Bank of America Corp. is among a group of lenders that may face a wave of new lawsuits claiming cash-strapped counties were cheated out of millions of dollars by a system used for more than a decade to register mortgages.
Former Credit Suisse Group AG broker Eric Butler had his securities-fraud conviction overturned by a federal appeals court, which ruled that Brooklyn, New York, was the wrong venue for the trial on the charge.
Maan al-Sanea, founder of Saudi Arabia’s Saad Group, won dismissal of a $9.2 billion asset freeze in the Cayman Islands after Ahmad Hamad Algosaibi & Brothers Co. admitted failing to disclose evidence.
Ahmad Hamad Algosaibi & Brothers Co., a Saudi investment company that defaulted on billions of dollars of debt, won’t defend itself against a $250 million U.K. lawsuit filed by HSBC Holdings Plc and four other banks.
Maan al-Sanea, founder of Saudi Arabia’s Saad Group, must pay damages to competitor Ahmad Hamad Algosaibi & Brothers Co. for conspiracy and breach of fiduciary duty, a judge ruled in the Cayman Islands.
Citigroup Inc. and the U.S. Securities and Exchange Commission defended their $285 million settlement of claims that the bank misled investors in collateralized debt obligations as a judge questioned whether the deal is in the public interest.
A judge dismissed a suit by Basis Capital, an Australian hedge fund suing Goldman Sachs Group Inc. for losses related to credit default swaps, ruling that the complaint failed to show any purchase of securities in the U.S.