The move, made amidst a knotty U.S. tax probe that has wreaked havoc among Switzerland's private banks, is being called "totally against the law."
S.E.C. v. BankAtlantic Bancorp Inc. (S.D. Fla.)
OPINION – The S.E.C. claimed that Bancorp transferred bad real estate loans to a subsidiary and gave the subsidiary $100 million to “pay” for the bad loans, creating false and misleading understatements of Bancorp’s losses. Bancorp wanted discovery on any similar cases investigated by the S.E.C., but the court ruled that such extensive discovery would be irrelevant.
Cleveland v. Taylor (Tex.App.-Hous. (1 Dist.))
OPINION - Summary judgment against defendants was proper, where defendants made representations regarding oil well's productivity and potential returns on investments, but provided no return to investors and no documentation of their interests in the well; motion to compel arbitation was also denied.
Oddo Asset Mgmt. v. Barclays Bank (N.Y.)
OPINION – The New York Court of Appeals has upheld the dismissal of a lawsuit against Barclays Bank and Standard and Poor’s over the alleged dumping of toxic mortgage-backed securities into two structured investment vehicles, finding that no fiduciary duty was owed to the SIVs’ investors.
Gary Foster pleaded guilty in 2011 to a 7-year scheme in which he would wire Citigroup funds into his own personal account at a different bank.
About a dozen people have been charged in connection with the epic Ponzi scheme, and U.S. Attorney Preet Bharara suggested that prosecutors may not be done.
Howard Schloss, the regulator's head of corporate communications and government relations, will end his 12-year run in September.
The lawsuit had been brought against Bank of America by investors who wanted the bank to buy back mortgage loans issued during the financial crisis.
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