Credit Crunch Digest- August 2011


This issue focuses on recent significant developments in the New York Attorney General's challenge to the Bank of America/Countrywide settlement; the Wachovia Bondholders settlement; AIG's lawsuit against Bank of America for mortgage securities losses; updates on recovery efforts in the Madoff Ponzi scheme; and the status of financial regulatory reform implementation in response to the subprime crisis and credit crunch.

Litigation and Regulatory Investigations

o New York Attorney General Targets $8.5 Billion Bank of America/Countrywide Settlement

o Wachovia Bondholders Agree to Massive Subprime Settlement

o AIG Sues Bank of America Over Mortgage Securities Losses

Fraud and Ponzi Schemes

o Judge Rakoff Throws Out Common-Law Claims Against HSBC and UniCredit

o UniCredit Seeks Dismissal of ‘Hollow’ Racketeering Claims

o Tremont Settles Claims Brought by Picard for $1 Billion

Government and Regulatory Intervention

o Implementation of Dodd-Frank Financial Reforms Behind Schedule

o Standard & Poor’s Opposes SEC Proposal Requiring Disclosure of Rating Errors

Please see full newsletter below for more information.

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