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FCIC report on financial crisis

Orrick Herrington & Sutcliffe LLP
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USA
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January 31 2011

On January 27, the Financial Crisis Inquiry Commission issued a report on the causes of the financial and economic crisis, concluding that the financial crisis was avoidable and was due to: (i) widespread failures in financial regulation and supervision, (ii) failures of corporate governance and risk management at many systemically important financial institutions, (iii) a combination of excessive borrowing, risky investments, and lack of transparency, (iv) a lack of preparation by the government, (v) a systemic breakdown in accountability and ethics, (vi) lowered mortgage-lending standards, (vii) lack of oversight of over-the-counter derivatives, and (viii) failures of rating agencies

Insurance company files mortgage-backed security action against Countrywide, Bank of America

Orrick Herrington & Sutcliffe LLP
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USA
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November 14 2011

On November 9, 2011, National Integrity Life Insurance Co. filed a complaint against Countrywide Financial Corporation, former Countrywide executives and Bank of America in the United States District Court for the Southern District of New York, accusing Countrywide of fraud and misstatements in connection with nearly $450 million in RMBS allegedly purchased by the insurer

Monoline insurer assured files suit against DLJ and Credit Suisse

Orrick Herrington & Sutcliffe LLP
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USA
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October 24 2011

On October 17, 2011, Assured Guaranty Municipal Corp. filed a lawsuit in the Supreme Court of New York against DLJ Mortgage Capital, Inc. and Credit Suisse Securities for breaches of mortgage representations and repurchase obligations in connection with six RMBS

Institutional investors question AIG's motion to intervene in proposed BofA settlement

Orrick Herrington & Sutcliffe LLP
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USA
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August 22 2011

On August 15, 2011, the institutional investors that negotiated the proposed $8.5 billion settlement with Bank of America regarding representations and warranties claims against Countrywide Financial Corp. filed a response to AIG's motion to intervene and oppose the settlement

Rating agency developments

Orrick Herrington & Sutcliffe LLP
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Canada, USA
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March 28 2011

On March 23, S&P issued a request for comment on proposed changes to its covered bond criteria for assessing counterparty and supporting party risk

UK consultation on managing, recovering and resolution planning

Orrick Herrington & Sutcliffe LLP
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United Kingdom, USA
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August 23 2011

The UK Financial Services Authority ("FSA") published its long awaited consultation and discussion papers on Recovery and Resolution Plans for UK financial institutions

Dismissal of MBIA's fraud claim against Credit Suisse

Orrick Herrington & Sutcliffe LLP
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USA
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June 6 2011

Justice Shirley Kornreich of the Supreme Court of the State of New York dismissed MBIA Insurance Corporation's claim that it was fraudulently induced to insure a Credit Suisse RMBS issuance

Court denies Goldman Sachs’s motion to dismiss in case arising out of Abacus CDO

Orrick Herrington & Sutcliffe LLP
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USA
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April 30 2012

On April 24, 2012, New York State Court Judge Barbara Kapnick denied a motion brought by Goldman Sachs Group Inc. (“Goldman Sachs”) to dismiss an action brought by ACA Financial Guaranty Corp. (“ACA”) arising out of ACA’s provision of financial guaranty insurance wrapping the Abacus 2007-ACI CDO issued by Goldman Sachs

Syncora sues JP Morgan for losses from insuring RMBS

Orrick Herrington & Sutcliffe LLP
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USA
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February 21 2012

On February 14, 2012, Syncora Guarantee filed a complaint in New York state court against JP Morgan, Bear Stearns, and EMC Mortgage alleging $52 million in losses incurred by the insurance company as a result of its insuring RMBS issued by the defendants

Senate passes financial reform bill

Orrick Herrington & Sutcliffe LLP
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USA
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July 16 2010

On July 15th, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by the House of Representatives on June 30th and which will likely be signed by the President next week