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Legal News
20 Sep 2014
by Dominic Yobbi

[JURIST] The Detroit City Council [official website] on Friday approved a deal to lease the city's water and sewage department to a new regional authority as part of the city's continuing effort to exit bankruptcy. After a 7-2 vote, the council approved creation of the Great Lakes Water Authority [official … [read more]

Legal News
15 Jul 2014
by Taylor Gillan

[JURIST] Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties [NYT report] ever paid to settle such allegations, includes [WSJ report] a … [read more]

Legal News
12 Nov 2013
by Elizabeth LaForgia

[JURIST] A federal judge on Monday recommended that e-mails and other data collected by a large due-diligence firm for Wall Street banks should be turned over to the Department of Justice (DOJ) [official website], a move that may determine which banks the government will bring to court for their part … [read more]

Legal News
7 Aug 2013
by Samuel Franklin

[JURIST] The US Department of Justice (DOJ) [official website] on Tuesday filed suit [complaint, PDF] against Bank of America (BOA) [corporate website] in the US District Court for the Western District of North Carolina [official website], claiming the corporation misled investors about securitized loans worth more than $850 million. The … [read more]

Legal News
7 Jan 2013
by Dan Taglioli

[JURIST] Bank of America (BOA) on Monday reached a $10.3 billion settlement with Fannie Mae [corporate websites] to settle [press release] claims that Countrywide Financial Corporation [NYT backgrounder], now a BOA subsidiary, employed faulty lending practices on $1.4 trillion in mortgages that were sold to Fannie Mae as investment products … [read more]

Legal News
24 Oct 2012
by Jerry Votava

[JURIST] US Attorney Preet Bharara [official profile] on Wednesday filed a $1 billion civil lawsuit [complaint, PDF] against Bank of America (BOA) [corporate website; JURIST news archive] claiming the bank committed fraud in residential mortgages. The claim was filed in the US District Court for the Southern District of New … [read more]

Legal News
28 Sep 2012
by Michael Haggerson

[JURIST] Bank of America (BOA) [corporate website] announced Friday that it has agreed to pay $2.43 billion [press release] to settle a class action lawsuit with investors over its $18.5 billion acquisition of Merrill Lynch [corporate website] in January 2009. Investors alleged that BOA failed to disclose information about Merrill … [read more]

Legal News
31 Jul 2012
by Sung Un Kim

[JURIST] The European Commission [official website] on Tuesday stated [press release, PDF] that Visa Europe, a subsidiary of Visa, Inc. [corporate websites], has breached EU antitrust laws. Visa Europe imposes multilateral interchange fees (MIFs) that retailers must pay for accepting Visa's payment cards from consumers. The Commission said that such … [read more]

Legal News
19 Jul 2012
by Dan Taglioli

[JURIST] Bank of America (BOA) agreed Tuesday to pay $375 million in a settlement with bond insurer Syncora Guarantee [corporate websites; press release] over claims that Syncora was misled into insuring toxic mortgage-backed securities of BOA-owned Countrywide Financial Corporation [NYT backgrounder]. Syncora filed a lawsuit against BOA and Countrywide in … [read more]

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