Legal / Fraud

American Airlines to Reprice $1.9B Exit Financing

Reuters reported that American Airlines is seeking to reprice its $1.9 billion exit financing with Deutsche Bank, the lead arranger. The article said the goal is to reprice the loan to a LIB+325 spread, with a 1% LIBOR floor. read more

November Commercial Bankruptcy Filings Fall 28% From 2012

Total bankruptcy filings in the U.S. for November decreased 15% compared to the previous year, and commercial filings dropped 28%, according to the American Bankruptcy Institute. read more

SEC Charges Fifth Third with Improper Accounting During Crisis

The SEC charged Fifth Third and its former CFO, Daniel Poston, with improper accounting of commercial real estate loans in the midst of the financial crisis. read more

Six Banks Fined $2.3B by EU for Rate Rigging

Bloomberg reported that six international banks were fined a record $2.3 billion by the European Union for rigging rates linked to LIBOR. read more

U.S., European Banks’ Legal Costs Exceed $177B Since Crisis

Bloomberg reported the six biggest U.S. banks have allotted more than $100 million to cover litigation and settlement expenses since the financial crisis. Europe’s largest banks have racked up more than $77 billion. read more

JPMorgan Reaches $13B Mortgage Settlement With U.S.

The U.S. Justice Department announced a $13 billion settlement with JPMorgan to resolve claims arising out of the packaging, marketing, sale and issuance of RMBS by JPMorgan, Bear Stearns and Washington Mutual. read more

Key EF Sues to Collect $1.9MM from Hospital

The Brownsville Herald reported that Key Equipment Finance has filed a civil complaint against Brownsville Doctors Hospital, claiming the hospital owes $1.9 million in medical equipment lease payments. read more

Global Aviation Files Chapter 11

Global Aviation Holdings announced the company and its subsidiaries filed voluntary petitions under Chapter 11. The company intends to continue to operate during the reorganization process. read more

WSJ: U.S Seeks $864MM from BofA Over 'Hustle' Loans

The Wall Street Journal reported that the U.S. government is seeking $864 million in penalties from Bank of America over a loan production program called the “Hustle.” read more

SAC Capital to Pay Largest Insider Trading Fine Ever

Bloomberg reported that SAC Capital will pay $1.8 billion to resolve a criminal indictment brought against the firm for insider trading. The fine is the largest fine for insider trading in U.S. history. read more

Fannie Mae Sues Banks Over LIBOR Rigging

Bloomberg reported that Fannie Mae sued nine banks alleging their manipulation of the LIBOR rate, which four of them admitted, cost FNMA about $800 million. read more

SEC Charges Stryker with FCPA Violations

The SEC said it charged medical technology company Stryker with violating Foreign Corrupt Practices Act alleging bribery to obtain or retain business. Stryker agreed to pay more than $13.2 million to settle the charges. read more

WSJ: JPMorgan Talks Stall in Settlement Effort

The Wall Street Journal reported that a multibillion-dollar settlement between JPMorgan Chase and the U.S. over soured mortgage bonds is may collapse due to disagreements over a criminal probe. read more

Bloomberg: Countrywide Found Liable for Defective Loans

Bloomberg reported that BofA’s Countrywide unit was found liable by a jury for selling Fannie Mae and Freddie Mac thousands of defective loans in the first mortgage-fraud case brought by the U.S. government to go to trial. read more

A JPMorgan Settlement May Impact Other Subprime Lenders

The Street reported that JPMorgan’s prospective $13 billion settlement with the Department of Justice clouds a banking sector that is struggling to grow in a weak economic recovery. read more

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Terry Mulreany
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