Virginia Joins In Probe Of Bank Of New York Mellon

RICHMOND, Va. - (AP) The Virginia state attorney general's office Friday said it is looking into a whistleblower lawsuit that accuses Bank or New York Mellon of overcharging the state's pension funds by using "false exchange rates." The lawsuit, which seeks damages of more than $150...

Court OKs $624 Million Payout To Countrywide Investors

LOS ANGELES - (AP) A federal judge on Friday approved a $624 million settlement in a lawsuit brought by several New York public pension funds against fallen mortgage giant Countrywide Financial Corp. The settlement, a version of which was had been originally hammered out last year, also calls for KPMG...

Bank Of America Hit With New Countrywide Lawsuit

NEW YORK - (AP) Bank of America Corp. is facing a new lawsuit filed by a group of shareholders of mortgage giant Countrywide Financial Corp. which the bank bought in 2008. The group of investors, which include BlackRock funds, T. Rowe Price Group Inc., TIAA-CREF and several pension funds. . . . Full...

Phenomenon Of Securities Class Action Opt-Out Cases May Be Back

Settlement opt-outs have been always been a feature of securities class action litigation. However, as part of the settlements of the huge cases filed during the era of corporate scandals at the beginning of the last decade, opt outs became more prevalent and they represented an increasingly significant...

High Court To Determine Whether Presuit Demand Was Necessary In Securities Lawsuit

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 24 agreed to hear an appeal of a First Circuit U.S. Court of Appeals ruling in a shareholder derivative lawsuit and determine whether the Circuit Court abused its discretion in determining that shareholders had properly shown that demand...