Securities

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Bank Of America To Pay $1.7B To Settle Mortgage- Backed Securities Claims
Posted on 7 May 2013 by Mealeys

NEW YORK - Bank of America Corp. (BoA) will pay nearly $1.7 billion to MBIA Inc. and certain of its subsidiaries to settle claims in New York State court that BoA misrepresented the investment quality of and risk associated with certain mortgage-backed... Read More

Vermont Federal Judge Finds ERISA Does Not Preempt State Database Law
Posted on 12 Nov 2012 by Mealeys

BURLINGTON, Vt. - A Vermont federal judge on Nov. 9 dismissed a case seeking a declaration that the Employee Retirement Income Security Act (ERISA), 29 U.S.C.S. § 1001 et seq. , preempts a state law requiring health insurers to provide information... Read More

6th Circuit: Incorporating SEC Form In Summary Plan Description Is Fiduciary Act
Posted on 10 Sep 2012 by Mealeys

CINCINNATI - Fifth Third Bancorp breached its fiduciary duties under the Employee Retirement Income Security Act, 29 U.S.C.S. § 1001 et seq. , by continuing to offer company stock as a retirement plan investment option at a time when the bank was... Read More

Feeder Funds To Pay Nearly $220M To Settle Madoff Ponzi Scheme Fraud Claims
Posted on 14 Nov 2012 by Mealeys

NEW YORK - Four Bernard L. Madoff Investment Securities LLC feeder funds and several of their current and former owners and officers have agreed to pay nearly $220 million to settle claims that they breached their fiduciary duties under the Employee Retirement... Read More

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