- The U.S. Securities and Exchange Commission were granted its request to freeze Luca International Group LLC’s CEO’s assets. He allegedly engaged in a “Ponzi-like” scheme with EB-5 investors.
- New York appeals court revived claims against Nomura Holdings Inc. brought by investors finding that HSBC can seek damages for misrepresentation in mortgage-backed securities transactions, which ended up being defective loans.
- In case brought by U.S. Bank against Credit Suisse, a New York judge refused dismissal for failing to buy back bad loans worth $1 billion, finding that the servicing agreement with U.S. Bank required it to do so.
- The Internal Revenue Service approved Bank of America’s $8.5 billion settlement for mortgage-backed securities purchased from Countrywide.
- JPMorgan and MassMutual have settled in case where JPMorgan had allegedly cause MassMutual to lose $2.3 billion in mortgage-backed securities.
Tag Archives: ponzi scheme
Monday’s Adjudication Roundup
- Primary Capital Advisors LLC will face suit for selling bad loans to a Residential Capital LLC subsidiary, putting the parent company into bankruptcy, because the contract language was ambiguous.
- California federal court approved Diversified Lending Group’s $163 million settlement with the SEC in a Ponzi scheme suit over returns on rental properties.
- JPMorgan Chase & Co. settles for $388 million to end investor class action for misrepresenting underwriting standards for $10 billion in mortgage-backed securities.
