S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.
US Bank sues BofA over alleged breach of contract on sale of RMBS
Minneapolis-based U.S. Bank NA on May 24 sued Bank of America Corp. over a 2007 contract on the sale of residential mortgage-backed securities, in which U.S. Bank is a trustee. U.S. Bank is a unit of U.S. Bancorp.
Noah Bank CEO arrested on bank bribery charges in connection with SBA loans
Elkins Park, Pa.-based Noah Bank CEO Edward Shin was arrested on bribery charges in connection with the bank's issuance of U.S. Small Business Administration-guaranteed loans.
Plaintiffs agree to dismiss deal-related suits against TCF Financial
Purported shareholders of TCF Financial Corp. have agreed to dismiss five separate putative class-action lawsuits and individual lawsuits against the company and its board related to TCF's pending merger of equals with Chemical Financial Corp.
Bank CEO charged with bribing in attempt to obtain Trump administration role
The Justice Department charged Chicago-based Federal Savings Bank Chairman and CEO Stephen Calk with financial institution bribery in his effort to obtain a role in President Donald Trump's administration. Federal Savings Bank is a subsidiary of National Bancorp Holdings Inc.
Equity Bancshares sued for misleading investors about credit risk controls
Wichita, Kan.-based Equity Bancshares Inc. is facing a class-action lawsuit over allegedly making materially false and misleading statements about its operations.