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Stanford found guilty on charges of fraud and conspiracy

Sedgwick LLP
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USA
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March 28 2012

On March 6, 2012, three years after R. Allen Stanford was indicted for fraud, a federal jury returned a verdict against Stanford with regard to a $7 billion Ponzi scheme involving nearly 30,000 investors worldwide

The Rye funds file suit against Bank of New York Mellon

Sedgwick LLP
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USA
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December 27 2011

On December 9, 2011, a lawsuit styled In re: Tremont Securities Law, State Law and Insurance Litigation v. Bank of New York Mellon Corp. was filed in New York State Supreme Court against Bank of New York Mellon and its BNY Alternative Investment Services unit alleging gross negligence in the administration of three separate Rye funds

Dodd-Frank now imposing oversight on nonbank financial institutions

Sedgwick LLP
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USA
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April 30 2012

"There will not be any more large, complex, systemically critical firms that have no oversight," according to Federal Reserve Chair Ben Bernanke

Lawsuit filed against Citigroup, Goldman Sachs and UBS alleging fraudulent misrepresentations related to mortgage-backed securities

Sedgwick LLP
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USA
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September 28 2012

On September 5, 2012, three separate lawsuits were filed in New York state court against Citigroup, Inc., Goldman Sachs Group, Inc. and UBS AG alleging both fraud and negligent misrepresentation in connection with the banks’ sales of certain residential mortgage-backed securities

Picard lawsuit against JPMorgan dismissed

Sedgwick LLP
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USA
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November 30 2011

Irving Picard's lawsuit against JPMorgan Chase & Co. styled Picard v. JPMorgan Chase & Co., 11-cv-913, in the U.S. District Court, Southern District of New York, was dismissed on November 1, 2011

Former investors file class action complaint against JPMorgan seeking $19 million

Sedgwick LLP
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USA
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November 30 2011

Less than a week after Judge McMahon dismissed Picard's lawsuit against JPMorgan, former Madoff clients filed a class action lawsuit against the bank seeking to recover $19 million

Goldman Sachs faces up to $16 billion in MBS lawsuits

Sedgwick LLP
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USA
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November 30 2011

In a November 9, 2011 regulatory filing with the SEC, Goldman Sachs acknowledged that it is facing several lawsuits seeking more than $15.8 billion in damages in connection with now soured mortgage-backed securities (MBS) that Goldman bought, sold or underwrote

Judge Grills SEC enforcement division over $285 million Citigroup mortgage settlement

Sedgwick LLP
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USA
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November 30 2011

During a November 9, 2011 hearing, Federal District Court Judge Jed Rakoff voiced significant concerns with regard to the $285 million settlement agreed to by Citigroup and the SEC over the bank's sale of mortgage-related securities

On three-year anniversary of Madoff arrest, Madoff trustee Picard still faces hurdles

Sedgwick LLP
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USA
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December 27 2011

December 10, 2011, marked the three-year anniversary of Bernard L. Madoff's arrest

Lehman Brothers investors settle claims against underwriters

Sedgwick LLP
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USA
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December 27 2011

Investors have agreed to settle securities claims against more than 30 underwriters who underwrote in excess of $31 billion in debt and equity offerings for Lehman Brothers, the collapse of which was a key chapter in the global financial crisis

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