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If It Is Broken, We Should Fix It
In her Securities Regulation column, Roberta S. Karmel, Centennial Professor and co-director of the Dennis J. Block Center for the Study of International Business Law at Brooklyn Law School, writes: It is increasingly apparent that the capital markets and their regulation are both broken. The financial press for July 2012 reads more like a scandal sheet than a newspaper.Unsecured creditors of bankrupt Champion Enterprises Inc. have come up empty in their breach of contract claim against Credit Suisse. On Thursday, a Delaware federal bankruptcy judge found that while Credit Suisse did breach a $187 million credit agreement with Champion, the breach did not damage the manufacturer of prefabricated housing, nor did it cause Champion's bankruptcy.
They say you can't beat the house. In litigation sparked by the collapse of the giant Fontainebleau casino project on the Las Vegas strip, neither the project's borrowers or a group of term lenders have been able to beat the banks.
Top U.S. Justice Department lawyers defended Wednesday's non-prosecution agreement with UBS AG and the guilty plea of a Japanese subsidiary, while class action plaintiffs lawyers called on UBS to compensate plaintiffs in parallel private litigation alleging that the bank manipulated LIBOR.
Cite as: In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS), NYLJ 1202489220302, at *1 (SDNY, Decided March 31, 2011)District Judge Richard J. Sull
Federal Housing Finance Agency Suing Top Banks Over Mortgage-Backed Securities
The Federal Housing Finance Agency filed suit today against 17 of the world's largest financial firms, seeking to recover losses suffered by Fannie Mae and Freddie Mac on private-label mortgage-backed securities.Trending Stories
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