By Jonathan Stempel
NEW YORK | Thu Jul 14, 2011 4:36pm EDT
NEW YORK (Reuters) – A New York state appeals court revived Ambac Financial Group Inc’s $1 billion lawsuit against JPMorgan Chase & Co over an investment vehicle that in 2007 and 2008 suffered heavy losses from toxic subprime debt.
When it comes to the Madoff bankruptcy case, the venue matters. Bernie was scamming everyone until the financial crisis exposed him, and the next thing we knew he was telling his sons about his ponzi scheme.
As the mortgage crisis and subprime debacle came and went, scars were left on the financial landscape across the Unted States and elsewhere around the world. Did those who caused the problem escape with minimal damage?
Last week in Cleveland, nine former employees of former subprime lender Argent Mortgage Co. were indicted for their roles in making nearly $13 million of fraudulent residential mortgage loans.
UniCredit Bank Austria AG and other defendants asked a judge to dismiss a lawsuit by foreign investors in funds that put money with con man Bernard Madoff, saying they were being cast as “scapegoats for Madoff’s intentional criminal acts.”
Subscribe to feed