countrywide Home Loans, Inc." on Justia Law