Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
Is the SEC officially on record with a warning about the viability of unregulated ICOs? It is. Is that stopping start-ups from creating and selling new virtual currencies at a torrid pace? It is not....more
A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened - ...more
When does a breach of contract amount to fraud? Last week the Second Circuit answered this question and reversed a $1.27 billion judgment against Bank of America and a $1 million judgment against a former executive for their...more
On Monday, the Second Circuit overturned a jury verdict and $1.27 billion penalty against Bank of America imposed under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. § 1833a....more
BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more
On August 25, 2014, the District Court for the District of Columbia dismissed a claim brought by a former employee of Fannie Mae alleging violations of the anti-retaliation provisions of the Sarbanes-Oxley Act and the...more
A federal jury ruled yesterday that Countrywide, now owned by Bank of America, defrauded Fannie Mae and Freddie Mac by selling them defective mortgages in advance of the great financial crisis of 2008. A former Countrywide...more
An order yesterday by U.S. District Judge Jed Rakoff in New York clears the way for a trial on September 23 in a government lawsuit accusing Bank of America Corp. of fraud in the sale of billions of dollars of toxic mortgage...more
FHFA Input on Freddie Mac and Fannie Mae Multifamily Businesses - On August 9, the FHFA announced that it is seeking public input on strategies to reduce Fannie Mae and Freddie Mac's presence in the multifamily housing...more