Civil Remedies, Business Torts, Residential Real Estate

Casting a Smaller Net: Seventh Circuit Requires "Net Trebling" Under FCA – Potentially Impacting Settlement Dynamics for all...

by Christopher R. Hall, Brian Simons | Saul Ewing LLP on 4/24/2013

The Seventh Circuit recently ruled that under the False Claims Act (“FCA”) treble damages should be calculated by the net amount of loss suffered by the government (after appropriate setoffs or credits are deducted) rather...more

Superstorm Sandy Is Causing New York and New Jersey Legislators to Reconsider Passing Legislation that Would Establish a Private...

by Melissa Brill, Kellyn Muller | Cozen O'Connor on 4/5/2013

Policyholders in New York and New Jersey presently have no private right of action against insurance companies for alleged violations of each state’s respective statutory claim handling guidelines – New York’s Unfair Claim...more

Freddie Mac Files Suit Over Losses Due To Alleged LIBOR Manipulation

by BuckleySandler LLP on 3/27/2013

On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more

Investor Files Suit Against Nationstar Over Mortgage Auctions

by Orrick - Structured Finance Group on 3/13/2013

On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with Nationstar’s alleged improper conduct in servicing mortgage loans that are...more

Impac Settles RMBS Suit Brought by Citigroup for $3.1 Million

by Orrick - Structured Finance Group on 2/5/2013

On January 24, Impac Funding Corp. settled a lawsuit brought by Citigroup Global Markets Inc. alleging violations of Sections 18 and 20 of the Securities Exchange Act and negligent misrepresentation based on alleged...more

Real Estate Sellers: Keep Those Skeletons in Your Closet!

by Evan Pappas on 1/15/2013

Recently, the Pennsylvania Superior Court held that sellers of residential real estate are under no duty, pursuant to the Real Estate Seller Disclosure Law, 68 Pa.C.S. §7101 et seq. (“RSDL”), to disclose prior to a sale that...more

Mortgage Foreclosure Settlement

by Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 1/10/2013

We have long been skeptical of most loan “repurchase” or “indemnification” demands made by big banks against the third-party originators (i.e., correspondent lenders) who sold those loans to the big banks many years ago....more

FDIC Obtains Jury Verdict And Settlement In Separate Actions In California District Court Against Former Bank Officers And...

by BuckleySandler LLP on 1/7/2013

On December 7, the FDIC, as receiver of a failed bank, obtained a jury verdict in its favor in the U.S. District Court for the Central District of California against a group of former bank officers. FDIC v. Van Dellen, No....more

IKB Files Suit Against Morgan Stanley Over $147M in RMBS

by Orrick - Structured Finance Group on 12/4/2012

On November 16, German lender IKB Deutsche Industriebank AG sued Morgan Stanley and related entities in the Supreme Court for the State of New York for $147 million in connection with the sale of RMBS....more

Wells Fargo: Department of Justice Not Playing Fair

by Bilzin Sumberg Mortgage Repurchase Group on 11/9/2012

Wells Fargo has recently cried foul, claiming that the Department of Justice’s latest lawsuit against it in the Southern District of New York violates the terms of a settlement agreement Wells had previously reached with the...more

ACLU Fair Lending Case Against Mortgage Securitizer Highlights New Fair Lending Litigation Risk; Fair Lending Litigation Against...

by BuckleySandler LLP on 11/7/2012

On October 15, the ACLU filed a putative class action suit on behalf of a group of private citizens against a financial institution alleged to have financed and purchased subprime mortgage loans to be included in mortgage...more

U.S. Sues Bank of America for Alleged Mortgage Fraud Against GSEs

by Orrick - Structured Finance Group on 11/7/2012

On October 24, the U.S. Attorney for the Southern District of New York filed suit against Bank of America and Countrywide seeking damages for over $1 billion in alleged losses suffered by Fannie Mae and Freddie Mac....more

Federal Government Sues Bank of America for Fraud: Fannie Mae and Freddie Mac Want Actuals and Exemplary Damages From Countrywide...

by Rosa Eckstein Schechter on 10/29/2012

The federal government has sued the second-biggest bank in the country, Bank of America Corp., in United States District Court for the Southern District of New York for fraud. That's right: fraud, which brings with it the...more

U.S. Sues Wells Fargo Over Allegedly Defective FHA Mortgages

by Orrick - Structured Finance Group on 10/16/2012

On October 9, the United States Attorney for the Southern District of New York filed suit against Wells Fargo Bank, N.A. in the United States District Court for the Southern District of New York....more

Suit Brought Against Deutsche Bank Over $183 Million in Securitized Mortgage Loans

by Orrick - Structured Finance Group on 10/10/2012

On September 27, HSBC Bank USA, National Association, in its capacity as trustee of ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, filed a summons with notice of claims against Deutsche Bank Structured...more

Manhattan U.S. Attorney Files Mortgage Fraud Lawsuit Against Wells Fargo Bank, N.A. Seeking Hundreds of Millions of Dollars in...

by Barry Fagan on 10/9/2012

The following allegations are based on the Complaint filed today in Manhattan Federal court: WELLS FARGO, the largest originator of home mortgages in the United States, has been a participant in the Direct Endorsement Lender...more

Feed a pig, but slaughter a hog!

by Thomas Valkenet on 9/20/2012

When your settlement company doesn't record your deed, and takes your money, you may have to push your lender to do the right thing, or make claim on your owner's title insurance policy. Most lenders will make claim on their...more

Prudential Files RMBS Lawsuits Against Goldman Sachs and RBS

by Orrick - Structured Finance Group on 9/19/2012

On August 21, 2012, several Prudential entities sued several RBS entities in New Jersey State court seeking to recover damages allegedly suffered in connection with over $343 million in RMBS. Prudential also sued several...more

Florida Legislature and the Billions of Dollars in Damages From Foreclosure Fraud: Movements in Tallahassee Meet With Strong...

by Rosa Eckstein Schechter on 8/15/2012

In two editorials this week, major Florida newspapers are spotlighting the issue of collecting money to pay for all the Foreclosure Fraud and robo-signing expenses that have been felt by so many different players in the...more

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Civil Remedies › Business Torts › Residential Real Estate