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.
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.
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.”
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.
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.
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.
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.
By Dena Aubin
(Reuters) – Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) and QBE Insurance Corp have agreed to pay $228 million to settle claims that they engaged in a kickback scheme inflating the cost of insurance that homeowners were forced to buy, according to a court filing.
The deal reached in Miami federal court is the latest of several multi-million-dollar settlements reached over “force-placed” insurance, which is coverage that lenders arrange to protect their interest in a property when a homeowner’s insurance has lapsed.
NEW YORK, March 28 (Reuters) – A federal judge in Manhattan
has ruled that a group of international banks must face
complaints that they violated the U.S. Commodity Exchange Act by
manipulating yen-denominated interest rate benchmarks between
2006 and 2010.
In a ruling on Friday, U.S. District Judge George Daniels
also granted the banks’ motion to dismiss related claims against
them for antitrust violations and unjust enrichment.
NEW YORK (Reuters) – A proposed class action by a Detroit pension fund accusing Goldman Sachs of misleading investors about mortgage-backed securities can go forward, a federal judge has ruled.
Filed in 2010 by Detroit’s police and fire retirement system, the lawsuit accused Goldman of misrepresenting the standards used to qualify borrowers for mortgage loans that were pooled into securities and bought by the fund.