February 1, 2013
SEC Complaint on Improper Trading of MBS — Much Ado?
Floyd Norris, the only journalist to whom I have written fan mail (sorry Gretchen, you’re next), has another interesting column about a case that the SEC has brought against an MBS trader, Jesse Litvak. The complaint alleges that On numerous … Continue reading
February 1, 2013 in Government lawsuits | Permalink | No Comments
January 31, 2013
FDIC Lawsuit against Bank Directors
The FDIC has filed a lawsuit (hat tip LaCroix by way of April Charney) against the officers and directors of a small bank in New Mexico alleging negligence, gross negligence and breaches of fiduciary duties. The FDIC alleges that the … Continue reading
January 31, 2013 in Government lawsuits | Permalink | No Comments
January 11, 2013
Before The Next Crisis: Now’s The Time to Rethink The Martin Act
The Martin Act, New York State’s far-reaching securities fraud statute, has been a powerful tool for New York law enforcement officials to pursue wrongdoing by financial institutions. It has a broad definition of fraud and a long statute of limitations. … Continue reading
January 11, 2013 in Government lawsuits | Permalink | No Comments
January 9, 2013
FIRREA as a Mortgage Lending Enforcement Tool
William Johnson of the Fried, Frank law firm has an interesting analysis of enforcement cases that invoke the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) which is unfortunately behind the NYLJ paywall. Johnson discusses the history of … Continue reading
January 9, 2013 in Government lawsuits | Permalink | No Comments
December 17, 2012
NCUA Sues JP Morgan over MBS Representations
The National Credit Union Administration has sued J.P. Morgan Securities and Bear, Stearns & Co. for alleged securities laws violations relating to the sale of mortgage-backed securities to 4 credit unions that are now in NCUA conservatorship. According to the … Continue reading
December 17, 2012 in Government lawsuits | Permalink | No Comments
December 3, 2012
NY AG Sues Credit Suisse over Bad Due Diligence
The complaint is here. The allegations are similar to those that the NY AG made against JPMorgan.
December 3, 2012 in Government lawsuits | Permalink | No Comments
November 28, 2012
New York Attorney General Sues J.P. Morgan for Fraudulent and Deceptive Acts in Promoting and Selling Mortgage-Backed Securities
In New York v. J.P. Morgan Securities LLC, No. 451556/2012 (County of New York Oct. 10, 2012), the New York Attorney General sued J.P. Morgan (and several of its affilliates, including entities formerly a part of Bear, Stearns & Co.) for … Continue reading
November 28, 2012 in Government lawsuits | Permalink | No Comments