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Judge Preliminarily OKs $590M Citigroup Securities Class Action Settlement

NEW YORK - (Mealey's) A federal judge in New York on Aug. 29 granted preliminary approval of a $590 million settlement between shareholders, Citigroup Inc. and certain of its current and former executive officers and directors on claims that the defendants misrepresented Citigroup's exposure...

Standard & Poor’s Sued Over Inflated Ratings on Structured Debt Securities

LOS ANGELES - (Mealey's) The U.S. government on Feb. 5 announced the filing of a lawsuit in California federal court against Standard & Poor's Ratings Services alleging that the ratings agency lied about its objectivity and independence and issued inflated ratings on certain structured...

RBS to Pay $99.5M to Settle Claims In Fannie Mae, Freddie Mac Lawsuits

NEW YORK —(Mealey’s) Royal Bank of Scotland Securities Inc. (RBSSI) on Thursday agreed to pay $99.5 million to settle claims that it violated state and federal securities laws by misrepresenting the investment quality of residential mortgage-backed securities it underwrote that were subsequently...

Judge Orders Banks, Officer to Pay $1.3 Billion For Mortgage Fraud

NEW YORK — (Mealey’s) A New York federal judge yesterday ordered Bank of America Corp., as successor to Countrywide Financial Corp. and Countrywide Home Loans, and a former Countrywide officer to pay $1.3 billion in damages in connection with Countrywide’s residential mortgage lending...

Bank of America to Pay Nearly $17B Over Handling of Subprime Mortgages

WASHINGTON, D.C. — (Mealey’s) Bank of America Corp. will pay nearly $17 billion to settle claims that it and its current and former subsidiaries, Countrywide Financial Corp. and Merrill Lynch, engaged in fraudulent activity with regard to their origination, underwriting and sale of subprime...

McGraw Hill, S&P to Pay $1.5B to Settle Fraud Claims Over Credit Ratings

WASHINGTON, D.C. — (Mealey’s) McGraw Hill Financial Inc. and its subsidiary, Standard & Poor’s Financial Services LLC (S&P Financial), announced today that they will pay a combined $1.5 billion to settle actions brought by the U.S. Department of Justice, the attorneys general...