BofA to Settle Mortgage Investors’ Class-Action
(NEW YORK) — Bank of America has agreed to settle a class-action lawsuit brought by investors who bought mortgage investments from Countrywide Financial, the California-based lender it acquired in 2008. The announcement came as the nation’s second biggest bank reported higher net income for the first quarter, but missed analysts’ expectations. Bank of America said Wednesday that it would pay $500 million to settle the lawsuit brought by the Maine State Retirement System and other pension funds who said Countrywide had misled them about the quality of the mortgages they bundled together and sold to investors before the crisis. The settlement is the latest reminder of the long fallout of Bank of America’s decision to buy Countrywide, which was known for making exotic loans. The purchase catapulted the bank into a spot at the top of the nation’s mortgage scene, but it’s been an albatross ever since, bringing lawsuits, regulatory investigations and quarterly losses. Bank of America ...
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United States: Poor Defined Benefit Pension Plan Investments: May Plan Participants Sue? - Reinhart Boerner Van Deuren S.C.
Fiduciaries of defined benefit pension plans should not to be lulled into comfort by a recent federal court decision.
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Found 1 month ago on channel
Mondaq
Looking worldly, feeling woolly
One of the best things to argue about in finance these days is macroeconomic research. Must we rely on economists to guide us through the socio-economic assault course before we reach an investment decision or should we stick steadfastly to trusted ratios and rid our minds of such fuzz?
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United States: Recent SEC Settlements Serve As Cautionary Tale About The Use Of Unregistered Broker-Dealers By Investment Advisers - Andrews Kurth LLP
The Securities and Exchange Commission recently announced settlements involving a private equity firm, its former senior managing director, and an individual "finder" who solicited investors as an independent consultant for the firm.
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Found 1 month ago on channel
Mondaq
Novartis loses landmark drug patent battle in India
India's Supreme Court on Monday rejected drug maker Novartis AG's attempt to patent an updated version of a cancer drug in a landmark decision that health activists say ensures poor patients around the world will get continued access to cheap versions of lifesaving medicines. Novartis had argued that it needed a patent to protect its investment in the cancer drug Glivec, while activists said the d...
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Found 1 month ago on channel
MSNBC