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 President Obama’s appointment of the New York Attorney General to lead the Financial Fraud Enforcement Task Force; class certification in a mortgage-backed securities lawsuit against Goldman Sachs; the $26 billion foreclosure abuse settlement; the Madoff trustee’s most recent lawsuit filed against Koch Industries; current status of the Madoff trustee’s lawsuit against Mets owners Fred Wilpon and Saul Katz; the SEC’s whistleblower program; and inquiries into the private equity industry.
Litigation and Regulatory Investigations
o Big Banks and States Agree to $26 Billion Deal With States Over Foreclosure Abuses
o President Obama Names NYAG to Lead Expanded Financial Fraud Enforcement Task Force
o Class Certification Granted in MBS Action Against Goldman Sachs...
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