From the category archives:

Banking

TweetFrom LexisNexis® Mealey’s™ Daily Legal News. A District of Columbia federal judge on Dec. 10 ruled that Bank of America could proceed with a lawsuit against the Federal Deposit Insurance Corp. to collect $ 1.7 billion related to the Chapter 11 bankruptcy of Taylor Bean Whitaker Mortgage Corp. (TBW) (Bank of America v. Federal Deposit […]

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Tweet- From Mealeys Daily News Staff. LONDON – Financial giant HSBC has agreed to pay $1.9 billion to the U.S. Department of Justice and other federal agencies to settle claims that it instituted “inadequate compliance with anti-money laundering [AML] and sanctions laws” in connection with its alleged laundering of billions of dollars of Mexican drug […]

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Tweet- From Mealeys Daily News Staff. NEW YORK – The U.S. government today filed a $1 billion lawsuit against Bank of America Corp., as successor for Countrywide Financial Corp., alleging that Countrywide violated provisions of the False Claims Act, 31 U.S.C.S. § 3729-3733, by engaging in a scheme to defraud Fannie Mae and Freddie Mac in connection […]

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Tweet- From LexisNexis® Mealey’s™ Daily Legal News. In a suit arising from a loan default by the purchasers of a hotel, a federal judge in Georgia on Oct. 5 granted summary judgment for breach of note and breach of guaranty claims in favor of a bank that assumed the loan from a failed bank, rejecting […]

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Tweet~From LexisNexis® Mealey’s™ Daily Legal News. A federal judge in California on Oct. 5 denied Bank of America NA’s (BOA) motion to dismiss a putative class action alleging that it aided and abetted a mortgage-related Ponzi scheme (Patricia Arreola, et al. v. Bank of America NA, et al., No. 11-6237, C.D. Calif.; 2012 U.S. Dist. LEXIS 144765). […]

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TweetWomen’s shoe company Bakers Footwear Group Inc. on Oct. 3 filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri, listing total debts of more than $ 59.49 million and assets of slightly more than $ 41.9 million (In Re: Bakers Footwear Group Inc., No. 12-49658, Chapter 11, E.D. Mo. Bkcy.). Specifically, […]

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TweetA federal district court did not err in granting Citibank N.A.’s motion for summary judgment in a securities lawsuit regarding Morgan Stanley & Co. International’s failure to pay on a Credit Default Swap (CDS), a Second Circuit U.S. Court of Appeals panel ruled Oct. 2 in affirming “substantively for the reasons stated by the District […]

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TweetWASHINGTON, D.C. – (Mealey’s) The Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau (CFPB) announced Oct. 1 that they have reached a settlement with American Express Centurion Bank, Salt Lake City, Utah, for deceptive debt collection and credit card marketing practices, with the bank agreeing to pay $85 million to more than 250,000 […]

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TweetCitigroup recently announced its agreement, subject to court approval, to settle a class action lawsuit brought on behalf of shareholders who bought Citigroup common stock from February 2007 to April 2008, i.e. during the run up to the financial meltdown.  The plaintiff class contended that Citi’s management misled investors about the status of the bank’s […]

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TweetUntil recently, small businesses which were the victims of cyberattacks by thieves did not have recourse against their banks.  That situation is finally changing. There have been two recent court rulings that gave small business owners grounds for suing banks that do not protect their security.  The two court rulings found the banks liable for […]

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