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Economy
In reply to the discussion: Weekend Economists Stamp Out Ignorance December 27-29, 2013 [View all]Demeter
(85,373 posts)12. U.S. judge expands classes in lawsuits over $34 billion mortgage debt
http://news.yahoo.com/u-judge-expands-classes-lawsuits-over-34-billion-224200408--sector.html
A Manhattan federal judge on Friday expanded the scope of class-action litigation accusing banks of concealing the risks of more than $34 billion of mortgage-backed securities prior to the financial crisis.
U.S. District Judge Harold Baer said investors may now pursue claims as a group against Citigroup Inc , Goldman Sachs Group Inc and UBS AG over an estimated $11.9 billion of securities.
Those offerings were linked to the RALI Mortgage Asset-Backed Pass-Through Certificates, which were issued in 2006 and 2007 by the former Residential Capital LLC. One offering was the subject of a partial $100 million settlement this year.
Baer also said investors may pursue a similar case against Royal Bank of Scotland Group Plc over an estimated $22.5 billion of securities in 12 offerings linked to the Harborview Mortgage Loan Trusts, which were also created in 2006 and 2007.
The judge also named the Iowa Public Employees Retirement Systems and Illinois' Midwest Operating Engineers Pension Trust Fund as class representatives in the Harborview case...
MORE
A Manhattan federal judge on Friday expanded the scope of class-action litigation accusing banks of concealing the risks of more than $34 billion of mortgage-backed securities prior to the financial crisis.
U.S. District Judge Harold Baer said investors may now pursue claims as a group against Citigroup Inc , Goldman Sachs Group Inc and UBS AG over an estimated $11.9 billion of securities.
Those offerings were linked to the RALI Mortgage Asset-Backed Pass-Through Certificates, which were issued in 2006 and 2007 by the former Residential Capital LLC. One offering was the subject of a partial $100 million settlement this year.
Baer also said investors may pursue a similar case against Royal Bank of Scotland Group Plc over an estimated $22.5 billion of securities in 12 offerings linked to the Harborview Mortgage Loan Trusts, which were also created in 2006 and 2007.
The judge also named the Iowa Public Employees Retirement Systems and Illinois' Midwest Operating Engineers Pension Trust Fund as class representatives in the Harborview case...
MORE
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