The subprime lending crisis and ensuing credit crunch have resulted in significant losses and numerous lawsuits involving parties to the mortgage lending and securitization process. This digest collects and summarizes recent media reports regarding potential liability, government initiatives, litigation and regulatory actions arising from the subprime mortgage crisis and credit crunch, as well as the increasing number of reported cases of financial fraud.
This issue focuses on recent significant decisions in civil litigation, including the Federal Deposit Insurance Corporation’s (FDIC) prosecution of claims against the directors and officers of failed banks, as well as the status of the Madoff Ponzi scheme, the alleged Stanford fraud, and the status of financial regulatory reform implementation in response to the subprime crisis and credit crunch.
Litigation and Regulatory Investigations
o SEC Files Fraud Suit Against IndyMac Executives
o FDIC Files Lawsuit against Former First Centennial Bank Directors and Officers
o Calpers Files Suit Against Former Lehman Executives and Underwriters
Fraud and Ponzi Schemes
o Mets Owners Face Suit by Madoff Trustee
o Outside Lawsuits Against Individual Madoff Relatives Barred
o Stanford Receiver Sues Miami Heat Basketball Franchise
Government and Regulatory Intervention
o Financial Crisis Inquiry Commission Releases Final Report
o U.S. Regulators Seek to Curb Excessive Risk Taking
o Credit Card Regulation Study Released
Please see full newsletter below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.