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…
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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