News & Analysis as of

Financial Institutions Reform Recovery Enforcement Act

Reverse Mortgage Servicer to Pay $89 Million to Resolve False Claims Act and FIRREA Claims

by Goodwin on

On May 16, 2017, the U.S. Department of Justice (“DOJ”) announced that it had reached a settlement with a company engaged in reverse mortgage servicing, in connection with the company’s participation in the Department of...more

A “Bad Apples” Database for Banks? Not So Fast.

by Davis Wright Tremaine LLP on

Should banks, while guarding against rolling episodes of misconduct by bankers, have the ability to blackball employees from the banking industry? A “bad apples” database of bank employees who have acted improperly in prior...more

Analysis of FDIC v. Loudermilk Decision

by Bryan Cave on

The FDIC’s lawsuit against former directors and officers of the failed Buckhead Community Bank, one of the most closely watched Georgia corporate governance cases in years, went to trial in October, 2016. The jury returned a...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

by Burr & Forman on

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

National Mortgage Lender Settles False Claims Act Allegations for $48 Million

by Goodwin on

On December 28, the U.S. Department of Justice (DOJ) announced a $48 million settlement with a national mortgage lender, resolving allegations that the lender violated the False Claims Act by underwriting and endorsing...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In the ongoing battle over almost $38 billion in securities at issue in post-crisis-era lawsuits, the big banks are pushing hard for appellate courts to blow up the Firrea extender provision and find that the DOJ waited too...more

Jury Issues $92 Million Verdict Under the False Claims Act Against Mortgage Companies and CEO

by Goodwin on

On November 30, 2016, the U.S. Attorney for the Southern District of Texas announced that a federal jury in the Southern District of Texas issued a verdict finding several related mortgage companies and their CEO liable in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

And we thought Brexit was something. Buckle up. It’s going to be a wild market ride... Whoa....more

Defending parallel proceedings: key considerations and best practices

by DLA Piper on

Parallel proceedings refer to two or more concurrent investigations or litigations arising out of a common set of facts. These proceedings can involve any combination of criminal, civil, or administrative authorities, as well...more

DOJ Secures $83 Million Settlement Over Alleged FHA Underwriting Violations

by Goodwin on

On September 29, the U.S. Department of Justice (DOJ) announced that it had secured a settlement from a national lender, resolving allegations that the lender violated the False Claims Act, Program Fraud Civil Remedies Act,...more

HUD/DOJ Settle with FHA Mortgage Lender for $52.4 Million Over Alleged False Claims Act Violations

by Goodwin on

On September 13, 2016, the Department of Justice (“DOJ”) announced a settlement agreement with a bank for allegedly violating the False Claims Act by improperly underwriting and originating of FHA-insured mortgage...more

Scope Of The Jury Trial Right In Civil FIRREA Actions

by WilmerHale on

In recent years, the U.S. Department of Justice has stepped up its use of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to pursue civil enforcement actions against financial institutions and their...more

Corporate Investigations and White Collar Defense - August 2016

Spotlight on the False Claims Act - Why it matters: This month, we review a recent Ninth Circuit case that allowed a qui tam relator’s action against various Medicare Advantage organizations to proceed, holding that the...more

Ninth Circuit Revives RMBS Claims Against Nomura

On August 15, 2016, the Ninth Circuit Court of Appeals vacated the Central District of California’s order dismissing claims brought by the National Credit Union Administration Board (“NCUA”), as liquidating agent of Western...more

Tokyo Dispute Resolution and Crisis Management Newsletter - July 2016

by King & Spalding on

FCPA Best Practices - The Risks Posed by Third Parties and the Importance of Third-Party Audits - Introduction - Since 2010, the United States government has extracted just shy of $5 billion in corporate...more

Bank of America Wins Reversal of FIRREA $1.27B Penalty

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

National Registry for Appraisal Management Companies on the Horizon

by Alston & Bird on

On May 20, 2016, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) issued a proposed rule to implement collection and transmission of the appraisal management company (AMC) annual...more

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

by 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

Reversal of Countrywide Fraud Verdict a Reminder of Government’s Heavy Burden of Proof

by BakerHostetler on

On May 23, 2016, the U.S. Court of Appeals for the Second Circuit reversed a jury’s finding of civil fraud against Countrywide Home Loans and other lenders, finding that the government had failed to prove fraud in...more

Banking & Financial Services E-Note - May 2016

by Burr & Forman on

The Southern District of New York has issued an opinion that permitted a debtor to reject certain gathering and condensation agreements as executory contracts. Because the midstream service sector finances the construction of...more

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

by 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

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

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

Second Circuit Reaffirms Its View That Extender Statutes Supersede Statutes of Repose

by Shearman & Sterling LLP on

The Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) includes a so-called Extender Statute prescribing the limitations period for actions brought by the Federal Deposit Insurance Corporation (“FDIC”) as...more

The TRID Rule: Impact and Consequences on the Residential Mortgage Lending Market

by Carlton Fields on

Introduction and Background - Residential mortgage lenders have long been required to disclose to their borrowers (i) the cost of credit to the consumer and (ii) the cost to the consumer of closing the loan transaction....more

Prog Rock Week – Part I: Tribute to Keith Emerson and Expansion of VW Investigation

by Thomas Fox on

Welcome back my friend; To the show that never ends. Except it did last week, when Keith Emerson died. He was the Emerson in Emerson, Lake & Palmer aka ELP. Emerson was one of the greatest keyboardists of his or any...more

82 Results
|
View per page
Page: of 4
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
Feedback? Tell us what you think of the new jdsupra.com!