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Jul 29, 2014

U.S. court upholds $67 mln verdict against TD Bank in Ponzi suit

NEW YORK, July 29 (Reuters) – A U.S. federal appeals court
has upheld a $67 million jury verdict against TD Bank, part of
Canada’s Toronto-Dominion Bank, for helping convicted
former lawyer Scott Rothstein run a Florida Ponzi scheme that
cost investors more than $1 billion.

In a decision on Tuesday, a three-judge panel from the 11th
U.S. Circuit Court of Appeals, affirmed a lower court’s decision
not to overturn the verdict or grant TD Bank a new trial in a
lawsuit brought by Texas investment partnership Coquina
Investments.

Jul 29, 2014

Court upholds $67 mln verdict against TD Bank in Ponzi suit

NEW YORK, July 29 (Reuters) – A federal appeals court has
upheld a $67 million jury verdict against TD Bank, part of
Canada’s Toronto-Dominion Bank, for helping convicted
former lawyer Scott Rothstein run a Florida Ponzi scheme that
cost investors more than $1 billion.

In a decision on Tuesday, a three-judge panel from the 11th
U.S. Circuit Court of Appeals, affirmed a lower court’s decision
not to overturn the verdict or grant TD Bank a new trial in a
lawsuit brought by Texas investment partnership Coquina
Investments.

Jul 9, 2014

U.S. judge tosses Miami mortgage discrimination suit against BofA

By Dena Aubin

(Reuters) – A federal judge has dismissed the City of Miami’s mortgage discrimination lawsuit against Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), ruling the city lacked legal standing to sue for damages under the U.S. Fair Housing Act.

In a ruling with implications for other banks facing similar lawsuits, U.S. District Judge William Dimitrouleas on Tuesday said the city’s claims were outside the purpose of the 1968 law, meant to assure fair housing nationwide.

Jul 8, 2014

Wells Fargo loses latest bid to end L.A. discrimination suit

NEW YORK (Reuters) – A federal judge has denied Wells Fargo’s latest bid to end a lawsuit brought by the Los Angeles city government accusing the bank of discriminatory lending that led to a wave of foreclosures among minority borrowers.

In a ruling made public on Monday, U.S. District Judge Otis Wright denied the San Francisco-based bank’s motion to have an appeals court decide whether Los Angeles has legal standing to recover damages under the U.S. Fair Housing Act.

Jun 25, 2014

US housing finance regulator considers insurance suits

WASHINGTON, June 25 (Reuters) – A U.S. housing regulator
will look into whether lawsuits should be filed by
government-controlled mortgage finance firms Fannie Mae
and Freddie Mac against companies that left
them on the hook for overpriced insurance, a watchdog at the
regulator said on Wednesday.

Overpriced insurance may have cost the companies $158
million in 2012 alone, the Federal Housing Finance Agency’s
Office of Inspector General said in a report.

Jun 23, 2014

U.S. Supreme Court declines to narrow bank fraud statute

June 23 (Reuters) – The U.S. Supreme Court on Monday
declined to reduce the scope of a federal criminal law against
bank fraud, ruling that prosecutors do not need to prove that
defendants intended to defraud a bank.

In a ruling that was unanimous on the outcome, but split on
the reasoning, the court affirmed a decision by the Denver-based
10th U.S. Circuit Court of Appeals that the bank fraud statute
“casts a wide net for bank fraud liability.”

Jun 19, 2014

Judge rules Moore Stephens not liable over Puda Coal audits

NEW YORK (Reuters) – A federal judge has handed a victory to audit firm Moore Stephens, ruling it does not have to face claims that it violated securities laws by failing to uncover an accounting fraud at China-based Puda Coal.

In an opinion on Wednesday, U.S. District Judge Katherine Forrest in Manhattan ruled that U.S. investors suing over the fraud had not shown that the auditors committed negligence, let alone the egregious conduct needed to support their claims of securities violations.

Jun 16, 2014

City of Miami sues JPMorgan, claims mortgage discrimination

NEW YORK, June 16 (Reuters) – The city of Miami has sued
JPMorgan Chase & Co, accusing the bank of predatory
mortgage lending in minority neighborhoods that allegedly caused
a wave of foreclosures during the last decade’s housing crisis.

The lawsuit, filed on Friday in federal court in Florida,
said the country’s largest bank engaged in a continuous practice
of discriminatory mortgage lending since at least 2004,
violating the U.S. Fair Housing Act.

Jun 16, 2014

JPMorgan sued by Miami over alleged mortgage discrimination

NEW YORK (Reuters) – JPMorgan Chase & Co has been sued by the city of Miami, accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade’s housing crisis.

The lawsuit, filed on Friday in federal court in Florida, said the country’s largest bank engaged in a continuous practice of discriminatory mortgage lending since at least 2004, violating the U.S. Fair Housing Act.

Jun 9, 2014

Citi loses bid to stop L.A. mortgage discrimination suit

June 9 (Reuters) – A lawsuit by the City of Los Angeles
accusing Citigroup Inc of mortgage discrimination can go
forward, a federal judge ruled on Monday, turning down the
bank’s motion to dismiss the case stemming from last decade’s
real estate boom.

The lawsuit, filed in December, accuses Citigroup of
engaging in a “continuous pattern” of discrimination since at
least 2004 by targeting minorities for high-cost mortgage loans,
violating the U.S. Fair Housing Act. The city is seeking damages
from the bank for the costs of extra services and lost tax
revenue in blighted neighborhoods.