Litigation

Recent Posts

Judge Approves $730 Million Securities Settlement With Citigroup, Shareholders
Posted on 21 Aug 2013 by Timothy Raub

NEW YORK — (Mealey’s) A federal judge in New York on August 20 granted final approval of a securities class action settlement between investors and Citigroup Inc. and others, ruling that the terms of the settlement meet the statutory guidelines... Read More

Capital One To Pay $10 Million To Settle APR Class Action
Posted on 14 Sep 2012 by Michael J. Lello

LOS ANGELES - (Mealey's) Capital One Bank NA USA has agreed to pay $10 million to resolve claims that it promoted its credit card services as offering low fixed annual percentage rates and then later abruptly increased them, according to a document... Read More

High Court: No Prior Notice Required Before Credit Card Rates Were Raised
Posted on 24 Jan 2011 by Timothy Raub

WASHINGTON, D.C. -- (Mealey's) The U.S. Supreme Court on Jan. 24 unanimously ruled that a credit card holder was not entitled to prior notice before his card issuer raised his annual percentage rate (APR) because it was not required to give notice... Read More

FTC Settles $108M Lawsuit With Countrywide Mortgage Loan Services
Posted on 8 Jun 2010 by Timothy Raub

WASHINGTON, D.C. - (Mealey's) In what the Federal Trade Commission is calling one of the "largest judgments imposed in an FTC case, and the largest mortgage servicing case," two Countrywide mortgage servicing companies will pay $108 million... Read More

$550M Settlement For Family Secured By Madoff Trustee
Posted on 8 Dec 2010 by Timothy Raub

NEW YORK -- (Mealey's) The bankruptcy trustee for the investment company once run by convicted Ponzi scheme operator Bernard L. Madoff has secured $550 million in a settlement with the family of one of Madoff's earliest investors, according to... Read More

Jury Enters $168.8 Million Verdict Against Former IndyMac Executives
Posted on 10 Dec 2012 by Michael J. Lello

LOS ANGELES - (Mealey's) A jury in a California federal court on Dec. 7 entered a $168.8 million verdict against three former officers of the failed IndyMac Bank F.S.B., finding that the individuals had been negligent and breached their fiduciary... Read More

Federal Regulators: Corzine Misused Funds, ‘Responsible’ For MF Global’s Collapse
Posted on 28 Jun 2013 by James Cordrey

NEW YORK — (Mealey’s) The U.S. Commodities Futures Trading Commission (CFTC) on June 27 filed a civil complaint in the U.S. District Court for the Southern District of New York, alleging that Jon S. Corzine, as CEO of bankrupt MF Global Holdings... Read More

Standard Chartered To Pay $340 Million To Settle Iranian Bank Funding Cover-Up Claims
Posted on 15 Aug 2012 by Timothy Raub

NEW YORK - (Mealey's) Standard Chartered Bank will pay $340 million to settle claims that it conspired with Iranian government-backed banks and covered up nearly 60,000 "secret transactions" totaling over $250 billion with the banks, which... Read More

Russell Wasendorf Gets 50-Year Sentence For Fraud Related To Peregrine Bankruptcy
Posted on 31 Jan 2013 by James Cordrey

CEDAR FALLS, Iowa- (Mealey's) A federal judge in Iowa on Jan. 31 sentenced Russell R. Wasendorf, the former CEO of bankrupt Peregrine Financial Group Inc., to 50 years in federal prison for stealing more than $215.53 million in customer funds while... Read More

Jury: BankAtlantic's Misrepresentations Violated Federal Securities Law
Posted on 19 Nov 2010 by Timothy Raub

FORT LAUDERDALE, Fla. - (Mealey's) A federal jury in Florida handed down a rare verdict in a securities class action lawsuit on Nov. 18, finding subprime lender BankAtlantic Bancorp. Inc. and certain of its executive officers guilty of federal securities... Read More

Madoff Bankruptcy Trustee Secures Largest Feeder-Fund Bank Settlement
Posted on 8 Dec 2010 by Timothy Raub

NEW YORK - (Mealey's) The trustee of the bankruptcy estate of convicted multibillion-dollar Ponzi scheme mastermind Bernard L. Madoff secured a nearly $500 million settlement with a feeder fund of Madoff's investment firm, according to documents... Read More

U.S. Supreme Court: FSIA Does Not Limit Scope Of Post-Judgment Discovery
Posted on 16 Jun 2014 by Timothy Raub

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on June 16 held 7-1 that the Foreign Sovereign Immunities Act (FSIA) does not shield the Republic of Argentina from post-judgment discovery requests issued by a debt collection company seeking... Read More