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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
13 Jan 2015
by Addison Morris

[JURIST] The US Supreme Court [official website] ruled [opinion, PDF] Tuesday in Jesinoski v. Countrywide Home Loans, Inc. [docket], determining the requirements of the Truth in Lending Act [15 USC § 1635]. The court determined that a borrower may exercise his right to rescind by providing the lender with written … [read more]


Legal News
4 Nov 2014
by Jaclyn Belczyk

[JURIST] The US Supreme Court [official website] heard oral arguments [day call, PDF] in two cases Tuesday. In Department of Homeland Security v. MacLean [transcript, PDF; JURIST report] the court heard arguments on whether the code of Prohibited Personnel Practices [5 USC § 2302(b)(8)(A)] can bar an agency from taking … [read more]


Legal News
21 Aug 2014
by William Hibbitts

[JURIST] The US Department of Justice (DOJ) [official website] on Thursday announced a $16.65 billion settlement [press release] with Bank of America (BOA) [corporate website] to settle claims that it sold precarious mortgage-backed securities to investors. Of the $16.65 billion, $9.65 billion will be split among federal and state entities … [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
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
28 Apr 2014
by Peter Snyder

[JURIST] The US Supreme Court [official website] on Monday granted certiorari [order list, PDF] in Jesinoski v. Countrywide Home Loans, Inc. [docket; cert. petition, PDF] to determine the requirements of the Truth in Lending Act [15 USC § 1635]. The Jesinoskis refinanced their house with Countrywide Home Loans in 2007, … [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]


Legal News
13 Dec 2013
by Peter Snyder

[JURIST] The Bangladesh government on Thursday executed Abdul Quader Mullah [JURIST news archive], Assistant Secretary General of the opposition Islamist Jamaat-e-Islami (JI) [official website; Global Security backgrounder] party. Mollah was convicted by Bangladesh's International Crimes Tribunal (ICTB) [official website] for crimes committed during the 1971 Bangladesh Liberation War [Bangladesh … [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
24 Oct 2013
by Stephen Adelgren

[JURIST] A jury in the US District Court for the Southern District of New York [official website] on Wednesday found Bank of America (BOA) [corporate website] liable [press release] for fraudulently making bad loans and for removing quality checks for those loans. Also implicated in the verdict are Countrywide (a … [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
15 Oct 2012
by Kyle Webster

[JURIST] The American Civil Liberties Union (ACLU) [official website] on Monday filed a lawsuit [complaint, PDF; press release] against Morgan Stanley [corporate website] over allegedly discriminatory practices leading up to the housing crisis of 2008. According to the ACLU, between 2004 and 2007 Morgan Stanley and its affiliates, including 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]


Legal News
1 Jun 2012
by Sung Un Kim

[JURIST] SunTrust Mortgage, Inc. [corporate website] agreed [press release] on Thursday to a $21 million settlement with the US Department of Justice (DOJ) [official website] for discrimination in the pricing of mortgage loans. DOJ had filed a suit against the company for discriminating against borrowers based on race and national … [read more]

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