Financial Services News
May 15, 2013
ThomsonReuters |
May 15, 2013
A U.S. senator who has criticized Wall Street is asking federal regulators and law enforcement officials whether they have the economic analysis to back up their routine practice of letting big banks settle cases without admitting guilt instead of taking them to trial.
Tags: Financial Services
May 14, 2013
American Lawyer |
Subscription Required |
May 14, 2013
Less than two months after a judge gutted sprawling antitrust litigation over alleged manipulation of global benchmark interest rates, shareholders have struck out in a related securities class action against Barclays plc.
May 13, 2013
Reuters |
May 13, 2013
Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG chief Hank Greenberg. Now, another big case - against Bank of America over its acquisition of Merrill Lynch - looks headed the same way.
May 10, 2013
Washington Post |
May 10, 2013
As the nation’s economy struggled, JPMorgan Chase filed hundreds of lawsuits a day against Americans for credit-card default using erroneous or flimsy evidence, according to a lawsuit filed Thursday by California Attorney General Kamala Harris.
May 9, 2013
Wall Street Journal |
Subscription Required |
May 9, 2013
Federal prosecutors can move ahead with a civil lawsuit against Bank of America Corp. over the quality of home loans sold by its Countrywide Financial unit to mortgage-finance firms Fannie Mae and Freddie Mac, a judge said, but he limited some claims the U.S. can seek in the case.
Tags: Financial Services
ThomsonReuters |
May 9, 2013
I'm ready to make a bold declaration: We've reached the beginning of the end of private litigation over deficient mortgage-backed securities. Think about it.
Tags: Financial Services
May 8, 2013
American Lawyer |
Subscription Required |
May 8, 2013
Suits trying to hold mortgage-backed securities trustees liable for MBS losses haven't been at the forefront of investor litigation spawned by the mortgage crisis. But a ruling Monday in a putative class action against Bank of America and U.S. Bancorp reaffirms that such claims spell big trouble for banks.
Tags: Financial Services
Bloomberg |
May 8, 2013
The U.S. Securities and Exchange Commission is reviewing its practice of settling cases without requiring defendants to admit guilt, the agency’s chairman said today in congressional testimony.
Tags: Financial Services
May 7, 2013
Washington Post |
May 7, 2013
New York Attorney General Eric Schneiderman on Monday threatened to sue Bank of America and Wells Fargo for allegedly failing to help struggling homeowners under the $25 billion national mortgage settlement.
D & O Diary |
May 7, 2013
Citing the “obvious magnitude” of the Libor-related antitrust litigation, Southern District of New York Judge Naomi Reice Buchwald has given the plaintiffs leave to attempt to amend their complaints to address the shortcomings that previously led her to grant the defendants’ motion to dismiss. Judge Buchwald granted the plaintiffs’ request for leave to file a motion to amend in a short May 3, 2013 order, a copy of which can be found here.
Tags: Financial Services
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