The U.S. Department of Justice appeared to have struck gold last week with the law it wielded against one of the nation’s largest banks over conduct that fueled the financial crisis. To convince a jury that Bank of America engaged …
Bank of America Corp. was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis. After a four-week …
Bank of America Corp.’s Countrywide unit placed profits over quality in a “massive fraud” selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday. The claim came at the start of the first case …
A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the U.S. Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said Monday that a “straightforward …
Moody’s Investors Service and Standard & Poor’s on Friday said they have settled two long-running lawsuits seeking to hold them responsible for misleading investors about the safety of risky debt vehicles that they had rated. The lawsuits had accused Moody’s, …
In a closely watched case in the art world, American artist Richard Prince won a federal appeals court order Thursday holding that he did not infringe the copyrights of a photographer by incorporating his images into 25 paintings and collages. …
A federal judge on Wednesday approved a $115 million settlement between American International Group Inc. shareholders and former CEO Maurice “Hank” Greenberg and other defendants over alleged improper accounting at the insurance giant. The accord is the latest in a …
The world’s biggest banks won a major victory on Friday when a U.S. judge dismissed a “substantial portion” of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions …
Credit Suisse Group AG has agreed to pay at least $400 million to settle lawsuits by investors over the Swiss bank’s role in raising money for a healthcare financing company that collapsed in a $2.9 billion fraud more than a …
A group of investors including state pension funds in North Carolina and Arkansas will be the lead plaintiffs in securities lawsuits arising out of Facebook Inc.’s $16 billion initial public offering, a U.S. judge ruled on Thursday. The investors, in …
