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4-Traders Homepage  >  Equities  >  Nyse  >  Bank of New York Mellon (The)    BK

BANK OF NEW YORK MELLON (THE) (BK)
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FDIC may revive three U.S. bank lawsuits over soured mortgage debt

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07/11/2017 | 05:20pm CEST
A view of the exterior of the Citibank corporate headquarters in New York, New York

NEW YORK (Reuters) - A federal judge granted the FDIC permission to revive lawsuits against Citigroup Inc (>> Citigroup), Bank of New York Mellon Corp (>> Bank of New York Mellon (The)) and U.S. Bancorp (>> US Bancorp) that he had dismissed last September, to recoup more than $695 million of losses on soured mortgage debt that a failed Texas bank once owned.

NEW YORK (Reuters) - A federal judge granted the FDIC permission to revive lawsuits against Citigroup Inc (>> Citigroup), Bank of New York Mellon Corp (>> Bank of New York Mellon (The)) and U.S. Bancorp (>> US Bancorp) that he had dismissed last September, to recoup more than $695 million of losses on soured mortgage debt that a failed Texas bank once owned.

In a decision made public on Tuesday, U.S. District Judge Andrew Carter in Manhattan said the FDIC could try to show it still had legal standing to sue as the receiver for Austin-based Guaranty Bank, despite having transferred its claims to a "resecuritization trust" when it sold the debt in March 2010.

The FDIC, whose full name is Federal Deposit Insurance Corp, had accused the three banks in its lawsuits of failing, as bond trustees, to monitor the underwriting and servicing of mortgages backing $2.7 billion of securities that Guaranty bought.

The FDIC has estimated that Guaranty's failure in August 2009 could cost its deposit insurance fund $3 billion.

Carter's decision, dated on Monday, said the FDIC could invoke a federal rule allowing the resecuritization trust, which the regulator said does have standing, to ratify its claims.

"Defendants do not contest that ratification is an option for plaintiff under the resecuritization agreements," Carter wrote. He gave the FDIC 90 days to file an amended complaint.

An FDIC spokesman declined to comment.

According to the lawsuits, the securities were issued from 2005 to 2007. Some were sponsored by the EMC unit of Bear Stearns Cos and the others by a unit of Countrywide Financial Corp.

The cases in the U.S. District Court, Southern District of New York are FDIC v. The Bank of New York Mellon, No. 15-06560; FDIC v. U.S. Bank NA, No. 15-06570; and FDIC v. Citibank NA, No. 15-06574.

(Reporting by Jonathan Stempel in New York; Editing by Lisa Von Ahn)

Stocks treated in this article : Citigroup, Bank of New York Mellon (The), US Bancorp
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON (THE) -0.53% 52.46 Delayed Quote.-2.10%
CITIGROUP 0.32% 69.21 Delayed Quote.-7.28%
US BANCORP -0.62% 51.06 Delayed Quote.-4.14%
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Financials ($)
Sales 2018 16 704 M
EBIT 2018 5 609 M
Net income 2018 4 188 M
Debt 2018 -
Yield 2018 1,97%
P/E ratio 2018 12,71
P/E ratio 2019 11,74
Capi. / Sales 2018 3,37x
Capi. / Sales 2019 3,28x
Capitalization 56 234 M
Chart BANK OF NEW YORK MELLON (T
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Bank of New York Mellon (T Technical Analysis Chart | BK | US0640581007 | 4-Traders
Technical analysis trends BANK OF NEW YORK MELLON (T
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 59,9 $
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Charles William Scharf Chairman & Chief Executive Officer
Michael Santomassimo Chief Financial Officer
Bridget E. Engle Chief Information Officer & Senior Executive VP
Edmund Francis Kelly Independent Director
Mark A. Nordenberg Independent Director
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1st jan.Capitalization (M$)
BANK OF NEW YORK MELLON (THE)-2.10%56 234
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NORTHERN TRUST CORPORATION10.81%24 904
AMERIPRISE FINANCIAL-16.64%20 999
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