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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

Massachusetts Attorney General criticizes multistate settlement efforts over banks' foreclosure practices

Sedgwick LLP
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USA
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October 31 2011

Dissatisfied with the ongoing multistate and federal efforts to reach a settlement agreement with major U.S. banks over unlawful foreclosure practices, Massachusetts Attorney General Martha Coakley indicated that her office was independently preparing to file several lawsuits

Draft Volcker Rule gets FDIC approval

Sedgwick LLP
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USA
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October 31 2011

On October 11, 2011, the Federal Deposit Insurance Corporation (FDIC) approved a proposed version of the so-called "Volcker Rule," a regulation that is part of the Dodd-Frank Act reforms

Washington Mutual executives agree to settle securities suit

Sedgwick LLP
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USA
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October 31 2011

In a securities suit against former Washington Mutual (WaMu) directors and officers alleging misstatements surrounding the company's problems in its mortgage lending business, plaintiffs have asked a U.S. District Court in Seattle to approve a $41.5 million settlement

Big banks and states agree to $26 billion deal with states over foreclosure abuses

Sedgwick LLP
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USA
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March 6 2012

Five of the nation's biggest banks and authorities have reached a $26 billion settlement to provide relief to nearly 2 million current and former American homeowners

President Obama names NYAG to lead expanded financial fraud enforcement task force

Sedgwick LLP
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USA
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March 6 2012

During his January 24 State of the Union Address, President Obama announced the expansion of an existing federal task force to investigate and prosecute financial fraud, naming New York State Attorney General Eric T. Schneiderman as the leader of the new unit

Class certification granted in MBS action against Goldman Sachs

Sedgwick LLP
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USA
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March 6 2012

A 150-plus investor class has been certified by the U.S. District Court in the Southern District of New York in a lawsuit against Goldman Sachs surrounding its marketing of certain mortgage-backed securities

Morgan stanley denies allegations, seeks jury trial in CDO fraud case

Sedgwick LLP
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Singapore, USA
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December 27 2011

Morgan Stanley & Co. Inc. denied claims of fraud by 18 Singaporean investors who allege that packaged collateral debt obligations were designed to fail

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

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

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