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Regulators aim to finalize Volcker rule by year’s end
- Sedgwick LLP
- -
- USA
- -
- September 28 2012
According to the FDIC, the Volcker rule, named for former Federal Reserve Chair Paul Volcker, is on track to be completed by year’s end
Consumer Financial Protection Bureau faces stiff opposition from Republican state AGs
- Sedgwick LLP
- -
- USA
- -
- September 28 2012
As part of the 2010 Dodd-Frank financial reform legislation, the Consumer Financial Protection Bureau (CFPB) was created in order to consolidate federal financial consumer protection into one agency
Congress grants NY fed additional time to provide Libor documents
- Sedgwick LLP
- -
- USA
- -
- September 28 2012
The Federal Reserve Bank of New York has received some relief from Congress’s prior requests that it produce internal communications related to possible Libor manipulation, granting the New York Fed additional time to respond
Second Circuit issues pro-plaintiff standing decision in MBSs cases
- Sedgwick LLP
- -
- USA
- -
- September 28 2012
On September 6, 2012, the U.S. Court of Appeals for the Second Circuit held that a plaintiff had standing to assert claims not only against originators of offering certificates in which the plaintiff specifically invested, but could also proceed with claims on behalf of purchasers of certificates backed by mortgages originated by the same lenders
Lawsuit filed against Citigroup, Goldman Sachs and UBS alleging fraudulent misrepresentations related to mortgage-backed securities
- Sedgwick LLP
- -
- USA
- -
- 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
FDIC seeks extensive damages from big banks for losses of failed guaranty bank
- Sedgwick LLP
- -
- USA
- -
- September 28 2012
The Federal Deposit Insurance Corporation (FDIC) has sued Goldman Sachs & Co. and other big banks in a Texas state court, seeking $2.1 billion in damages for the banks’ alleged role in convincing the now-defunct Guaranty Bank to purchase mortgage-backed securities (MBS
Libor manipulation probe and litigation update
- Sedgwick LLP
- -
- United Kingdom, USA
- -
- July 5 2012
The record-breaking £59.5 million fine imposed on Barclays by the Financial Services Authority (FSA) and $360 million penalty imposed by the U.S. Commodity Futures Trading Commission and Department of Justice in connection with the improper submission of London InterBank Offered Rate (Libor) rates has led to intense public scrutiny of Barclays’ practices, procedures and management and possible misconduct by other financial institutions
Swiss banks challenge Picard’s claims
- Sedgwick LLP
- -
- USA
- -
- June 29 2012
Lombard Odier and Banque Cantonale Vaudoise (BCV), two Swiss banks targeted in Irving Picard’s recent lawsuits filed on June 6, 2012, are contesting Picard’s legal claims
FDIC board joins Federal Reserve to advance strict bank capital requirements
- Sedgwick LLP
- -
- USA
- -
- June 29 2012
On June 12, 2012, the FDIC board voted 5-0 in favor of joining the Federal Reserve in advancing proposals designed to prevent another financial crisis by requiring all U.S. banks to hold capital worth at least 7 percent of their assets
JPMorgan ignored investor warnings about risk controls prior to trading loss
- Sedgwick LLP
- -
- USA
- -
- June 29 2012
According to reports, JPMorgan reportedly failed to heed an investor advocate group’s warnings more than a year ago that the bank should improve its risk controls
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- Jurisdiction - USA
- Workarea - Banking
- Author - Jennifer Q. Broda
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