On November 4, the New York State Department of Financial Services (“DFS”) and the Agricultural Bank of China agreed to a Consent Order requiring the bank to pay a $215 million penalty and to install an independent monitor to review
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Latest from Lowenstein Sandler LLP - Page 6
Insurance Coverage for SEC Investigations: Lynn Tilton’s Patriarch Partners Sue for Coverage and Highlight Traps to Avoid
By Joseph Saka
With all the news surrounding the SEC’s headline-grabbing prosecution of Lynn Tilton and her firm, Patriarch Partners LLC, it is easy to miss the insurance coverage element of the case. It is no secret that in recent years, and particularly…
National Credit Union Administration Settles RMBS Claims Against RBS for $1.1 Billion
The National Credit Union Administration (NCUA) and the Royal Bank of Scotland (RBS) have reached a $1.1 billion agreement to settle two separate federal cases that arose out of RBS’s sale of residential mortgage-backed securities (RMBS) to two corporate credit…
No Bankruptcy Automatic Stay for Banks in $7.7B NovaStar MBS Fraud Action
U.S. Southern District Judge Deborah A. Batts shut down underwriter defendants’ attempt to avoid proceeding with discovery in a $7.7 billion mortgage-backed securities fraud action, by arguing that an automatic bankruptcy stay applied to the underwriter defendants in addition to…
National Credit Union Administration Succeeds in RMBS Appeal to Ninth Circuit
The U.S. Court of Appeals for the Ninth Circuit recently reversed a trial court’s dismissal of the National Credit Union Administration’s (NCUA’s) residential mortgage-backed securities (RMBS) fraud claims against Nomura Home Equity Loan Inc. The appellate court held that the…
MassMutual Agrees to Settle $235 Million RMBS Suit Against RBS
Massachusetts Mutual Life Insurance Company (MassMutual) and RBS Securities Inc. (RBS) have reached a confidential agreement to settle MassMutual’s claims that RBS misrepresented the quality of $235 million in residential mortgage-backed securities (RMBS) sold to MassMutual between 2005 and 2007.…
Barclays Agrees to $100 Million Settlement in LIBOR Manipulation Investigation
On August 8, Barclays Bank PLC and Barclays Capital Inc. (collectively “Barclays”) reached a $100 million settlement to resolve a 44-state multistate investigation that exposed Barclays’ fraudulent and anticompetitive schemes to manipulate the London Interbank Offered Rate (“LIBOR”) from 2005…
Shareholder Suits Against Volkswagen Advance in German Courts
Last week, a German regional court in Braunschweig ordered that shareholder litigation against Volkswagen AG proceed to a German court of appeals. The 170 separate shareholder suits allege that Volkswagen defrauded investors when it concealed that the company falsified emissions…
Former Barclays Traders Sentenced to Prison for LIBOR Manipulation
On July 7, the Southwark Crown Court in London sentenced four former Barclays traders to prison sentences, ranging from just under three years to six and a half years, for their involvement in a conspiracy to manipulate the London InterBank…
Second Circuit Affirms Insurance Coverage Available for Lawsuits Alleging Intentional Misconduct
By Joseph Saka
Financial services companies and their directors and officers are frequently the target of lawsuits alleging dishonest or fraudulent conduct. Additionally, federal and state agencies increasingly target directors and officers for misconduct in the management of corporations and are devoting significant…