News & Analysis as of

Breach of Contract › Fraud › Financial Institutions Reform Recovery Enforcement Act

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

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

Orrick, Herrington & Sutcliffe LLP

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

Orrick, Herrington & Sutcliffe LLP on

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

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