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12 Jan 2015, 12:32 pm
On December 27, Ambac Assurance Corporation filed a complaint against several Countrywide entities and Bank of America Corporation in New York state court, seeking to recover at least $600 million in damages in connection with claims payments Ambac allegedly made under insurance policies it issued on eight RMBS trusts. [read post]
12 Jan 2015, 12:15 pm
On December 23, the United States Court of Appeals for the Second Circuit dismissed claims against Bank of New York Mellon, as trustee, by four pension funds in a putative class action relating to 530 Countrywide RMBS trusts worth $424 billion. [read post]
12 Jan 2015, 10:28 am
Bank National Association, as trustee for three RMBS trusts, filed three separate summonses with notice in the Supreme Court of the State of New York. [read post]
8 Jan 2015, 2:09 pm
On January 5, DBRS released its Master European RMBS Rating Methodology and Jurisdictional Addenda. [read post]
30 Dec 2014, 1:26 pm
Canadian trade law firm Woods LaFortune shared a ton of news on the Canada-Korean FTA, the RMB trading hub and the Canada-China FIPA, the Canadian anti-dumping investigation into Chinese solar panels, and a basic overview of NAFTA Chapter 11 investment provisions. [read post]
30 Dec 2014, 12:03 pm
First, the court explained how an RMBS trust works. [read post]
29 Dec 2014, 12:30 pm
The district court held that the TIA applied to RMBS trusts governed by PSAs. [read post]
27 Dec 2014, 2:19 am
2014. [read post]
3 Dec 2014, 3:33 pm
Merrill Lynch and BOAMS agreed to be enjoined from violating Securities Act Sections 5(b)(1), 17(a)(2), and 17(a)(3), and as part of the global settlement, Bank of America agreed to pay disgorgement of nearly $110 million, pre-judgment interest of over $6 million, and a civil penalty of nearly $110 million (see previous coverage in Securities Regulation Daily, August 21, 2014).The SEC had alleged that the respondents underwrote prime residential mortgage-backed securities (RMBS) known as… [read post]
21 Nov 2014, 12:02 pm
—breached representations and warranties in regard to almost $4 billion in RMBS. [read post]
21 Nov 2014, 12:01 pm
Monoline insurer Assured filed the action in 2010, alleging breaches of representations and warranties in a 2006 RMBS transaction. [read post]
21 Nov 2014, 11:53 am
FHFA, as conservator for Fannie Mae and Freddie Mac, alleges that Nomura made materially false statements in offering documents for RMBS between 2005 and 2007 in violation of Sections 11 and 12(a)(2) of the Securities Act of 1933. [read post]
21 Nov 2014, 11:51 am
On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. [read post]
21 Nov 2014, 7:01 am
Bank alleged that Citigroup breached representations and warranties with respect to loans underlying $832 million of RMBS. [read post]
14 Nov 2014, 11:59 am
The National Credit Union Administration, acting as liquidating agent for five failed credit unions, sued Deutsche Bank National Trust Company (DBNTC) for allegedly breaching its duties as trustee under the governing trust agreements for 121 RMBS trusts with a total original face value of approximately $140 billion. [read post]
11 Nov 2014, 12:18 pm
Bank violated their duty to ensure that the loans underlying 19 Washington Mutual RMBS portfolios did not contain missing, defective, or incomplete documents, and to ensure that defective loans were removed from the trusts. [read post]
10 Nov 2014, 10:10 am
Several news outlets in China are reporting that Unico Interactive, the makers of “Crouching Dragon Legends”, widely regarded as a clone of “Hearthstone”, has been ordered to pay Blizzard and its Chines partner 10,000,000 RMB ($1.6 million) in damages for copyright infringement. [read post]
8 Nov 2014, 4:43 pm
Investors should also note that the RMB is not a freely convertible currency. [read post]
5 Nov 2014, 1:20 pm
The District Court for the Southern District of Ohio recently limited the American Pipe tolling doctrine in a fraud suit arising out of the sale of residential mortgage-backed securities (“RMBS”). [read post]
26 Oct 2014, 1:47 am
Not long afterwards, he was recruited by the Centre for Optical and Electronic Research (COER) at South China University, at a salary of RMB 133,333 ($21,762) per month — three times his tenured position at the University of St. [read post]
