Regulators struck 714 deals with defendants in civil cases in fiscal year 2012, a 6.6 percent increase from the previous year.
Moneygram Payment Sys. v. Deutsche Bank AG (N.Y. Sup. Ct., New York County)
COMPLAINT – In this succinct complaint Moneygram claims Deutsche Bank made material misstatements and omissions in its offering materials for residential mortgage-backed securities (RMBSs) and collateralized debt obligations (CDOs). Moneygram seeks over $34 million in damages.
Commod. Fut. Trading Comm’n v. Worth Bullion Group Inc. (7th Cir.)
BRIEF – Worth argues that the CFTC is giving too narrow a construction to the phrase “consumer finance institution” in the Right to Financial Privacy Act. According to Worth, the protections of the RFPA should extend to an entity like Worth; a nonbank institution that extends credit directly to consumers.
In re WEBMD Health Corp. Sec. Litig. (S.D.N.Y.)
OPINION – Plaintiff shareholders made Section 10(b) and Rule 10b-5 fraud claims based on optimistic statements by management about projected earnings that, plaintiffs claim, defendants knew were untrue. The court found the statements were “forward looking.” Claims dismissed.
After 24 days of hearings, the FINRA decision ends allegations by Wells Fargo that Seifel improperly recruited a group of brokers from the the bank.
The insurer wants to clarify that it still has the right to sue issuers of securities in Maiden Lane II, a vehicle created in 2008 to buy risky RMBS.
Kareem Serageldin is accused of inflating the prices of subprime mortgage-backed bonds to the tune of $540 mln 2007-08.
The accord is separate from a $2.4 bln deal the bank reached in September 2012 to resolve securities fraud litigation over the Merrill takeover.
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‘If it ain’t broke, don’t fix it’: Treasury exempts foreign-exchange swaps and forwards from Dodd-Frank swaps regulation requirements
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