Henry Raschen of HSBC Securities, has a short piece at FTSEGlobalMarkets.com about the Dodd-Frank Act (“DFA”). (FTSEGM). Some quick take-aways: The registration requirement applies to US private advisers and non-US private advisers that advise funds with US investors; Many smaller non-US domiciled private advisers may have failed to register correctly; All registered private advisers with…
This is not breaking news, but I came across this in my research and thought it interesting. Law firm Winston & Strawn formed an RMBS “Rapid Response Team” earlier this year to help firms subject to investigation by President Obama’s RMBS Working Group, which was formed to investigate RMBS fraud. A description of the team…
Michelle Conlin reports for Reuters about a Washington State Court ruling that MERS (Mortgage Electronic Registration Systems) did/does not have the legal authority to foreclose on a home. The article can be found here. The crux of the decision is summarized in this: The Washington Supreme Court held that MERS’ business practices had the “capacity…
Two items hit the tape today on the RMBS litigation front: 1. There was a win for plaintiffs in attacking the standing argument that has been so effective for defendants. See the AmLaw piece here and the Second Circuit unanimous decision here. 2. The National Credit Union Administration filed against UBS for over $1B in damages…
In an RMBS litigation by the City of Ann Arbor Employees’ Retirement System as lead plaintiff against Citigroup et al, a settlement has been proposed of $13.20 per $1,000 or 1.32 cents on the dollar. As observers of RMBS settlements will note, this is the mid-range of recent settlements. Read the memorandum of law, submitted…
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