A federal court has ruled in the only FDIC failed bank lawsuit pending in Florida that directors cannot be liable for ordinary negligence under Florida law. On August 8, 2012, Middle District of Florida Judge Gregory Presnell granted the motion of the... Read More
The Department of Justice filed one of the most significant market crisis cases this week against a major rating agency as a defendant. The case centers on years of false statements about ratings given to RMBS and CDOs, according to the complaint, as... Read More
Though 268 banks have failed since January 1, 2008, there has been relatively little litigation related to the failed banks, as least so far. For example, the FDIC only recently filed its first action against former directors and officers of a failed... Read More
By Oluwaseun O. Ajayi and Kendra C. Kinnaird Stepped-up enforcement of state consumer protection laws in the field of home mortgage lending is inevitable for all types of lenders, including those with federal charters. Federal banks and thrifts, long... Read More
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... Read More