August 15, 2016
Monday’s Adjudication Roundup
- A New York state judge on Friday granted approval of a $4.5 billion settlement to resolve institutional investors’ claims that JPMorgan & Chase Co. misled consumers into buying risky residential mortgage-backed securities in the lead-up to the financial crisis in 2007.
- Massachusetts Mutual Life Insurance Co. has struck a deal to end a long-running suit accusing RBS Securities Inc. of misrepresenting $235 million in sales of mortgage-backed securities, the latest in a string of settlements for the insurer over crisis-era woes, according to a filing posted Friday.
- Moody’s Corp. has urged the Supreme Court to overturn a First Circuit decision reviving a suit alleging the company fraudulently rated mortgage backed securities, arguing that a Massachusetts district court has no authority to transfer the case because it lacks personal jurisdiction.
- A New York appellate court on Thursday revived breach-of-contract and negligence claims brought against financial giant Morgan Stanley by a trust over nearly $111 million in losses suffered by investors in residential mortgage-backed securities