FIRREA

CFC Dismisses Case in Light of Plaintiff’s Intent to Pursue Congressional Reference

by Nancie G. Marzulla on 5/22/2013

In 2007, the U.S. Court of Federal Claims awarded First Annapolis Bancorp $13,665,907 in restitution damages for breach of contract in First Annapolis Bancorp v. United States, 75 Fed. Cl. 263. That case arose out of the...more

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

by BuckleySandler LLP on 5/20/2013

On May 8, the U.S. District Court for the Southern District of New York dismissed claims for damages and civil penalties under the False Claims Act (FCA) brought by the federal government against a mortgage lender alleged to...more

New Justice Department's FIRREA Cases Against Banks: Holding The Victim Responsible

by Robert J. Anello | Morvillo Abramowitz Grand Iason & Anello P.C.... on 5/16/2013

The government’s ever-evolving response to the United States financial crisis has come full circle, as civil Justice Department Attorneys seek to rely on legislation enacted to protect financial institutions from fraud to sue...more

Federal Court Dismisses United States Action Against Countrywide In Part

by Orrick - Structured Finance Group on 5/15/2013

On May 8, Judge Jed Rakoff of the United States District Court for the Southern District of New York dismissed claims by the United States for damages and civil penalties under the False Claims Act against Countrywide and...more

Where There’s Smoke, There’s FIRREA

by Melissa J. Anderson, Lori Lynn Phillips, Frank Scaduto | Orrick - Securities Litigation and Regulatory... on 5/14/2013

Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff refused to dismiss a novel...more

Think the Government’s Claim Against You Is Time-Barred? Not So Fast!

by Joshua Sherman, Claude Tusk | Dechert LLP on 5/9/2013

When a company understands that the United States Government may have a claim against it, the company’s directors and officers are usually very aware of the applicable statute of limitations and the passage of time. When the...more

Federal District Court Holds Financial Institution’s Fraud On Itself Triggers Potential FIRREA Liability

by BuckleySandler LLP on 5/6/2013

On April 24, the U.S. District Court for the Southern District of New York held that a federally insured financial institution may be prosecuted under the Financial Institutions Reform, Recovery and Enforcement Act of 1989...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

by BuckleySandler LLP on 4/8/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PAYMENTS - Excerpt from Payments: CFPB...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

by BuckleySandler LLP on 4/1/2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

China Real Estate Update

by Paul D. McKenzie, Gregory Sin Oon Tan | Morrison & Foerster LLP on 3/22/2013

China property prices have continued to trend upward despite the government’s previous efforts to cool the real estate market. Such efforts include, among others, limiting the number of residential properties that a household...more

California Federal Court First To Outline Factors Governing FIRREA Civil Penalty Awards

by BuckleySandler LLP on 3/19/2013

On March 6, the U.S. District Court for the Central District of California identified for the first time factors for courts to consider when assessing a civil penalty under the Financial Institutions Reform, Recovery and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 15, 2013

by BuckleySandler LLP on 3/16/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - PAYMENTS - Excerpt...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - February 15, 2013

by BuckleySandler LLP on 2/15/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PRIVACY/DATA SECURITY - Excerpt from Privacy/Data...more

Seventh Circuit Affirms Dismissal of Former Bank Executive's APA and FIRREA Claims

by Jason F. Clouser, William M. Regan | Katten Muchin Rosenman LLP on 2/13/2013

The US Court of Appeals for the Seventh Circuit recently affirmed an Illinois district court’s dismissal of claims brought by the former chairman and controlling stockholder of an Illinois-state chartered bank against the...more

Corporate and Financial Weekly Digest - February 8, 2013

by Katten Muchin Rosenman LLP on 2/11/2013

In this issue: - ISS Announces ISS Governance QuickScore to Replace GRId - Petitioners File Opening Brief Challenging SEC’s Conflict Minerals Rule - SEC Roundtable Discusses Decimalization and Tick Sizes -...more

DOJ Brings Civil Fraud Action Against S&P

by Orrick - Structured Finance Group on 2/11/2013

On February 4, the Department of Justice filed a complaint in the Central District of California against two Standard & Poor’s entities in connection with credit ratings S&P provided for certain RMBS and CDOs....more

Whistleblower Bounties May Encourage Residential Mortgage-Backed Securities Fraud Reporting

by Andrew Schilling on 8/27/2012

The government is using not only the False Claims Act ( FCA, 31 USC §3729) to fight financial fraud; it has been bringing claims against financial institutions under the Financial Institutions Reform, Recovery and Enforcement...more

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