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: Does The SEC Like Social Media? Understanding The Application Of Regulation FD To Social Media - Venable LLP
The SEC seldom releases an investigation report under Rule 21(a) of the Exchange Act, but when it does, the information is usually important for all public companies.
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Found 1 month ago on channel
Mondaq
United States: The SEC Provides Guidance On The Use Of Social Media For Public Company Disclosure - Proskauer Rose LLP
On April 2, 2013, the Securities and Exchange Commission issued a "report of investigation" that provides important guidance for companies that wish to use social media outlets, such as Facebook and Twitter, to publicly disclose corporate developments.
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Found 1 month ago on channel
Mondaq
U.S. Makes Arrest Over Guinea Mining Rights
A French citizen was arrested by U.S. authorities over the weekend, accused of attempting to obstruct an investigation into bribes allegedly paid by a mining company to win mineral rights in Guinea.
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FBI, IRS Investigate Truck-Stop Chain
The CEO of truck-stop chain Pilot Flying J said he was "shocked" when FBI and IRS agents raided the company's headquarters Monday in an investigation that he said involved "the application of rebates."
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