News & Analysis as of

Subprime Mortgages

First Department Sustains Connecticut Unfair Trade Practices Act and Other Claims Against Subsidiaries and Officers of Lehman...

In Aetna Life Insurance Company v. Appalachian Asset Management Corp, et al., 2013 Slip Op 05506 (1st Dep’t July 30, 2013) the Appellate Division affirmed the April 13, 2012 decision of the New York County Supreme Court,...more

Second Circuit To Issuers: You Need Not Disclose Every Single Asset In Your Registration Statements

That was the Second Circuit’s message to companies in a September 25, 2013 order (link) by upholding dismissal of claims against defendant Royal Bank of Scotland (“RBS”) for alleged failure to disclose enough information...more

New York Department of Financial Services Issues Second Extension for Subprime Calculation

by Ballard Spahr LLP on

On August 30, 2013, the New York Department of Financial Services (DFS) issued a second order extending the time period for excluding revised mortgage insurance premiums from subprime loan calculations....more

JP Morgan Discloses Investigation of MBS Practices

In its Form 10-Q filed with the SEC on August 7, JP Morgan Chase & Co. disclosed that it is responding to parallel criminal and civil investigations by the U.S. Attorney’s Office for the Eastern District of California...more

Federal Criminal Investigation of JPMorgan

by Bilzin Sumberg on

The civil division of the Justice Department has preliminarily concluded that JPMorgan broke federal laws in connection with its sale from 2005 to 2007 of subprime and Alt-A residential mortgage securities, and the bank is...more

$2.8 Million First NLC Settlement

by Bilzin Sumberg on

Fall-out from the subprime and Alt-A mortgage crisis continued recently with court approval of a multi-million dollar settlement of a lawsuit filed against former top officers of what had been one of the country’s leading...more

$2.8 Million First NLC Settlement

by Bilzin Sumberg on

Fall-out from the subprime and Alt-A mortgage crisis continued recently with court approval of a multi-million dollar settlement of a lawsuit filed against former top officers of what had been one of the country’s leading...more

SEC Settles with Fund Directors for Failure to Satisfy Valuation Responsibilities

by Ropes & Gray LLP on

On June 13, 2013, the SEC filed an order settling administrative proceedings (the “Order”) against eight former directors (the “Directors”) of five Regions Morgan Keegan open- and closed-end funds (the “Funds”) that had been...more

Former Morgan Keegan Directors Settle Valuation Case

by Dechert LLP on

The U.S. Securities and Exchange Commission issued a cease and desist order on June 13, 2013 (the “Order”) against former members of the boards of directors (the “RMK Directors” or the “RMK Boards”) of five Regions Morgan...more

SEC Slaps Fund Directors for Violating Fair Value Responsibilities

by Morrison & Foerster LLP on

On June 13, 2013, without admitting or denying the allegations, eight former directors of five mutual funds agreed to settle SEC charges that they failed to satisfy their fair valuation responsibilities under federal...more

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Cybersecurity

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