Securities Fraud Lawyers Blog

$5.5 Billion Settles One of Two Mortgage-Backed Securities Lawsuits for RBS

Published on: July 7, 2017 | by Savage Villoch Law, PLLC

The Royal Bank of Scotland (RBS) recently reached a settlement sum of $5.5 billion with the U.S. Federal Housing Finance Agency (FHFA) in the agency’s lawsuit.

One down, one to go

This settles at least one of the the two mortgage-baked securities lawsuits against RBS in U.S. courts. Another lawsuit remains pending with the U.S. Department of Justice (DOJ). According to the Reuters article, experts are estimating at least $10 billion will go towards the settlement. It is slated to be the largest fine ever paid by the bank in U.S. courts.

Why Big Banks Have a Financial Doomsday Plan

Published on: June 30, 2017 | by Savage Villoch Law, PLLC

Amid the fallout of 2008, when the nation’s banking giants toppled and our economy was sent reeling, Federal legislators and regulators decided that changes were needed. Most of these changes took shape as the Dodd-Frank Act, which provide the framework for much of our current banking regulation and oversight.

You’re probably familiar with Dodd-Frank, at least in part. It’s been a near constant topic of discussion on both Wall Street and Capitol Hill since it took effect. And this conversation has only increased during the Trump Administration.

However, did you know that part of Dodd-Frank requires banks to submit a financial doomsday plan outlining how they will dissolve in the event of a catastrophic collapse?

3 Tips for Protecting Your Investments Against Ransomware

Published on: June 23, 2017 | by Savage Villoch Law, PLLC

There’s a new wild west. The internet age has brought bank robbers from the prairie plains to the world wide web. As investors and brokerage firms increasingly rely on computers for processing trades and managing portfolios, the risk of your investment data increases too. One of the biggest threats to online data is ransomware.

What is Ransomware?

Ransomware is a computer virus that targets your computers digital files and literally holds them for ransom until a payment is sent for their release. So far this year, we have already experienced two widespread ransomware attacks: the WannaCry virus, back in May, and now the Petya virus in June.

Common Online Trading Myths

Published on: June 19, 2017 | by Savage Villoch Law, PLLC

Nowadays, online trading has become a preferred method for many investors. From casual, at-home investors to more seasoned investors, online trading provides an accessible and efficient platform for securities trading.

While online trading has grown in popularity, there are still some common misconceptions about it. You may have heard someone telling you that online trading is not secure or that you don’t have access to actionable investment advice with these platforms.

This is untrue.

Bad Actors: Tips for Spotting the Financial Industry’s Bad Apples

Published on: June 9, 2017 | by Savage Villoch Law, PLLC

We’ve all seen bad actors in movies and T.V., but did you know that bad actors can be found on Wall Street and other financial industry institutions? The Financial Industry Regulatory Authority (FINRA) recently released a statement outlining the need for checks-and-balances against bad actors.

What are bad actors?

FINRA defines a bad actor as one within the financial industry “who seeks to evade regulatory requirements and harm investors for their own personal gain”. Essentially, they’re con artists; fraudsters.

Stand By for the Following Message on Corporate Tax Cuts…

Published on: June 2, 2017 | by Savage Villoch Law, PLLC

A 2016 study by the Tax Policy Center comparing Trump’s then-stated plan and the current tax ratesOne of the big platforms that boosted Trump to the Oval Office was his promise to let business operate unencumbered. Throughout his campaign, he promised a hands-off approach to business, including wide-scale financial deregulation as well as considerable corporate tax cuts.

In fact, Wall Street was riding high post-election on sheer optimism. Financial and industrial stocks soared, reaching record peaks, in anticipation of the big regulatory rollback that was sure to follow.

For businesses, too, hopes were high. The Trump administration promised huge tax cuts for businesses and corporations.

Debate Over Trump’s Travel Ban Heats Up

Published on: May 26, 2017 | by Savage Villoch Law, PLLC

This week, a U.S. appeals court elected not to reinstate President Trump’s controversial travel ban. The decision by the appeals court moves the debate closer to the Supreme Court, as the issue gets more contentious.

The order called for a restriction on travel for people from six countries with a majority Muslim population. It caused a great amount of fervor when it was rolled out in January, due to it’s hap-hazard execution as well as its seemingly discriminatory language.

If you’ve been following the story, you know that it caused outrage and mass confusion at many U.S. airports as visa-holders from these countries were detained or denied entrance into the country. The poor roll-out was the initial reason for a judge in Hawaii to strike it down.

Retirees Get Seat at the Table in Puerto Rico’s Bankruptcy

Published on: May 19, 2017 | by Savage Villoch Law, PLLC

Retirees and pensioners will now have a voice at the negotiating table during Puerto Rico’s bankruptcy, according to a Reuters report. This month, the U.S. Trustee overseeing the filing procedure announced the appointment of a retiree committee.

While retiree committees are usually appointed in municipal bankruptcy filings, it is typically preceded with a formal ruling from the bankruptcy court. However, due to the extreme nature of Puerto Rico’s bankruptcy, the Trustee is acting without a judge’s ruling.

Puerto Rico’s Bankruptcy Overview

In Wells Fargo Accounts Fraud Case, the Hits Keep Coming

Published on: May 12, 2017 | by Savage Villoch Law, PLLC

We all remember that nastiness about Wells Fargo, right? You know, that little PR debacle where it turned out that, due to unrealistic sales initiatives, Wells Fargo employees initiated accounts fraud against millions of consumers.

After the story broke, Wells Fargo lost a major vote of consumer confidence. The following weeks saw many customers closing accounts and executives getting raked over the coals, culminating in the resignation of the CEO and a large scale termination of employees who had participated in accounts fraud.

Finally, it seemed the dust had settled. The banking giant was ordered to pay out $190 million in federal fines and reparations to affected consumers. The bank also promised a change to corporate culture and initiatives, announcing an end to aggressive sales goals.

Why Top Investment Banks are Leaving London

Published on: May 5, 2017 | by Savage Villoch Law, PLLC

Brexit, Meet ‘Banxit’

When Britain announced its decision to formally leave the European Union (EU), it raised a lot of uncertainty. While the decision caused global unsettling, probably the most anxious was the international investment banking community.

Until now, Britain, specifically London, has been the undisputed epicenter of investment banking, next to Wall Street. In fact most top-tier U.S. investment banks housed their international headquarters in London. Now, as Britain enters into formal exit discussions, these banks are beginning to look elsewhere.