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National City Corp. to pay $168 million to NY pension fund to settle claims of mortgage loan fraud

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 15 2011

National City Corp., a financial holding company based in Cleveland, agreed to settle a class action brought by the New York State Common Retirement Fund and other purchasers of National City common stock for allegedly misrepresenting the quality of mortgage loans backing its RMBS

Delaware AG joins New York AG in challenging $8.5 billion Bank of America settlement

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • August 15 2011

Delaware Attorney General Joseph "Beau" Biden III moved on August 9 for leave to intervene in the court proceeding brought to approve Bank of America's $8.5 billion settlement with holders of Countrywide Financial Corp.'s mortgage-backed securities

Federal appellate court affirms dismissal of AIG derivative suit

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • March 28 2011

On March 17, 2011, the Second Circuit Court of Appeals affirmed a district court's dismissal of plaintiff Louisiana Municipal Police Employees Retirement System's derivative action on behalf of American International Group ("AIG") and certain of its current and former directors and officers for breaches of fiduciary duty, waste of corporate assets, unjust enrichment and contribution, as well as violations of the Securities and Exchange Act Sections 20(a) and 10(b

Pension funds move for class certification in RMBS suit against Wells Fargo

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • February 22 2011

On February 11, 2011, lead plaintiffs moved for class certification in an action pending against Wells Fargo Bank in the Northern District of California that alleges Wells Fargo violated Sections 11 and 15 of the Securities Act in connection with the sale of more than $27.3 billion in RMBS