A New York appeals court on Dec. 1 rejected a JPMorgan Chase & Co. affiliate’s claim that it had not breached warranties it made when selling mortgage-backed securities in 2006. A panel of the intermediate-level Appellate Division, First Department, said the bank was bound by representations and warranties to its buyers about the creditworthiness of mortgage loans backing the bonds. The bank told buyers that a document listing the creditworthiness of each individual mortgage was “true, correct and complete in all material respects.”
BANK SETTLES OVER BRIBERY
ICBC Standard Bank PLC agreed on Nov. 1 to pay $36.9 million in a settlement with the U.S. and U.K. governments over a bribe paid to secure business with the Tanzanian government. It marked the first time that the U.K.’s Serious Fraud Office used a deferred-prosecution agreement against a company. The U.S. Department of Justice declined to prosecute on grounds the bank self-reported the wrongdoing and cooperated with the investigations.
N.Y. LAWMAKER CONVICTED
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
