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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
25 Mar 2015
by Bradley McAllister

[JURIST] The US Supreme Court [official website] heard oral argument [transcript, PDF] on Tuesday in a pair of consolidated cases involving a dispute over federal bankruptcy laws brought by Bank of America (BOA). The cases, Bank of America, NA v. Caulkett and Bank of America, NA v. Toledo-Cardona [SCOTUSblog dockets], … [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
10 Oct 2014
by Brittany Felder

[JURIST] The US Court of Appeals for the Second Circuit [official website] on Thursday revived [order, PDF] a whistleblower's lawsuit against JPMorgan Chase & Co. [corporate website]. In a unanimous decision, the court vacated and remanded a lower court's grant of summary judgment [order, PDF] to JPMorgan, which had effectively … [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
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
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]


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
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
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
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]

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