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Category Archives: Bank of New York Mellon

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WaMu Settles Multidistrict Shareholder Class Action for $105 Million

Posted in Bank of New York Mellon, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Institutional Investors, Investment Banks/Deal Sponsors, JP Morgan Chase, Morgan Stanley, Ontario Teachers' Pension Plan Board, UBS, Washington Mutual

On September 6, 2011, a Delaware bankruptcy judge approved Washington Mutual’s $105 million settlement with shareholders in a multidistrict suit alleging that defendants — including Washington Mutual, its officers, directors, underwriters, and auditor — violated federal securities laws by abandoning sound credit risk management policies during the housing bubble. Plaintiffs — led by Ontario Teachers’… Continue Reading

AIG Becomes Most Recent Objector to BofA’s Proposed $8.5 Billion RMBS Settlement

Posted in AIG, Bank of America, Bank of New York Mellon, Countrywide Financial, Delaware Attorney General, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, New York Attorney General, Regulators/Government Entities, Trustees, Walnut Place LLC

On September 6, 2011, American International Group Inc. (“AIG”) joined several other movants – including dozens of investors, a group of homeowners, bond insurers, federal regulators, and the attorneys general of New York and Delaware — seeking to intervene in the proceedings of the proposed $8.5 billion settlement between Bank of New York Mellon (“BNYM”)… Continue Reading

Bank of New York Mellon Moves to Remand to State Court Dispute Over Proposed $8.5 Billion RMBS Settlement

Posted in Bank of America, Bank of New York Mellon, Countrywide Financial, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, Trustees, Walnut Place LLC

On September 1, 2011, Bank of New York Mellon (“BNYM”) moved to remand to New York state court the proceedings regarding its proposed $8.5 billion settlement with Bank of America (“BofA”), which intervenor Walnut Place removed to the Southern District of New York on August 26, 2011. BNYM argues that the dispute over the fairness… Continue Reading

Federal Regulators NCUA and FHFA Among Several Additional Objectors to BofA’s Proposed $8.5 Billion RMBS Settlement

Posted in Bank of America, Bank of New York Mellon, Countrywide Financial, Federal Housing Finance Agency, Goldman Sachs, Goldman Sachs Asset Management, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, National Credit Union Administration, Public Pension Funds, Regulators/Government Entities, Trustees

On August 30, 2011, several more objections were made to the proposed $8.5 billion settlement between Bank of America (“BofA”) and Bank of New York Mellon (“BNYM”). The proposed settlement, if approved, would resolve the claims of holders of 530 Countrywide residential mortgage-backed securities (“RMBS”) having unpaid principal balances totaling $174 billion. The most recent… Continue Reading

BofA’s $8.5 Billion Proposed RMBS Settlement Removed to Federal Court

Posted in Bank of America, Bank of New York Mellon, Countrywide Financial, Federal Deposit Insurance Corporation, Good Hill Partners LP, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, Regulators/Government Entities, RMBS Acquisition Co LLC, Trustees, Walnut Place LLC, Waterfall Eden Master Fund Ltd.

On August 26, 2011, Walnut Place LLC removed to New York federal court the dispute concerning the $8.5 billion proposed settlement between Bank of America (“BofA”) and Bank of New York Mellon (“BNYM”), which, if approved, would resolve claims of holders of 530 Countrywide residential mortgage-backed securities (“RMBS”). Walnut Place asserts that the proceeding, originally… Continue Reading

Investors Permitted to Intervene in BofA’s Proposed $8.5 Billion RMBS Settlement

Posted in AIG, Bank of America, Bank of New York Mellon, Bond Insurers, CIFG Assurance North America Inc., Countrywide Financial, Cranberry Park, Delaware Attorney General, Federal Home Loan Banks, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, New York Attorney General, Public Pension Funds, Regulators/Government Entities, TM1 INVESTORS, Triaxx Prime CDOs, Trustees, V RE-REMIC LLC, Walnut Place LLC

On August 22, 2011, New York Judge Barbara Kapnick granted several investors’ motions to intervene in the proposed $8.5 billion settlement between Bank of America (“BofA”) and Bank of New York Mellon (“BNYM”) which, if approved, would resolve the claims of holders of 530 Countrywide residential mortgage-backed securities (“RMBS”). The omnibus order grants the unopposed… Continue Reading

New York Attorney General Urged to Support State Settlement With Banks, Criticized for Objecting to BofA’s $8.5 Billion Settlement Proposal

Posted in Associate Attorney General of the Unites States, Bank of America, Bank of New York Mellon, Citigroup, Department of Justice, Federal Reserve Bank of New York, Investment Banks/Deal Sponsors, Iowa Attorney General, JP Morgan Chase, New York Attorney General, Regulators/Government Entities, Secretary of Housing and Urban Development, Trustees, Wells Fargo

According to an August 21, 2011 New York Times article, New York Attorney General (“NYAG”) Eric T. Schneiderman is facing pressure from the Obama administration to abandon his opposition to a state settlement with major banks — including Bank of America (“BofA”), Citigroup, JP Morgan Chase, and Wells Fargo — over questionable foreclosure practices. The… Continue Reading

Bank of New York Mellon Opposes New York Attorney General’s Intervention in $8.5 Billion Settlement

