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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

Goldman Sachs faces up to $16 billion in MBS lawsuits

  • Sedgwick LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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

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