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Legal briefs: BofA sued over alleged breach of contract on sale of RMBS

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Legal briefs: BofA sued over alleged breach of contract on sale of RMBS

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.

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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.

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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.

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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.

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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.