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Credit Suisse Settles Great Recession Case for $495M

October 26, 2022 by Louis Chunovic

Credit Suisse Settles Great Recession Case for $495M

The New Jersey Attorney General’s Office has reached a $495 million “settlement in principle” with Credit Suisse to resolve “allegations of fraud and deceit in the sale of the toxic mortgage-backed securities,” that fueled the 2008 financial crisis. For those who might have forgotten: That was the financial crisis that rocked Wall Street at the… Read More >>

Filed Under: Derivatives Operations, Securities Operations, Clearing, Data Management, Operational Risk, Governance, Diversity, Equity, and Inclusion (DEI), KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Derivatives, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: Credit Suisse, Dodd-Frank, operational risk, OTC derivatives, regulatory reporting, residential mortgage-backed securities (RMBS), risk management, RMBS fraud, Securities Operations, wall street

Deutsche Bank’s Revamp Spurs 1,000 More Layoffs

October 12, 2016 by Eugene Grygo

Deutsche Bank will be cutting “another 1,000 jobs” after reaching an agreement with its group and general works councils “on role reductions in Germany,” and as part of its Strategy 2020, which calls for the elimination of 9,000 people from its work force. News of the additional layoffs has gotten little attention as major media… Read More >>

Filed Under: Derivatives Operations, General Interest, KYC, Regulation & Compliance, Derivatives, Regulatory Compliance, Industry News Tagged With: Deutsche Bank, DOJ, layoffs, residential mortgage-backed securities (RMBS), RMBS, RMBS fraud, U.S. Department of Justice

Is the JPMorgan Penalty Just the Start?

November 21, 2013 by Eugene Grygo

The $13 billion penalty levied by the Justice Department and other officials against JPMorgan for its “serious misrepresentation” in the packaging of residential mortgage-backed securities is a clarion call for financial services firms that law enforcement and regulators are on high alert for RMBS-related fraud. The JPMorgan case is also a harbinger of more to… Read More >>

Filed Under: Minding the Gap Tagged With: CFTC, derivatives trading, JP Morgan, Mary Jo White, Minding the Gap, RMBS fraud, SEC

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