Saturday, 20 September 2014
Last updated 1 day ago
May 20 2011 | 8:51am ET
A California appellate court has cleared the way for a class action against Countrywide Financial, a company whose name is synonymous with the mortgage-backed securities at the heart of the 2008 financial crisis.
The court reversed a 2010 state court decision dismissing claims against Countrywide, a Bank of America unit, on the grounds that the case should have been brought in a federal, not a state court.
On appeal, investors argued that the state court had improperly interpreted portions of the Securities Act allowing investors to file class actions asserting claims in state court. The appellate panel agreed, reversing the lower court's decision in its entirety, allowing the class action to proceed.
Investor David Luther, a number of pension funds and other institutions sued Countrywide alleging the lender issued mortgage-backed securities between 2005 and 2007 with false and misleading statements as stipulated under the federal Securities Act of 1933.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.