- NY bankruptcy judge dismissed suit against DLA Piper for misappropriation of over $36 million in payments to cover mortgage-backed securities. The judge cited NY law that “prevents wrongdoers and their successors from pursuing claims that arise out of their own misconduct.”
- NY federal judge denied “Act of God” defense made by National Electronic Transit Corporation for damage caused to machines stored in warehouse during Hurricane Sandy, instead finding that the company was under-prepared for the storm.
- RBS Securities has settled to pay $129.6 million for claims made by the National Credit Union Administration for the sale of mortgage-backed securities, which may have led to the failure of two credit unions.
- NY federal court denied Citibank’s bid to relate FDIC’s suit over failure as trustee for mortgage-backed securities to a suit accusing the bank of mishandling mortgage-backed securities in pooled loans.
Tag Archives: pooled loans
Monday’s Adjudication Roundup
- Bank of America, Wells Fargo & Citigroup cannot escape the City of Miami’s discriminatory lending suit, which caused a loss in city tax revenue.
- Texas federal judge sanctions the US Environmental Protection Agency for failure to turn over documents that would have killed a Clean Water Act suit brought against Thomas Lipar, a property developer, and four other Lipar companies.
- Mortgage borrowers of Citibank and JPMorgan Chase seek class certification in suit over property inspection fees.
- If appeal fails from Second Circuit judgment, Nomura Holdings & Royal Bank of Scotland Group will pay $33 million more than the $806 million damages for selling risky mortgage securities.
- A New York federal judge found that federal law did not cover many claims in class action against Citibank for “mishandling mortgage-backed securities in more than $17 billion worth of pooled loans.”
- Property owners have petitioned the U.S. Supreme Court to determine their standing in suit against several banks, including Bank of New York Mellon, HSBC, US Bank, Deutsche Bank & Wells Fargo, after the Second Circuit denied their claims that those banks did not own their mortgages.
- A class action over highly leveraged mortgage-backed securities against Goldman Sachs is dismissed for lack of evidence.
- The Securities Industry and Financial Markets Association (SIFMA) claims the Fifth Circuit incorrectly interpreted an FDIC statute, by extending the statute of limitations period, when it reinstated $2.1 billion mortgage-backed securities suit, which conflicts with Supreme Court precedent in CTS Corp. v. Waldburger.
