Meg Slachetka

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Massachusetts Mutual Life Insurance Company (MassMutual) and RBS Securities Inc. (RBS) have reached a confidential agreement to settle MassMutual’s claims that RBS misrepresented the quality of $235 million in residential mortgage-backed securities (RMBS) sold to MassMutual between 2005 and 2007. MassMutual’s complaint alleges that RBS Financial Products Inc. (then operating as Greenwich Capital Financial Products…

Last week, a German regional court in Braunschweig ordered that shareholder litigation against Volkswagen AG proceed to a German court of appeals.  The 170 separate shareholder suits allege that Volkswagen defrauded investors when it concealed that the company falsified emissions data in 11 million of its diesel vehicles.   Together, the suits bring claims of nearly…

The Appellate Division of the New York Supreme Court, First Judicial Department, held this week that Bank of New York Mellon (BNY Mellon) could be liable for its failure to maintain complete mortgage loan files in its capacity as trustee for certain residential mortgage backed securities (RMBS).  The appellate court affirmed the trial court’s denial…

Earlier this month, California Attorney General Kamala Harris filed suit against Morgan Stanley in San Francisco Superior Court, alleging violations of the California False Claims Act and other state laws.  Brought on behalf of the California Public Employees Retirement System—the nation’s largest pension fund—and the California State Teachers Retirement System, the suit alleges that Morgan…

On February 23, the U.S. Court of Appeals for the Second Circuit vacated the district court’s dismissal of a fraud case brought by Simmtech Co. Ltd. — a Korean circuit board manufacturer — against Citigroup Inc. and certain of its affiliates.  Between 2006 and 2008, Simmtech purchased “knock in knock out” derivatives contracts (commonly known…

Last week, 11 Wall Street banks agreed to pay more than $63 million to settle claims brought against them by the Commonwealth under the Virginia Fraud Against Taxpayers Act. Brought by the Virginia attorney general, the suit originally sought $1.15 billion against the banks for alleged misrepresentation of the quality of residential mortgage-backed securities (“RMBS”)…

Earlier this month, Chinese law enforcement officials arrested the manager of prominent hedge fund Zexi Investment, as well as executives of trading company Yishidun, for alleged futures trading schemes. First reported by state news service Xinhua, these arrests are part of the Chinese government’s escalating efforts to rein in abuses in the nation’s securities industry…