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Legal News
16 Jun 2015
by Valerie Howell

[JURIST] The US Court of Federal Claims [official website] ruled [opinion, PDF] Monday that the Federal Reserve [official website] bailout of AIG [corporate website] in 2008 exceeded its authority but did not award any damages. The suit was brought by former AIG CEO Maurice Greenberg and claimed that the Federal … [read more]


Legal News
23 Mar 2015
by Alison Sacriponte

[JURIST] A judge for the US District Court for the Southern District of New York [official website] gave final approval Friday to a $970.5 million settlement for shareholders of the insurance giant American International Group (AIG) to settle claims [NYT documents] that shareholders were misled about the subprime mortgage exposure … [read more]


Legal News
14 Mar 2015
by William Helbling

[JURIST] The US Department of Justice (DOJ) [official website] on Thursday criticized the US Sentencing Commission [official website] after a federal panel introduced a proposal which would reduce prison time for white-collar criminals. The DOJ objected to the panel's ideas to reduce prison sentences for various fraud-related crimes. Reports indicate … [read more]


Legal News
31 Jul 2014
by Nicholas Tomsho

[JURIST] A federal judge on Wednesday imposed [opinion; PDF] a $1.27 billion penalty on Bank of America [corporate website] after a jury found them liable for mortgage fraud. Judge Jed Rakoff [official profile] for the US District Court for the Southern District of New York [official website] ruled after a … [read more]


Legal News
5 May 2014
by Benjamin Minegar

[JURIST] The US Supreme Court [official website] ruled [opinion, PDF] unanimously Monday in Robers v. United States [SCOTUSblog backgrounder] that the Mandatory Victims Restitution Act (MVRA) requires restitution calculation based upon the property a lender loses, not upon the collateral the lender receives. In 2005, petitioner Benjamin Robers submitted fraudulent … [read more]


Legal News
11 Apr 2014
by Amy Mathieu

[JURIST] Judge William Pauley of the US District Court for the Southern District of New York [official website] dismissed [opinion, PDF] a class action lawsuit on Thursday against American Express, Citigroup and Discover Financial Services [corporate websites] that alleged the three credit card issuers violated the Sherman Antitrust Act [text] … [read more]


Legal News
7 Mar 2014
by Matthew Pomy

[JURIST] An Italian appeals court overturned the fraud oversight convictions of several banks on Friday. A lower court ruled that JPMorgan Chase & Co., Deutsche Bank AG, UBS AG and Depfa Bank Plc forced the city of Milan to enter into an interest-rate swap agreement that ended up costing the … [read more]


Legal News
26 Feb 2014
by Elizabeth LaForgia

[JURIST] The US Supreme Court [official website] heard oral arguments [day call, PDF] on Tuesday in Robers v. United States [transcript, PDF]. The case addresses the issue of whether a defendant who owes restitution for a fraudulently obtained loan returns a portion of the loan money by giving the lenders … [read more]


Features
25 Feb 2014

JPMorgan Chase & Co. Settlements with the US Department of Justice The US Department of Justice announced on November 19, 2013 that JPMorgan Chase & Co. had agreed to a record-setting $13 billion settlement over its risky mortgage practices that played a role in the 2008 financial crisis. News of … [read more]


Features
25 Feb 2014

The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to … [read more]


Features
25 Feb 2014

Sub-prime loan practices began in the mid-1980s as lawmakers sought to increase housing opportunities. Prior to this, many Americans were unable to purchase a home due to credit scores below 550. Census data compiled by the Federal Reserve shows that over half of the failed mortgage payments were African-American families, … [read more]


Features
24 Feb 2014

The 2008 financial crisis cost investors, consumers and businesses alike. Sub-prime lending practices devolved into a riskier regime from their time of inception to address disproportionate ratios in racial borrowing power in the 1980s to the housing bubble of the early 2000s. The bubble was popped by too many homeowners … [read more]


Legal News
11 Feb 2014
by Cynthia Miley

[JURIST] The non-profit financial reform advocacy group Better Markets [advocacy website] filed a lawsuit [complaint] on Monday against the US Department of Justice (DOJ) [official website] to block JPMorgan Chase & Co.'s (JPM) $13 billion settlement that resolved federal and state claims [JURIST report] arising from the bank's risky mortgage … [read more]


Legal News
5 Feb 2014
by Elizabeth LaForgia

[JURIST] JPMorgan Chase & Co. (JPM) [corporate website] will pay the US government $614 million and improve company mortgage lending practices under a settlement announced Tuesday for claims it approved thousands of unqualified home mortgage loans for government insurance since 2002 and cost the government millions of dollars when the … [read more]


Legal News
20 Nov 2013
by Elizabeth LaForgia

[JURIST] The US Department of Justice (DOJ) [official website] on Tuesday announced [press release] that a $13 billion civil settlement with JPMorgan & Co. [corporate website; JURIST news archive] has been finalized, resolving federal and state claims arising from the bank's risky mortgage practices which helped lead to the 2008 … [read more]


Legal News
5 Nov 2013
by Amy Mathieu

[JURIST] The US Court of Appeals for the Second Circuit [official website] on Tuesday upheld [opinion, PDF] the dismissal of shareholders' lawsuit against Freddie Mac [corporate website] alleging the company misled investors by understating its sub-prime mortgage exposure and overstating its capital strength. The US District Court for the Southern … [read more]


Legal News
26 Oct 2013
by Julie Deisher-Edwards

[JURIST] The Federal Housing Finance Agency (FHFA) [official website], acting in its capacity as conservator for Freddie Mac and Fannie Mae [corporate websites], on Friday announced a $5.1 billion settlement with JPMorgan Chase & Co. [corporate website]. The FHFA alleged [complaint, PDF] that JPMorgan misrepresented the quality of the sub-prime … [read more]


Legal News
21 Oct 2013
by Peter Snyder

[JURIST] JPMorgan Chase & Co. [corporate website; JURIST news archive] may still face potential criminal liability regardless of a tentative $13 billion deal to settle civil disputes resulting from the US government's probe into mortgage-bond sales made by the banking giant and its subsidiaries in the run-up to the sub-prime … [read more]


Legal News
9 Aug 2013
by Julie Deisher-Edwards

[JURIST] JPMorgan Chase & Co. [corporate website] disclosed in its quarterly filing with the Securities and Exchange Commission [official website] on Wednesday that it is being investigated by both the civil and criminal divisions of the US Attorney's Office for the Eastern District of California (EDC) [official website] over sales … [read more]


Legal News
2 Aug 2013
by G. Redd

[JURIST] A judge for the US District Court for the Southern District of New York [official website] on Thursday approved a settlement [opinion, PDF] wherein Citigroup [corporate website] will pay its investors over $590 million for misrepresenting its assets in securities linked to the sub-prime mortgage crisis [JURIST news archive]. … [read more]

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