The Appellate Division of the New York Supreme Court, First Judicial Department, held this week that Bank of New York Mellon (BNY Mellon) could be liable for its failure to maintain complete mortgage loan files in its capacity as trustee
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Former Deutsche Bank Traders Indicted in LIBOR Probe
Two former Deutsche Bank traders accused of manipulating the London InterBank Offered Rate (“LIBOR”) were indicted by the Department of Justice (“DOJ”) on June 2, 2016. Dubbed “the world’s most important number,” LIBOR is a benchmark for global short-term interest…
LIBOR Antitrust Suit Revived
On May 23, 2016, the Second Circuit Court of Appeals vacated a judgment which dismissed antitrust claims against 16 big banks. The plaintiffs’ claims arose from the alleged manipulation of what has been called “the world’s most important number”—the London…
Government’s Focus on Eradicating Municipal Bond Fraud Is Evident After Two City Officials Are Criminally Charged
On April 14, the Department of Justice charged the supervisor of Ramapo, New York (the city’s top elected official), and the former executive director of the Ramapo Local Development Corp. with criminal securities fraud for allegedly defrauding thousands of municipal…
Lehman Continues to Defend $3 Billion Suit over Credit-Default Swap Transactions
On April 19, Lehman Brothers Special Financing (“LBSF”), a subsidiary of Lehman Brothers Holdings Inc. (“LBHI”), filed its opposition to a motion to dismiss its breach-of-contract claims related to the Pyxis transaction, one of many credit-default swap (“CDS”) transactions that…
California Brings RMBS Suit Against Morgan Stanley
Earlier this month, California Attorney General Kamala Harris filed suit against Morgan Stanley in San Francisco Superior Court, alleging violations of the California False Claims Act and other state laws. Brought on behalf of the California Public Employees Retirement System—the…
Volkswagen AG Faces $3.6 Billion Suit
On March 14, almost six months after Volkswagen AG (“VW”) admitted to installing software in its diesel vehicles to cheat emissions testing, VW was hit with a $3.6 billion lawsuit in Germany. The case was filed in Braunschweig on behalf…
Bank of New York Mellon Fails in Bid to Dismiss $1.2 Billion RMBS Suit
Royal Park Investments SA/NV (“Royal Park”), a Belgian investment fund, filed a class action on behalf of itself and similarly situated investors against Bank of New York Mellon Corporation (“BNYM”). The complaint alleged that BNYM breached its obligations as a…
The Professional Services Exclusion and Investment Management: Are You Purchasing Potentially Illusory Coverage?
By Joseph Saka
Companies engaged in the capital markets are at risk of claims and lawsuits alleging investment mismanagement and other misconduct. For this reason, they typically purchase directors and officers liability (“D&O”) insurance policies to provide a defense against, and indemnification for,…
Six Investment Banks Agree to Pay over $100 Million to Settle Antitrust Claims Concerning Municipal Derivatives
Judge Marrero of the Southern District of New York preliminarily approved a $100 million class settlement on Thursday, and scheduled a hearing on July 8, 2016 to determine whether the settlements should be approved as fair. Objections will be entertained…