Royal Park Investments SA/NV (“Royal Park”), a Belgian investment fund, filed a class action on behalf of itself and similarly situated investors against Bank of New York Mellon Corporation (“BNYM”).  The complaint alleged that BNYM breached its obligations as a trustee of $1.12 billion in residential mortgage-backed securities (“RMBS”) when it failed to cure, substitute

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”)

Goldman Sachs announced yesterday that it has agreed in principle to a $5.06 billion settlement with the U.S. Department of Justice (“DOJ”), which would resolve claims stemming from several state and federal investigations concerning the investment banking giant’s underwriting and sale of residential mortgage-backed securities (“RMBS”) from 2005 to 2007.  To date, the DOJ has