Valley National Bank, Genova Burns Hit With $90M RICO Suit

Law360, New York (November 27, 2013, 2:37 PM EST) -- Valley National Bancorp, its top brass and the law firm Genova Burns Giantomasi Webster LLC were hit with a $90 million racketeering suit in New Jersey federal court Tuesday alleging they ran a decadelong scheme to take advantage of mortgage borrowers and profit off of foreclosed properties.

Valley National Bancorp, its principal subsidiary Valley National Bank, and five of the bank’s top directors and executives allegedly schemed to induce mortgage borrowers to borrow from the bank under terms that would lead to default, foreclose on their...
To view the full article, register now.