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Stories of Interest
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
- SEC Launches Share Class Selection Disclosure Initiative to Encourage Self-Reporting and the Prompt Return of Funds to Investors
- BofA CEO Moynihan Got $23Mn Compensation for 2017 – a 15% Pay Raise
- Former Credit Suisse ‘Star’ Gets 5-Year Jail Term For "Clever Fraud"
- FINRA: Perspectives on Customer Arb Award Recovery
- FINRA: Amend Membership App Program to Incentivize Arbitration Award Payments
- Goldman's #2 Allegedly Swindled Out of $1.2Mn of Wine by Assistant
- FINRA Publishes Annual Budget Summary - No Fee Rate Increases for Member Firms
- CFTC Chairman Giancarlo Names Maggie Sklar Senior Counsel
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NEWSLETTERS & ALERTS
JPMorgan to Pay $400Mn to Settle Toxic MBS Litigation
JPMorgan has settled a $2 billion lawsuit by agreeing to pay $400 million to the U.K. subsidiaries of Ambac Assurance and Assured Guaranty. The insurers were suing over toxic mortgage-backed securities that the investment bank sold to the insurers and their clients just prior to the 2008 credit crisis. Thus ends, yet, another credit crisis lawsuit.
JPMorgan had invested ScottishRe funds in non-agency mortgage-backed securities and, according to the plaintiffs, ignored its investment mandate by continuing to buy mortgage bonds even as warning signs of a market deterioration began to multiply. Scottish Re and its associated securitization vehicles subsequently were hit by multiple downgrades from ratings agencies, which left them with heavy losses.