August 6, 2013
MBS Representations Regarding Ratings Based on False Data Are Actionable
In Capital Ventures International v. UBS Securities LLC et al., No. 11-11937 (D. Mass. July 22, 2013), Judge Casper held that the inclusion of credit ratings based upon “false data” in offering materials for mortgage-backed securities “constitutes an actionable misrepresentation … Continue reading
August 6, 2013 in 2013 | Permalink | No Comments
July 29, 2013
Fannie/Freddie Take Down 3: Washington Federal v. The U.S. of A.
This should catch us up on the Fannie/Freddie preferred stock Takings litigation (see here and here for two other suits). Washington Federal et al. v. United States was filed June 10, 2013 and is a class action complaint. The theories … Continue reading
July 29, 2013 in 2013 | Permalink | No Comments
July 26, 2013
The Taking of Fannie and Freddie 2
Today, I look at one more complaint filed in response to the federal government’s amendment to its Preferred Stock Purchase Agreements with Fannie and Freddie (the PSPAs). Cacciapelle et al. v. United States, filed July 10, 2013, is another takings … Continue reading
July 26, 2013 in 2013 | Permalink | No Comments
July 25, 2013
Federal Government’s a Fairholme-weather Friend?
Following up on my posts (here and here) about other suits against the federal government over its amendment of the terms of the distribution of dividends and other payments by Fannie Mae and Freddie Mac, I now look at Fairholme … Continue reading
July 25, 2013 in 2013 | Permalink | No Comments
July 24, 2013
Fairholme or Foul? Investor Complaint Over Fannie and Freddie Preferred
I recently reviewed the complaint filed by former Solicitor General Olson in Perry Capital LLC v. Lew and today I review the complaint in a similar lawsuit, Fairholme Funds, Inc. v. United States, filed July 9, 2013. Fairholme filed another … Continue reading
July 24, 2013 in 2013 | Permalink | No Comments
July 18, 2013
DoJ All FIRREA-ed Up With S&P Suit
Law360 quoted me in a story, Prosecutors Unleashed As $5B S&P Action Rolls On (behind a paywall), about DoJ’s success in fending off S&P’s motion to dismiss its FIRREA case. It reads in part While the latest ruling against S&P … Continue reading
July 18, 2013 in 2013 | Permalink | No Comments
July 17, 2013
What Was S&P Puffing?
I have been closely following DoJ’s suit against S&P since the complaint was filed in February (and see here, here and here). DoJ alleges that S&P “issued or confirmed ratings that did not accurately reflect true credit risks” and seeks … Continue reading
July 17, 2013 in 2013 | Permalink | No Comments
