NY's Martin Act May Be Key To Federal MBS Crackdown

Law360, New York (October 2, 2012, 6:39 PM EDT) -- The New York attorney general's Monday suit against JPMorgan Chase & Co. shows the power of the state's Martin Act to tackle financial crisis cases, experts say, predicting the act will become a favored tool of the federal task force charged with prosecuting mortgage-backed securities fraud against other big banks.

The suit, filed by New York Attorney General Eric Schneiderman, marks the first enforcement action filed by members of the Residential Mortgage-Backed Securities Working Group announced by President Barack Obama in January and co-chaired by New...
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