Category: Legal

SEC Sues Wells Fargo in $60 Billion RMBS Case

The SEC has applied to a U.S. District Court for an order enforcing subpoenas issued during its investigation into possible fraud in the offer and sale of nearly $60 billion of residential mortgage-backed securities by Wells Fargo.

Reuters: CIT Offers $75MM to End Fraud Lawsuit

Reuters reported that CIT asked a federal judge to approve a $75 million settlement proposal with former CIT shareholders in a class-action securities fraud lawsuit over actions preceding the large commercial lender’s 2009 bankruptcy.