Posted in Bank of America, Bank of New York Mellon, Investment Banks/Deal Sponsors, New York Attorney General, Regulators/Government Entities, Trustees

On August 16, 2011, Bank of New York Mellon (“BNYM”) filed a memorandum opposing New York Attorney General (“NYAG”) Eric Schneiderman’s motion to intervene in and block the proposed $8.5 billion settlement between Bank of America (“BofA”) and BNYM which, if approved, will resolve claims of holders of Countrywide residential mortgage-backed securities (“RMBS”). In its… Continue Reading

Knights of Columbus Seeks Accounting of 18 RMBS from Bank of New York Mellon

Posted in Bank of America, Bank of New York Mellon, Countrywide Financial, Institutional Investors, Investment Banks/Deal Sponsors, Knights of Columbus, Mortgage Originators

On August 16, 2011, Knights of Columbus, a Catholic charitable organization, amended its May 26, 2011 complaint against Bank of New York Mellon (“BNYM”) to request a full accounting of 18 residential mortgage-backed securities (“RMBS”) trusts in which it invested, all of which are serviced by Countrywide and for which BNYM acted as trustee. According… Continue Reading

AIG Sues BofA for $10 Billion Over “Defective” RMBS; Moves to Intervene in BofA’s $8.5 Billion Settlement With Countrywide RMBS Investors

Posted in AIG, Bank of America, Bank of New York Mellon, Countrywide Financial, Delaware Attorney General, Institutional Investors, Investment Banks/Deal Sponsors, Merrill Lynch, Mortgage Originators, New York Attorney General, Regulators/Government Entities, Trustees

On August 8, 2011, American International Group (“AIG”) filed suit in New York state court against Bank of America (“BofA”), Countrywide, and Merrill Lynch, among others, in connection with nearly 350 residential mortgage-backed securities (“RMBS”) defendants purportedly created, marketed, and sold to AIG between 2005 and 2007. The complaint alleges that defendants perpetuated a “massive… Continue Reading

NY Attorney General Seeks to Block Bank of America Settlement

Posted in Bank of America, Bank of New York Mellon, Delaware Attorney General, Investment Banks/Deal Sponsors, New York Attorney General, Regulators/Government Entities, Trustees

On August 4, 2011, New York Attorney General (NYAG) Eric Schneiderman moved to intervene in Bank of America’s (BOA’s) proposed $8.5 billion settlement with Bank of New York Mellon (BNYM) that would resolve claims from holders of Countrywide RMBS. According to the NYAG’s filing, the proposed settlement is unfair because it represents only a fraction… Continue Reading

Public Pension Funds Seek Expedited Discovery In BofA Settlement

Posted in Bank of America, Bank of New York Mellon, Investment Banks/Deal Sponsors, Trustees

On July 27, 2011, a group of public pension fund investors that intervened in the proposed Bank of America (BofA) settlement filed an Order to Show Cause seeking expedited discovery from BofA and Bank of New York Mellon (BNY Mellon). To object to the settlement, investors are required to file, by August 30, 2011, a… Continue Reading

Public Pension Funds Object to Proposed BofA Settlement

Posted in Bank of America, Bank of New York Mellon, Countrywide Financial, Institutional Investors, Investment Banks/Deal Sponsors, Mortgage Originators, Public Pension Funds, Trustees, Walnut Place LLC

On July 6, 2011, a group of public pension funds joined other investors objecting to the proposed settlement between Bank of America Corp. and holders of Countrywide Financial Corp. securities. The funds object on the grounds that the proposed settlement favors investors who purchased significantly discounted Countrywide securities on the secondary market while short-changing long-standing… Continue Reading

WaMu Settles Shareholder Class Action for $208.5 Million

Posted in Bank of New York Mellon, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Institutional Investors, Investment Banks/Deal Sponsors, JP Morgan Chase, Morgan Stanley, Ontario Teachers' Pension Plan Board, Washington Mutual

On June 30, 2011, lead plaintiff Ontario Teachers’ Pension Plan Board asked a federal court in Washington to approve a $208.5 million settlement with Washington Mutual, Inc. and its fellow defendants in a consolidated shareholder class action lawsuit. Plaintiffs, which include large pension funds as well as individual investors that purchased shares of Washington Mutual… Continue Reading

Bank of America to Settle RMBS Claims for $8.5 Billion

Posted in Bank of America, Bank of New York Mellon, BlackRock, Countrywide Financial, Goldman Sachs, Goldman Sachs Asset Management, ING, Institutional Investors, Invesco, Investment Banks/Deal Sponsors, MetLife Inc., Mortgage Originators, Nationwide, New York Life, PIMCO, Prudential, Trustees

On June 29, 2011, Bank of America announced that it reached an agreement to resolve nearly all of its legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure, representing 530 trusts with an original principal balance of $424 billion. The agreement includes a cash payment of $8.5 billion to the covered trusts to be made… Continue Reading

State AGs Investigate MBS Trustees

Posted in Bank of New York Mellon, Delaware Attorney General, Deutsche Bank, New York Attorney General, Regulators/Government Entities, Trustees

The attorneys general of New York and Delaware have requested information from Bank of New York Mellon and Deutsche Bank in connection with the banks’ role in securitizing mortgages, according to the New York Times. Bank of New York Mellon and Deutsche Bank were among the banks that served as trustees responsible for administering mortgage-backed… Continue Reading