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Citigroup Settles with DOJ for $7 Billion

Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

Better Keep Your Opinions to Yourselves for Now: Second Circuit Doubles Down in Deutsche Bank Ruling in Advance of Supreme Court...

On July 16, 2014, a three-judge Second Circuit panel affirmed the dismissal of a securities class action against Deutsche Bank AG and several underwriters. The case was brought on behalf of investors who purchased...more

SEC Obtains Settlement for Investment Adviser’s Real Estate Investment Fraud

The Securities and Exchange Commission recently announced a settlement with an investment adviser based on alleged fraud in a real estate investment offering....more

Real Property Investment Vehicles Have Intellectual Property Too

The terms “intellectual property” and “real estate” are rarely found in the same sentence. Real estate industry veterans generally view “property” as an asset comprised at least partly of dirt. But real estate investment...more

Orrick's Financial Industry Week In Review

Council of EU Publishes Compromise Proposal on ELTIF Regulation - On May 27, the Council of the EU published a compromise proposal (10215/14), dated May 23, 2014, in respect of the European Commission's proposed...more

For Whom The Statute Tolls? A California Court Refuses Equitable Tolling For RMBS Claims

A recent decision dismissing an RMBS lawsuit in the Los Angeles County Superior Court highlights the critical importance of filing your claims in the correct court whenever there is a jurisdictional issue....more

Credit Crunch Digest -- April 2014

This issue of the Credit Crunch Digest focuses on Barclays’ settlement of two important U.K. Libor lawsuits; the reversal of a Libor-related securities action dismissal by the Second Circuit Court of Appeals; a former Tullett...more

New Jersey Federal Judge Partially Dismisses Claims Against RMBS Trustee

On April 23, Judge William J. Martini of the U.S. District Court for the District of New Jersey granted in part U.S. Bank’s motion to dismiss investor VNB Realty, Inc.’s claims against the bank as trustee of two RMBS trusts....more

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

Bank of America Settles RMBS Securities Claims for US$9.3 Billion

On March 26, Bank of America and the Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced a settlement of FHFA’s RMBS-related suits against the Bank. The Bank has agreed to pay...more

Repurchase Suits to Proceed Against DB Structured Products

On March 20, Judge Alison J. Nathan of the United States District Court for the Southern District of New York granted in part and denied in part DB Structured Products, Inc.’s, (DBSP) motions to dismiss four lawsuits brought...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

FHFA Resolves Additional RMBS Suits

Recently, the FHFA announced the resolution of several lawsuits it filed against private label securities issuers. In 2011, the FHFA sued 18 financial institutions alleging federal securities law violations, and in some cases...more

Morgan Stanley to Settle RMBS Securities Claims by the SEC for $275 Million

On February 25, Morgan Stanley disclosed that it had reached an agreement in principle with the SEC staff to pay $275 million in disgorgement and penalties in settlement of an investigation into subprime RMBS sponsored and...more

Credit Crunch Digest - February 2014

This issue of the Credit Crunch Digest focuses on developments in a major Barclays Libor-related case; a multibillion-dollar Bank of America settlement with mortgage securities investors; Morgan Stanley’s settlement with the...more

Bank of America’s US$8.5 Billion RMBS Settlement Approved

On January 31, Justice Barbara R. Kapnick of the Supreme Court of New York for New York County approved, with one exception, an US$8.5 billion settlement between Bank of America and a group of RMBS investors. The Bank of New...more

Morgan Stanley and FHFA Reach RMBS Settlement

On February 4, Morgan Stanley disclosed in a regulatory filing that it has agreed, in principle, to a settlement for US$1.25 billion with the Federal Housing Finance Agency to resolve claims pending in the United States...more

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

Credit Crunch Digest - January 2014

This issue of the Credit Crunch Digest focuses on new fines and criminal charges in Libor-related cases; the staggering potential costs of resolving lawsuits filed by regulators against the major banks; a settlement in the...more

FHFA Recaps RMBS Litigation Following Latest Settlement

On January 2, the FHFA announced that it has obtained nearly $8 billion in connection with its RMBS litigation initiative. In 2011, the FHFA filed lawsuits against 18 financial institutions involving allegations of securities...more

FHFA and Deutsche Bank Reach RMBS Settlement

On December 20, the Federal Housing Finance Agency announced it had reached a settlement for $1.925 billion with Deutsche Bank AG to resolve claims pending in the United States District Court for the Southern District of New...more

The Smack Of IndyMac: Second Circuit’s Decision In IndyMac Creates Palpable Effect In SDNY

As noted in a previous blog, in Police & Fire Retirement Systems of City of Detroit v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013), the Second Circuit held that tolling under American Pipe – which plaintiffs had often used...more

The End Is In Sight? Deutsche Bank Claims Victory In Defense Of A Repurchase Claim Based Upon Statute Of Limitations

A unit of Deutsche Bank won dismissal of a suit brought by mortgage bond investors after a New York state appeals court determined the claims for loan repurchase and indemnity were subject to a six-year statute of limitations...more

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...more

FHFA Announces $1.9 Billion Settlement With Deutsche Bank

On December 20, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $1.925 billion from Deutsche Bank AG in connection with...more

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