About Author: Staff Writer Share Save Home / Daily Dose / BlackRock Seeks $3B in Damages from HSBC in Daily Dose, Featured, Headlines, News Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago BlackRock Charles Schwab Class-Action Lawsuit HSBC Lawsuit New York Pimco RMBS TIAA 2017-06-05 Staff Writer Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago June 5, 2017 2,809 Views Tagged with: BlackRock Charles Schwab Class-Action Lawsuit HSBC Lawsuit New York Pimco RMBS TIAA Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago BlackRock Seeks $3B in Damages from HSBC BlackRock Inc., along with other investors of residential mortgage-backed securities, recently petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case (BlackRock Balanced Capital Portfolio (FI) et al, v HSBC Bank USA NA, Case number 1:14-cv-09366) to class status as they seek to collect over $3 billion in lost assets from HSBC.The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The suit further says that HSBC should’ve filtered out the bad mortgages and demanded sellers buy them back. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis. Lawyers for BlackRock Inc., Pimco, Prudential, Charles Schwab, TIAA, and others argue that a class action suit would cover an estimated hundreds of other entities that had residential mortgage backed securities (RMBS) holdings with HSBC ranging anywhere from $100,000 to $100 million. Records and dispositions obtained from preliminary proceedings have turned up over 7.9 million documents thus far. Despite HSBC’s repeated attempts to get this case and others like it thrown out, the court has agreed that the plaintiff has met the burden of proof and will now hear their motion to consider class status. In response, HSBC has filed a request for oral arguments on the matter and will attempt to block any class categorization moving forward. HSBC is also under scrutiny from a European group of certificate holders, Royal Park Investments SA/NV, who will be representing investors in three of the trusts in a separate, yet related lawsuit. No date has currently been set for oral arguments. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Previous: Industry Group Appoints REO Leadership Next: Carson Speaks: Clarifies State of Mind Comments read more
Absolute Return Partners — Alison Major Lépine is joining Absolute Return Partners (ARP) on 9 March, having spent nearly 10 years as an investment manager at Railpen Investments, the asset manager of the UK’s Railways Pension Scheme. In the role of investment manager, she will report to Nick Rees, managing partner, and will work at the firm’s offices in London. Dalriada Trustees — Mike Crowe has been appointed as trustee representative by Dalriada Trustees in the UK. He comes to the firm from Aegon UK where he was a senior manager in the legal team. He will be based in Glasgow.Franklin Templeton Investments — Stephanie Ouwendijk has been hired by Franklin Templeton Investments as a vice president and portfolio manager. She will be part of the manager’s emerging markets debt opportunities team, which is part of the fixed income group. Based in London, she reports to the leader of the emerging markets debt opportunities team William Ledward, senior vice president and portfolio manager at the firm. Ouwendijk joins Franklin Templeton from Ashmore Group, where she had beem fund manager since June 2010. Union Investment — Benjardin Gärtner is to become the new head of equity fund management at Union Investment, and is due to take up the new role by the middle of this year. He was most recently at Deutsche Bank, where he was head of the German equities team and a member of the corporate banking & securities management committee (Germany). At Union Investment, will report to Björn Jesch, the overall head of portfolio management. Gärtner succeeds Michael Schmidt, who left Union Investment at the end of last year for personal reasons. Kirstein — Henrik Hoffmann-Fischer, investment consultant and Kirstein in Denmark, as been appointed to the position of principal at the consultancy. Hoffmann-Fischer has worked at Kirstein Financial Market Research since 2009. The title principal is new within Kirstein, and is given to staff who have made extraordinary efforts over a number of years, the firm said. PineBridge Investments — Anik Sen has been appointed as global head of equities at PineBridge Investments, and will be based in New York. He will report to David Jiang, the firm’s chief executive. Sen joined PineBridge is 2008, and moved from the London Office to New York in June 2014 as interim global head of equities. Before working at the firm, he was a portfolio manager at Brevan Howard. Syntrus Achmea, BNP Paribas Investment Partners, Russell Investments, Absolute Return Partners, Dalriada Trustees, Franklin Templeton Investments, Union Investment, Kirstein, PineBridge InvestmentsSyntrus Achmea Pensioenbeheer – Michel Tanis has been appointed as chief executive at pensions provider Syntrus Achmea Pensioenbeheer with immediate effect. He succeeds Margreet Oostenbrink, who has stepped down for personal reasons after two years in the job. Tanis, 44, has been working at Syntrus Achmea for four years, most recently as director of the staff department Information Management & IT. He has previously worked at consultancy McKinsey and General Electric. BNP Paribas Investment Partners — Simon Roberts has been hired by BNP Paribas Investment Partners (BNPP IP) to lead a new team of global equity managers. Roberts is based in London and will report to Guy Davies, director, equities. Jonathan Barnett has also been appointed to the team, having previously held positions at Moore Capital and Caxton Associates. James Mann and Stewart Lambert have also been hired. Mann has worked at NewSmith and BlueCrest Capital and Lambert has worked at Balyasny Asset Management and Goldman Sachs Asset Management. Roberts has previously worked at Fidelity, Lazard Asset Management and other firms. Russell Investments — Alexandre Martin is joining Russell Investments as portfolio manager in its transition management division. He will be based in London and report to Richard Webb, senior portfolio manager implementation services. Martin comes from Société Générale in Luxembourg, where he was most recently assistant portfolio manager. read more
The Irish Sports Council had agreed a deal with the Irish Amateur Boxing Association to keep the Wexford man at home, but an I-A-B-A board meeting has reportedly shot that proposal down.During his time with the High Performance Unit, Walsh has helped deliver seven of the last eight Irish Olympic medals.