July 31, 2014
by Nicholas Tomsho
A federal judge on Wednesday imposed a $1.27 billion penalty on Bank of America after a jury found them liable for mortgage fraud. Judge Jed Rakoff for the US District Court for the Southern District of New York ruled after a jury found that Bank of America, the second largest bank in the US, had ...[read more]
April 21, 2014
by Jaclyn Belczyk
The US Supreme Court heard oral arguments Monday in two cases. In Republic of Argentina v. NML Capital Ltd. the court heard arguments on whether a hedge fund could subpoena banks for information about Argentina's non-US assets following the country's default on $100 billion in sovereign debt in ...[read more]
April 9, 2014
by Daniel Mullen
The Consumer Financial Protection Bureau (CFPB) on Wednesday ordered Bank of America to pay $727 million for its illegal credit card practices. The CFPB asserts that Bank of America used deceptive marketing and unfair billing practices in violation of the Dodd-Frank Wall Street Reform and Consumer ...[read more]
February 25, 2014
by Kyle Webster
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]
February 24, 2014
by Neil Devlin
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 ...[read more]
February 13, 2014
by Arjun Mishra
02/10/2014: Better Markets sued DOJ over JP Morgan settlement. 02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement. 01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities. 10/25/2013: US government reached 51 billion settlement ...[read more]
January 31, 2014
by Samuel Franklin
A New York state judge on Friday approved an $8.5 billion settlement between Bank of America (BOA) and almost two dozen mortgage securities investors, holding that the 2011 agreement was reached in good faith. In a 54-page ruling, New York State Supreme Court Justice Barbara Kapnick found that BNY ...[read more]
January 17, 2014
by Samuel Franklin
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America. Referring to the agreement as financially imprudent, Judge Steven Rhodes put a halt ...[read more]
January 12, 2014
by Elizabeth LaForgia
The US Supreme Court agreed Friday to rule on seven cases. In Republic of Argentina v. NML Capital, the court will consider whether a hedge fund could subpoena banks for information about Argentina's non-U.S. assets following the country's default on $100 billion in sovereign debt in 2002. The ...[read more]
December 19, 2013
by Julie Deisher
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Wednesday ordered Detroit to renegotiate its bankruptcy-related financing with UBS and Bank of America. Judge Steven Rhodes found that the deal, which required Detroit to pay the banks 75 percent of its debt to those ...[read more]

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