LexisNexis® Legal Newsroom
Preliminary Approval Of $12 Million Settlement In New Century Class Action Granted

LOS ANGELES - (Mealey's) A federal judge in California on Aug. 9 preliminarily approved a $125 million settlement agreement between shareholders, former officers and directors of subprime mortgagor New Century Financial Corp., the company's outside auditor and the underwriters of New Century's...

Jury: BankAtlantic's Misrepresentations Violated Federal Securities Law

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 law violations that led BankAtlantic's...

Citibank Settles Home Equity Credit Lines Class Action

SAN FRANCISCO - (Mealey's) Citibank NA on Aug. 31 settled a class action suit alleging that it wrongfully suspended or decreased the value of home equity lines of credit (HELOC), according to a document filed by the plaintiffs in a California federal court ( In re: Citibank HELOC Reduction Litigation...

Capital One To Pay $10 Million To Settle APR Class Action

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 the lead plaintiff in a class action filed in a...

Sallie Mae Reaches $24 Million Settlement In Telephone Debt Collection Class Action

SEATTLE - (Mealey's) Student loan borrowers and a subsidiary of SLM Corp. on Sept. 17 agreed to settle claims that the subsidiary violated the Telephone Consumer Protection Act (TCPA) by making a number of non-emergency autodialed calls and/or automated text messages to the borrowers' cellular...

Countrywide Financial Corp. Reaches $500 Million Settlement In 3 Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...

Judge Approves $730 Million Securities Settlement With Citigroup, Shareholders

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 ( In re Citigroup Inc. Bond Litigation , No...