November 9, 2015
- The US Supreme Court denied cert without comment in class action against McGraw-Hill Cos. for false statements made by its S&P rating agency about mortgage-backed securities. The finding from the judge stands that S&P’s ratings were “mere commercial puffery.”
- The US Supreme Court denied cert without comment in case that wanted the Court to consider whether property owners had standing to sue BNY Mellon, and other banks. The banks claimed ownership over mortgage-backed securities, which were then transferred to trusts of the banks.
- The Second Circuit will not rehear Bedford CMBS Acquisition LLC’s case where the company is attempting to pickup $200 million worth of defaulted commercial mortgage-backed securities from a Wells Fargo trust.
- The US Securities and Exchange Commission files suit against developer in Florida for claiming their investments would be under the EB-5 visa program, but were rather used to purchase luxury cars, a boat and a residence.
- Dodona, a hedge fund, settles with Goldman Sachs Group Inc. in mortgage-backed securities class action for breach of contract and fraud.
- The Consumer Financial Protection Bureau filed a brief in the D.C. Circuit claiming that PHH Corp. had interpreted the Real Estate Settlement Procedures Act incorrectly in its $109 million disgorgement order.
- Wells Fargo settles with Ch. 13 bankrupt homeowners for $81.6 million for failing to give proper notice for changing monthly payment amounts.