Civil Remedies Consumer Protection Securities

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Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

SEC Approves FINRA Rule Limiting Expungement

On July 22, the Securities and Exchange Commission authorized the Financial Industry Regulatory Authority, Inc. to implement FINRA Rule 2081 prohibiting brokers from conditioning settlement of customer complaints on (or...more

Anti-Money Laundering: Italian Competent Authorities Issue Clarification on the Duty of Restitution of Money/Securities to...

New paragraph 1-bis of article 23 of Legislative Decree 21 November 2007, no. 231 (the Italian anti-money laundering law), introduced by article 18 of Legislative Decree 19 September 2012, no. 169, provides that, in the event...more

7th Circuit Explains Rationale of Class Action Attorneys’ Fees

This week's discussion focuses on the 7th Circuits examination of that rationales underlying the class action attorneys' fee awards in Silverman v. Motorola Solutions, Inc....more

SECURITIES AND EXCHANGE COMMISSION, v. BANK OF AMERICA, N.A., BANC OF AMERICA MORTGAGE SECURITIES, INC., and MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. f/k/a BANC OF AMERICA SECURITIES LLC,

SECURITIES AND EXCHANGE COMMISSION v BANK OF AMERICA N.A. COMPLAINT FOR INJUNCTIVE AND OTHER RELIEF

Civil Action No. 3:13-cv-447 The Securities and Exchange Commission today charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (RMBS) by failing to...more

CHERYL SOBH and SAM SOBH vs BANK OF AMERICA, NA, JP MORGAN CHASE BANK, TROTT & TROTT, and AMERICAN PREMIERE TITLE

STATE OF MICHIGAN COURT OF APPEALS Re: Defendant Bank of America lacked standing to foreclose. Reversed and Remanded

Bank of America was found to LACK STANDING to Foreclose. It turns out that Chase never paid for anything. While it could be argued that they assumed the liability on billions of dollars in deposits, they also got the...more

THE SARBANES-OXLEY ACT OF 2002 Section 806 -- Protection for Employees of Publicly Traded Companies Who Provide Evidence of Fraud

"Whistleblower Protection for Employees of Publicly Traded Companies.--No company with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l), or that is required to file...more

Hamilton (City) v. Metcalfe & Mansfield Capital Corporation, 2012 ONCA 156

Limitation in Misrepresentation Cases: Damage v. Damages

Last week, the Ontario Court of Appeal addressed the important distinction between damage and damages with respect to the limitation issue in misrepresentation cases. In Hamilton (City) v. Metcalfe & Mansfield Capital...more

Mortgage Crisis Commission: Tragedy or Farce?

Here we go again! A commission. The politician's way of seeming to do something, though really doing nothing, all the while defusing criticism and dispersing risk. Three years late and stunted politically at its very...more

Whistleblowers and Bounty Hunters

Section 924(d) of the Dodd-Frank Act (Dodd-Frank) directs the Security and Exchange Commission (Commission) to establish a separate office within the Commission to administer and to enforce the Section 21F provisions of the...more

Fraud Created the Market Theory in Securities Fraud Litigation

A fairly new legal theory called "fraud created the market" has not been accepted by the Third Circuit. This theory attempts to get a presumption that the plaintiff reasonably relied by show that the securities at issue were...more

Federal Judge Rules Against Deutsche Bank and First Franklin Financial Corporation's Wrongful Forclosure on Invalid Assigngment of...

On October 10, 2007, U.S. District Court in Ohio issued an Order requiring Plaintiff-Lenders in a number of pending foreclosure cases to file a copy of the executed Assignment demonstrating Plaintiff was the holder and owner...more

Federal Judge Boyko's Legal Analysis Prohibiting Wrongful Foreclosure Via Invalid Note Assignment

On October 10, 2007, this Court issued an Order requiring Plaintiff-Lenders in a number of pending foreclosure cases to file a copy of the executed Assignment demonstrating Plaintiff was the holder and owner of the Note and...more

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