Investors have agreed to settle securities claims against more than 30 underwriters who underwrote in excess of $31 billion in debt and equity offerings for Lehman Brothers, the collapse of which was a key chapter in the global financial crisis.  The plaintiffs in these actions alleged that the underwriters, which included Bank of America and units of Bank of New York Mellon, Citigroup and Wells Fargo, assisted Lehman Brothers in making misstatements about its finances prior to its implosion and eventual bankruptcy filing.  The proposed settlement still requires district court app

U.S. Sen. Chuck Grassley, R-Iowa, is leading an investigation into the bankruptcy of brokerage MF Global Holdings Ltd. and the role that its primary regulator, the Commodities Futures Trading Commission (CFTC), played leading up to its recent bankruptcy.  MF Global collapsed as a result of holding more than $6 billion in European sovereign debt, which rating agencies recently downgraded to just above junk status. In addition, more than $600 million in client cash is reportedly missing from MF Global's books.

Irving Picard's lawsuit against JPMorgan Chase & Co. styled Picard v. JPMorgan Chase & Co., 11-cv-913, in the U.S. District Court, Southern District of New York, was dismissed on November 1, 2011.  U.S.

Dissatisfied with the ongoing multistate and federal efforts to reach a settlement agreement with major U.S. banks over unlawful foreclosure practices, Massachusetts Attorney General Martha Coakley indicated that her office was independently preparing to file several lawsuits. A number of U.S. states, along with the U.S. Department of Justice, have accused the five largest mortgage servicers, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Ally Financial and Wells Fargo & Co., of failing to follow proper foreclosure procedures.