BofA, UBS Settle, Harbinger's Falcone Seeks Throw Out, Wells Fargo Lawsuit Not Barred

Bloomberg reports that terms of the settlement weren’t disclosed in a joint statement from the northern Italian region and the banks Friday. The agreement came after the lenders sued Lombardy in a London court to uphold the swap they arranged in 2002 that allowed the municipality to repay a bond in instalments rather than with a one-time repayment when it matures in 2032.

In the meantime, the news organisations reports that Harbinger Capital Partners LLC founder Philip Falcone has asked a federal judge to dismiss two lawsuits filed by the U.S. Securities and Exchange Commission in June.

Falcone’s alleged fraudulent $113m loan from a Harbinger fund in 2009 to pay an unanticipated personal tax liability was taken out on the suggestion of Harbinger’s outside counsel and repaid in full at above-market interest, Falcone and Harbinger said Friday in one of their requests to throw out the SEC claims filed in federal court in Manhattan.

Finally, Bloomberg reports that Wells Fargo can be sued in a federal lawsuit in New York over mortgage foreclosure practices without violating the terms of a settlement reached with the bank in another case, the Justice Department said.

The department, in a filing last week in federal court in Washington, said the bank’s allegation that the U.S. breached the terms of the $5bn deal by suing in federal court in New York for hundreds of millions of dollars based on conduct that Wells Fargo is no longer liable for is 'flatly inconsistent' with the terms of the settlement.

Bank of America, UBS Settle Swap Dispute With Italy’s Lombardy

Harbinger’s Falcone Ask Court to Throw Out SEC Lawsuits

Wells Fargo Lawsuit Not Barred by Earlier Deal, U.S. Says