Following the 2008 financial crisis, many investment advisers – including advisers to private funds – pursued “repurchase” litigation claims in connection with residential mortgage-backed securities (RMBS) securitization trusts. Such claims compel the sponsor of a securitization trust to repurchase assets it sold to the trust, with the proceeds flowing to investors through the trust’s waterfall. The following decade of litigation clarified the scope of the repurchase remedy, often in plaintiffs’ favor. Now, with increasing dislocation in the commercial real estate market, a similar but more targeted opportunity may exist in connection with commercial mortgage-backed securities (CMBS) trusts. This guest article by MoloLamken partner Justin M. Ellis explains the repurchase remedy, describes how its scope was clarified in the context of RMBS litigation and outlines the opportunity in CMBS trusts. For insights from other MoloLamken attorneys, see “Agency Power and Adjudication: The Government Seeks Supreme Court Review of Jarkesy v. SEC” (Jun. 8, 2023).