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RBS reaches $275 million mortgage-backed securities settlement

On Feb. 19, RBS officials announced that the company had reached a $275 million settlement with the U.S. government to resolve allegations of misleading investors in mortgage-backed securities. The settlement is the third-largest settlement in the U.S. class action against banks packaged and sold mortgage securities . This case was originally filed in 2008 by New Jersey Carpenters Health Fund and the Boilermaker Blacksmith Pension Trust. The suit accused RBS and others of violating U.S. securities law by packaging and selling an estimated $25.39 billion of securities in 14 separate offerings to linked to the Harborview Mortgage Loan Trusts. These mortgage loans did not meet underwriting guidelines, a fact the suit says RBS concealed. The loans later sank to junk status . This settlement is just a drop in the bucket compared to the estimated losses suffered by investors. As more and more of these settlements take place it is important that investors take actions to protect their legal rights [...]

By |March 12th, 2014|Uncategorized|
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Countrywide Alleges Fraud and Misrepresentations Claims Against It Are Time Barred

Countrywide Financial group is urging a California court to dismiss racketeering claims brought against it by Prudential Life Insurance Company. Prudential's suit alleges that Countrywide used omissions and misrepresentations to sell low-quality mortgage backed securities to unknowing consumers. Countrywide is alleging that the claim is time barred based on an inquiry notice standard that would prevent the suit alleging that more than $500 million of these mortgage backed securities were wrongfully sold by Countrywide . The inquiry notice standard starts running the statute of limitations at the point when plaintiffs should have been aware of its claimed injury and the source of that injury -- in this case, when "reasonable investor" would have been aware of problems with underwriting at Countrywide -- according to Countrywide's memorandum in support of its motion to dismiss the claims. Opposing council claimed that this notice standard had not been met by the date in question .

By |March 3rd, 2014|Uncategorized|
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Collateral Manager Of CDO Charged With Fraud

Investment advisory firm, Harding Advisory, LLC, and its owner were charged recently by the SEC for misleading investors and breaching their fiduciary duties. According to a recent press release, the SEC alleged Harding “compromised their independent judgment as collateral manager to a CDO named Octans I CDO Ltd.” The firm and owner allegedly did so for requested trades of a third party hedge firm, Magnetar Capital LLC. The SEC asserted in their press release that these trades “were not necessarily aligned with the debt investors”. One example provided by the SEC of going against the interests of the debt investors is Harding giving the hedge firm rights during the process of choosing and obtaining a portfolio of subprime mortgage-backed assets. These assets were collateral for debt instruments issued to investors in the CDO and the investors were not told of the rights given to the hedge firm, according to the press release. Another allegation by the SEC is that, in [...]

By |October 24th, 2013|Press Releases & News|
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FDIC Against Proposed Countrywide Settlement

The FDIC recently advised a U.S. District Court Judge to reject the proposed $500 million class-action settlement between Bank of America Corp.’s Countrywide unit and investors due to the relatively small percentage of the settlement that will go the investors, Bloomberg.com reported. The FDIC stated in their filing that only $41 million dollars would go to 91% of the investor plaintiffs from the settlement, with $85 million dollars going to the attorneys for the lead plaintiffs. The Bloomberg.com article further states the FDIC found the entire $500 million dollar settlement amount to be lacking. The face value of the securities comprising the suit is $450.7 billion dollars. The article states that other similar mortgage-backed securities actions have recovered an average of 1.1 percent of the face value of the securities while this settlement would only provide 0.11 percent of face value. The settlement provides, after attorneys’ fees, $267 million for claims by investors in the initial lawsuits, leaving $111 million [...]

By |October 8th, 2013|Uncategorized|
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