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 reported cases of financial fraud. This issue focuses on the Securities and Exchange Commission’s revised policy regarding civil settlements; developments in the MF Global bankruptcy; MBIA’s mortgage-related lawsuit against Countrywide; Picard’s lawsuit filed against the California Attorney General; a District Court ruling against investors in Madoff feeder funds; Allen Stanford’s current trial schedule; and the status of Dodd-Frank reforms.
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