New Jersey Carpenters Health Fund v. The Royal Bank of Scotland Group, plc et al

  1. March 11, 2019

    $165M NovaStar Deal OK'd Over FHFA Objections

    A Manhattan federal judge gave final approval on Friday to a $165 million settlement between underwriters of the failed subprime lender NovaStar and hundreds of investors, rejecting objections from the Federal Housing Finance Agency and Freddie Mac that they shouldn't be included in the class.

  2. May 10, 2017

    Big Banks' $165M Deal Gets Initial OK In NovaStar MBS Suit

    A New York federal judge on Tuesday preliminarily approved a $165 million settlement to be paid by Wells Fargo, Deutsche Bank and the Royal Bank of Scotland, putting them one step closer to resolving a class action over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.

  3. March 15, 2017

    Wells, Deutsche Bank, RBS To Pay $165M In NovaStar Deal

    Wells Fargo & Co., Deutsche Bank AG and the Royal Bank of Scotland PLC on Wednesday agreed to pay $165 million to settle a class action lawsuit over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.

  4. November 04, 2016

    $7.7B NovaStar MBS Buyers Win Cert. In Suit Against Banks

    A New York federal judge on Friday certified a class of investors to pursue fraud claims against Deutsche Bank, RBS and Wells Fargo for underwriting $7.7 billion of NovaStar mortgage-backed securities, ruling the fundamental question of whether the banks lied ties the investors' claims together.

  5. September 01, 2016

    Discovery Feud Rages In $7.7B NovaStar MBS Fraud Action

    Investors seeking to hold the big banks that underwrote $7.7 billion of bankrupt NovaStar Mortgage Inc.'s mortgage-backed securities liable for fraud ripped the financial institutions in Manhattan federal court Thursday for allegedly walking away from discovery obligations.

  6. August 31, 2016

    Banks Say NovaStar Bankruptcy Halts $7.7B MBS Suit

    Royal Bank of Scotland Group PLC, Deutsche Bank AG and Wells Fargo have shot back at a proposed class of investors seeking to continue discovery in a New York federal suit over $7.7 billion in mortgage-backed securities issued by NovaStar Mortgage Inc., saying NovaStar's bankruptcy freezes the suit.

  7. February 05, 2015

    $7.7B MBS Suit Against RBS Shows Signs Of Life

    Royal Bank of Scotland Group PLC, Deutsche Bank AG and others may face a class action over $7.7 billion in mortgage-backed securities, after a New York federal judge on Thursday revived the suit after the Second Circuit nixed her earlier dismissal of the case.

  8. April 04, 2011

    Moody's, Standard & Poor's Escape $7.8B MBS Suit

    A New York federal judge on Thursday dismissed Moody's Investors Service Inc. and Standard & Poor's Financial Services LLC from a class action accusing them and several bank underwriters of downplaying the risks associated with $7.75 billion in mortgage-backed securities offerings.