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Matthew M. Ferguson

Sedgwick LLP

Articles

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FDIC seeks extensive damages from big banks for losses of failed guaranty bank

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)....

Jennifer Q. Broda, Thomas R. Orofino, Eric C. Scheiner, Todd D. McCormick.

Regulators aim to finalize Volcker rule by year’s end

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....

Jennifer Q. Broda, Thomas R. Orofino, Eric C. Scheiner, Todd D. McCormick.

Second Circuit issues pro-plaintiff standing decision in MBSs cases

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....

Jennifer Q. Broda, Thomas R. Orofino, Eric C. Scheiner, Todd D. McCormick.

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

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....

Jennifer Q. Broda, Thomas R. Orofino, Eric C. Scheiner, Todd D. McCormick.

Congress grants NY fed additional time to provide Libor documents

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....

Jennifer Q. Broda, Thomas R. Orofino, Eric C. Scheiner, Todd D. McCormick.