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UBS agreed to pay $1.44 billion in penalties to settle allegations of fraud in the sale of residential mortgage-backed securities, the Department of Justice announced on Monday, resolving a case ...
In March 2012, the SEC announced that a federal judge ordered the former CEO of Brookstreet Securities Corp., Stanley C. Brooks, to pay a maximum $10 million penalty related to the fraud action that the SEC filed against Brooks for systematically selling risky mortgage-backed securities during the financial crisis to customers with conservative ...
LONDON (Reuters) -Credit Suisse saw off a case brought against the bank over $100 million of notes linked to residential mortgage-backed securities on Friday, resolving another legacy legal ...
On January 21, 2014, Serageldin was ordered to pay more than $1 million to settle the lawsuit by the U.S. Securities and Exchange Commission. He was also effectively barred from the securities industry. [3] [10] Serageldin said he committed the crime "To preserve my reputation in the bank at a time when there was great financial turmoil". [8]
In September 2008, after suffering heavy losses during the subprime crisis, New Jersey Carpenters Health Fund sued the company and the underwriters of residential mortgage-backed securities issued by affiliates of the company, claiming that the prospectuses and registration statements of the RMBS did not adequately disclose the risks, were misleading to investors, and violated securities law.
Houston law firm Gibbs & Bruns LLP has accused Wells Fargo (NYS: WFC) and Morgan Stanley (NYS: MS) of failing to service more $73 billion in residential mortgage-backed securities (RMBS ...
On August 3, 2009, SIGTARP special agents raided the company's headquarters in Ocala, Florida, in connection with an investigation related to the company's acquisition of a majority stake in Colonial BancGroup, once one of the 25 biggest depository banks in the U.S. [3] Taylor, Bean & Whitaker had signed a deal on March 31, 2009, to become the majority owner of Colonial BancGroup in a $300 ...
It was the 10th settlement that the FHFA has reached in litigation that began in 2011 when it filed 18 lawsuits over about $200 billion in mortgage-backed securities, an investment product at the ...