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

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Underwriter Competition and Bargaining Power in the Corporate Bond Market

Manconi, Alberto (Tilburg University, Center For Economic Research); Neretina, Ekaterina (Tilburg University, Center For Economic Research); Renneboog, Luc (Tilburg University, Center For Economic Research) study Underwriter Competition and Bargaining Power in the Corporate Bond Market. Worth reading Abstract: We develop… … Continue reading

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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

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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

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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

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