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Tag Archives: Bond
SEC Charges College Official for Fraudulently Concealing Financial Troubles From Municipal Bond Investors
The Securities and Exchange Commission today charged the former controller of a New York-based not-for-profit college with defrauding municipal securities investors by fraudulently concealing the college’s deteriorating finances.According to the SEC’s complaint, in recent years, the College of New Rochelle … Continue reading
Posted in Banking and Finance law
Tagged Bond, Charges, College, Concealing, Financial, Fraudulently, Investors, Municipal, official, Troubles
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Philadelphia Sues Citigroup, Goldman Sachs, Bank of America and Other Big Banks, Alleges Municipal Bond Rigging
The city of Philadelphia, Pennsylvania is suing Bank of America (BAC), Goldman Sachs (GS), Citigroup (C), Wells Fargo & Co. (WFC), Barclays Plc (BAR), JPMorgan Chase & Co. (JPM), and Royal Bank of Canada (RBC) for allegedly rigging rates for … Continue reading
Posted in Securities Law
Tagged alleges, America, Bank, Banks, Bond, Citigroup, Goldman, Municipal, Philadelphia, Rigging, Sachs, sues
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Court Rejects Bond Insurer’s Coverage Trigger Defense and Notice Prejudice Rule Arguments
In an interesting recent decision, a court rejected two defenses a Financial Institution Bond insurer asserted in denying coverage for a bank’s losses arising from a $3.6 million loan extended in reliance on documents that proved to have been forged. … Continue reading
Federal Court Rejects Insurer’s Narrow Interpretation of Securities Insuring Agreement and Applies Notice-Prejudice Rule to Financial Institution Bond
A federal court last month turned away an insurer’s legal arguments seeking to avoid financial institution bond coverage for a bank’s losses resulting from a borrower’s use of forged documents to obtain a $3.6 million loan. In doing so, the … Continue reading
Posted in Insurance
Tagged Agreement, Applies, Bond, Court, Federal, Financial, Institution, Insurers, Insuring, Interpretation, narrow, NoticePrejudice, Rejects, Rule, Securities
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