News & Analysis as of

Breach of Contract › Fannie Mae

ArentFox Schiff

Municipal VRDO Class Action Survives Banks’ Request for Dismissal

ArentFox Schiff on

Financial institutions should work with outside counsel to ensure that their internal policies and external actions minimize conduct that may violate state and Federal laws and regulations, and incentivize employees to reward...more

Manatt, Phelps & Phillips, LLP

Bank of America Wins Reversal of FIRREA $1.27B Penalty

Manatt, Phelps & Phillips, LLP on

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened - ...more

Dorsey & Whitney LLP

Second Circuit Deals Blow to Government’s Use of FIRREA as an Enforcement Tool

Dorsey & Whitney LLP on

When does a breach of contract amount to fraud? Last week the Second Circuit answered this question and reversed a $1.27 billion judgment against Bank of America and a $1 million judgment against a former executive for their...more

Burr & Forman

I Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment

Burr & Forman on

It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government’s $1.2 Billion FIRREA...more

Bradley Arant Boult Cummings LLP

In a Major FIRREA Victory for the Banks, the Second Circuit Overturns $1.27 Billion Jury Verdict

Bradley Arant Boult Cummings LLP on

On Monday, the Second Circuit overturned a jury verdict and $1.27 billion penalty against Bank of America imposed under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. § 1833a....more

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