A lawsuit filed by European bank LBBW Luxemburg S.A. over an alleged $1.5 billion subprime mortgage-backed securities (MBS) fraud scheme was upheld by a federal judge, who denied the bank’s motions to dismiss. U.S. District Judge J. Paul Oetken let stand charges of fraud, breach of contract, negligent misrepresentation, and constructive fraud against Wells Fargo Securities LLC and Fortis Securities LLC.
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‘Failing to Supervise Employees’ Nets SEC Charges for Investment Bank
The Securities and Exchange Commission (SEC) announced Wednesday that it has charged global investment bank and brokerage firm Jefferies LLC with "failing to supervise employees on its mortgage-backed securities desk who were lying to customers about pricing."
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