March 25, 2015
by Bradley McAllister
The US Supreme Court heard oral argument 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, stem from the mortgage bubble and collapse ...[read more]
March 23, 2015
by Alison Sacriponte
A judge for the US District Court for the Southern District of New York gave final approval Friday to a $970.5 million settlement for shareholders of the insurance giant American International Group (AIG) to settle claims that shareholders were misled about the subprime mortgage exposure that led ...[read more]
March 9, 2015
by Peter Snyder
The US Supreme Court ruled Monday in Perez v. Mortgage Bankers Association that under the Administrative Procedure Act (APA) federal agencies are exempt from notice-and-comment requirements when amending or repealing interpretive rules. In 2006 the Department of Labor's Wage and Hour Division ...[read more]
February 3, 2015
by Addison Morris
The US Department of Justice (DOJ) announced Tuesday that, after two years of litigation, Standard & Poor's (S&P) on Monday reached an agreement to settle a series of lawsuits for $1.375 billion. The lawsuits accuse the credit rating firm of defrauding investors and sending out inaccurate ...[read more]
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]
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]
August 19, 2014
by Kimberly Bennett
A judge for the US District Court for the District of Minnesota on Monday approved a settlement for $62.5 million between Wells Fargo & Co and large institutional clients who lost money in an investment program known as securities lending. US District Judge Donovan Frank also awarded attorneys ...[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]
July 15, 2014
by Taylor Gillan
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 ever paid to settle such allegations, includes a $4 billion civil ...[read more]
June 11, 2014
by Peter Snyder
The US Court of Appeals for the District of Columbia Circuit on Tuesday rejected Wells Fargo & Co's contention that the bank's participation, along with other national banks, in a $25 billion settlement with the US government over foreclosure abuses should bar claims bring in a separate civil ...[read more]

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