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Eight Firms Settle RMBS Fraud Claims with FDIC

dsnews.com | June 3, 2016

By Brian Honea

Eight financial firms have settled for a combined total of $190 million with the Federal Deposit Insurance Corporation (FDIC) over claims of misrepresenting the quality of certain residential mortgage-backed securities to five failed FDIC-insured banks, according to an announcement from the FDIC on Thursday.

The FDIC, as a receiver for the five failed banks, filed six lawsuits from November 2011 to August 2012 claiming that the eight firms were in violation of federal and state securities laws regarding the sales of 21 Countrywide RMBS purchased by the five failed banks. In the suits, the FDIC claims there were misrepresentations in the offering documents for the 21 securities.

The eight firms involved in the settlement are, alphabetically: Barclays Capital Inc.; BNP Paribas Securities Corporation; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities Inc.; Edward D. Jones & Co., L.P.; Goldman, Sachs & Co; Royal Bank of Scotland (RBS) Securities Inc.; and UBS Securities LLC. The five banks in receivership that will receive the settlement funds are: Colonial Bank of Montgomery, Alabama; Franklin Bank, S.S.B. of Houston, Texas; Guaranty Bank of Austin, Texas; Security Savings Bank of Henderson, Nevada; and Strategic Capital Bank of Champaign, Illinois. Four out of the five banks failed in 2009; the only one that did not was Franklin Bank, which failed in November 2008.

With these six lawsuits, the FDIC has filed a total of 19 RMBS lawsuits on behalf of eight institutions, seeking damages for violations of federal and state securities laws, according to the FDIC. The last RMBS settlement for the FDIC prior to Thursday occurred in February 2016, when Morgan Stanley agreed to pay $62.95 million to settle four lawsuits which alleged that the investment banking firm sold toxic RMBS to three FDIC-insured banks that later failed, including Colonial Bank of Montgomery, Alabama.

In August 2015, the FDIC filed a lawsuit accusing Bank of New York Mellon of breaching its duties as bond trustee for $2.06 billion worth of RMBS purchased by Guaranty Bank of Austin, Texas.

 

 

 

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