News & Analysis as of

Ribbet – The Green Cassandra of the Capital Markets

Moody’s published a piece the other week that analogized credit quality in the CRE capital markets to the boiling frog – that if you put a frog in cold water and slowly raise the temperature, it never jumps out until it,...more

SEC Issues Credit Rating Agency Independence Study – No Changes Necessary

The staff of the Office of Credit Ratings of the SEC has submitted a study under Section 939C of the Dodd-Frank Wall Street Reform and Consumer Protection Act to the Committee on Banking, Housing, and Urban Affairs of the...more

Credit Crunch Digest -- August 2013

This issue of the Credit Crunch Digest focuses on the future of Libor; a large settlement between Citigroup and Fannie Mae; another lawsuit against the ratings agencies; the duties of custodial banks to investors who lost...more

California Federal District Court Allows Government’s FIRREA-Based RMBS Suit To Proceed

On July 16, the U.S. District Court for the Central District of California denied a major credit rating agency’s motion to dismiss a DOJ complaint alleging that the firm defrauded investors in residential mortgage-backed...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

DOJ Brings Civil Fraud Action Against S&P

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

Second Circuit Affirms Dismissal of Class Action Against S&P Over MBS Ratings

On December 20, 2012, the Second Circuit affirmed a decision by Judge Sidney H. Stein of the Southern District of New York dismissing a putative class action suit alleging that Standard & Poor’s Ratings Services intentionally...more

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