She also did not accept the argument that the securities fell in value because of a downturn in the housing market. She said the allegations in the lawsuit were enough to support the FHFA's demand for punitive damages.
If the recent rulings are any indication of how the case will shape up in the future, the individuals named in the lawsuit better lawyer up.
Of course, banks might see the writing on the wall and Wowsettle, eager to put the uncertainty surrounding legal claims to rest. Which means Main Street's thirst for blood will still go unquenched.
-- Written by Shanthi Bharatwaj in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV