Virgin Islands Supreme Court Reverses Dismissal of BlackRock, Inc. on Personal Jurisdiction Grounds
Christiansted, Virgin Islands May 21, 2026 –(PR.com)– Altisource Asset Management Corporation (“AAMC” or the “Company”) reports a key development in its litigation against BlackRock and PIMCO pending in the Superior Court of the U.S. Virgin Islands, Division of St. Croix, Case No. SX-2018-CV-146.
On December 18, 2025, the Supreme Court of the U.S. Virgin Islands issued an opinion in Erbey Holding Corp. v. BlackRock Financial Management, Inc., S. Ct. Civ. No. 2024-0003. The Supreme Court reversed the portion of the Superior Court’s December 4, 2023 opinion and order that had dismissed plaintiffs’ claims against BlackRock, Inc. for lack of personal jurisdiction.
In its opinion, the Supreme Court concluded that the Superior Court had correctly determined that certain BlackRock affiliates consented to personal jurisdiction in the Virgin Islands, but erred by not imputing that consent to BlackRock, Inc. The Supreme Court therefore reversed the dismissal of BlackRock, Inc. on personal jurisdiction grounds. The PIMCO defendants’ petition challenging jurisdiction was denied as moot.
Claims for Damages under CICO and Business Torts
The case involves claims brought by plaintiffs, including AAMC, under the Virgin Islands Criminally Influenced and Corrupt Organizations Act (“CICO”) and common law business tort claims. The plaintiffs allege that BlackRock and PIMCO engaged in conduct that harmed AAMC and related parties during and after the mortgage crisis. The defendants have disputed the claims.
As previously reported, the Superior Court ruled in December 2023 that certain statutory and tort claims were permitted to proceed against certain defendants. That ruling followed a recommendation issued by a court-appointed Staff Master.
In Amended Initial Disclosures filed in the Superior Court case, plaintiffs state that they seek more than $18 billion in compensatory damages. Plaintiffs further state that, under CICO, claimed compensatory damages would be trebled if awarded. Plaintiffs also allege that punitive damages may be available if they prevail on their business tort claims. The defendants dispute plaintiffs’ claims.
“We are pleased with this important development in the prosecution of our claims against these BlackRock and PIMCO defendants,” said AAMC Chairman William Erbey. “Following the Supreme Court’s ruling, we look forward to moving the litigation process forward toward trial.”
About AAMC
AAMC works to employ capital light operating strategies that have historically been implemented across a variety of industry sectors. The Company continues to manage its portfolio of alternative assets originated to provide liquidity and capital to under-served markets. We are also currently focused on the development and licensing of a control system which increases the efficiency of electric vehicles. The Company acquired a non-exclusive license for a set of patents for a control system which seeks to optimize the efficiency of electric vehicles. Additional information is available at www.altisourceamc.com.
Forward Looking Statements
This press release contains forward-looking statements regarding management’s beliefs, estimates, projections, anticipations and assumptions that may impact, among other things, the Company’s financial results. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, our ability to develop and monetize our businesses and technology rights. The statements made in this press release are current as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.
Contact Information:
Altisource
Charles Frischer
+1-813-474-9047
Contact via Email
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