News & Analysis as of

Settlement Mortgage-Backed Securities

Orrick - Finance 20/20

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

Orrick - Finance 20/20 on

On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Orrick - Finance 20/20

Morgan Stanley Settles MBS Class Action with Pension Funds

Orrick - Finance 20/20 on

On September 8, a stipulation and agreement of settlement was filed in relation to an action brought against Morgan Stanley & Co. by a group of pension funds led by Public Employees’ Retirement System of Mississippi and the...more

Bilzin Sumberg

Bank of America’s $16.65 Billion Settlement

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In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Bilzin Sumberg

Citigroup Settles with DOJ for $7 Billion

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Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

Mintz - Securities & Capital Markets...

Second Circuit’s Citigroup Decision Protects SEC’s Discretion in Settling Enforcement Cases

Wednesday’s decision by the U.S. Court of Appeals for the Second Circuit in the Citigroup case is significant because it clarifies the standards for judicial review of consent decrees in SEC enforcement proceedings and...more

Bilzin Sumberg

Bank of America’s $8.5 Billion Settlement Will Not Be Delayed by AIG

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Late last month, a New York state judge denied AIG’s request to delay approval of Bank of America’s $8.5 billion settlement with private investors in connection with certain mortgage-backed securities that had soured. Bank of...more

Bilzin Sumberg

JPMorgan Chase Agrees to $13 Billion Settlement with the U.S. Justice Department for Knowingly Selling Toxic Mortgage-Backed...

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On Tuesday, the United States Justice Department announced that it finalized a settlement agreement with JPMorgan Chase for $13 billion. This settlement will resolve a multitude of state and federal investigations into...more

Bilzin Sumberg

FHFA’s $5.1 Billion Settlements With J.P. Morgan Chase

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On October 25, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $5.1 billion with J.P. Morgan Chase & Co. in connection...more

Orrick - Finance 20/20

MBIA and Bank of America Settle MBS Litigation for $1.7 Billion

Orrick - Finance 20/20 on

On May 6, monoline insurer MBIA announced that it had reached a $1.7 billion settlement with Bank of America in connection with alleged fraud and breach of contract claims related to Countrywide-issued mortgage-backed...more

Orrick - Finance 20/20

MBIA and Flagstar Settle

On May 2, MBIA Insurance Corporation announced that it reached a settlement with Flagstar Bank in its lawsuit arising out of $1 billion in Flagstar-sponsored MBS that MBIA insured. MBIA sued Flagstar for breach of warranty...more

Bilzin Sumberg

Bank of America Settlement in Jeopardy?

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Bank of America’s $8.5 billion settlement in 2011 to resolve claims over Countrywide’s mortgage abuses may be in jeopardy. Last week, a group of investors, the Triaxx funds and the Federal Home Loan Banks of Boston,...more

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