November 17, 2014
by Peter Snyder
The US Supreme Court on Monday granted certiorari in two bankruptcy cases on appeal from the US Court of Appeals for the Eleventh Circuit, consolidating them for one hour of oral argument. The two cases, Bank of America, NA v. Caulkett and Bank of America, NA v. Toledo-Cardona, both involve ...[read more]
September 21, 2014
by Dominic Yobbi
Former El Salvador President Francisco Flores was taken into custody on Saturday after a court repealed his house arrest. Francisco is being held as he awaits trial on charges of corruption and embezzling More than USD $15 million, part of which is alleged to have come as aid from the Taiwanese ...[read more]
August 21, 2014
by William Hibbitts
The US Department of Justice (DOJ) on Thursday announced a $16.65 billion settlement with Bank of America (BOA) 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 while the remaining ...[read more]
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]

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