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USA - October 15 2012
The United States District Court for the Eastern District of Virginia recently signed a consent order (the “Consent Order”), approving a $21 million settlement in relation to allegations brought by the U.S. Department of Justice against SunTrust Mortgage Inc. (“SunTrust Mortgage”), alleging that SunTrust had increased loan prices for African-American and Hispanic borrowers.
USA - June 5 2012
A New York State trial court recently held that a derivative lawsuit brought by Walnut Place on behalf of various bondholders against Bank of America’s Countrywide Financial unit was premature, as the trustees for the bondholders, Bank of New York Mellon (“BNY”), had determined days before the filing of the complaint that it required more time to evaluate the demand to sue Countrywide.
USA - March 1 2012
A New York trial court recently held that affiliates and subsidiaries of a bankrupt Mexican holding company were liable as guarantors on indentures issued by the corporation, despite ongoing Mexican bankruptcy proceedings that could potentially discharge their liability under Mexican law.
USA - December 1 2011
The Second Circuit Court of Appeals recently held that the Financial Industry Regulatory Authority, Inc. (“FINRA”) lacks the statutory authority to bring judicial proceedings to enforce collection of fines it imposes on member firms.
USA - September 13 2011
A New York State trial court recently held that claims of terrorist attacks victims based on Israeli law could proceed against the bank that allegedly had knowingly executed money transfers to the terrorist groups responsible for the attacks.
