- EB-5 fraud case will get a jury trial contrary to the request from the SEC. The court rejected the SEC’s attempt to block it claiming it came too late.
- Wells Fargo settles with a group of homeowners for $25.7 million in a RICO class action for unnecessary property inspections and charging delinquent borrowers.
- AARP backs the CFPB’s $109 million fine of PHH Mortgage Corp. for allegedly making mortgage kickbacks, citing to CFPB’s enforcement power.
Tag Archives: United States Securities and Exchange Commission
Monday’s Adjudication Roundup
- 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.
