- NY bankruptcy judge dismissed suit against DLA Piper for misappropriation of over $36 million in payments to cover mortgage-backed securities. The judge cited NY law that “prevents wrongdoers and their successors from pursuing claims that arise out of their own misconduct.”
- NY federal judge denied “Act of God” defense made by National Electronic Transit Corporation for damage caused to machines stored in warehouse during Hurricane Sandy, instead finding that the company was under-prepared for the storm.
- RBS Securities has settled to pay $129.6 million for claims made by the National Credit Union Administration for the sale of mortgage-backed securities, which may have led to the failure of two credit unions.
- NY federal court denied Citibank’s bid to relate FDIC’s suit over failure as trustee for mortgage-backed securities to a suit accusing the bank of mishandling mortgage-backed securities in pooled loans.
Tag Archives: credit unions
Monday’s Adjudication Roundup
- Court denies US Bank’s opportunity to revive suit against Citigroup over hundreds of millions of dollars in mortgage-backed securities sold during the financial crisis.
- IL court refuses to dismiss suit against Bank of America over lowering underwriting standards for borrowers protected by the Fair Housing Act.
- National Credit Union Administration sues HSBC claiming it failed as trustee for $2 billion of residential mortgage-backed securities trusts and lead to the downfall of five credit unions.