Related Documents:
33-9368
16-Nov-2012
Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On November 16, 2012, the SEC instituted settled cease-and-desist proceedings against Credit Suisse Securities (USA) LLC and several other financial institutions. The SEC alleged, among other things, that Credit Suisse Securities (USA) LLC in late 2006 made misleading disclosures in two residential mortgage backed securities transactions. The SEC also alleged that Credit Suisse Securities (USA) LLC made other violations with respect to residential mortgage backed securities from 2005 to 2010.
SEC Charges J.P. Morgan and Credit Suisse With Misleading Investors in RMBS Offerings
On November 16, 2012, the SEC announced: "In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and Credit Suisse Securities (USA) with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firms agreed to settlements in which they will pay more than $400 million combined, and the SEC plans to distribute the money to harmed investors."
34-68349
04-Dec-2012
Administrative Proceeding
Order Appointing Tax Administrator
On December 4, 2012 the SEC issued an Order Appointing Tax Administrator. The Commission ordered the appointment of Damasco and Associates, LLP as the tax administrator for the Qualified Settlement Fund in the administrative proceeding.
34-68593
07-Jan-2013
Administrative Proceeding
Extension Order
On January 7, 2013 the Commission issued an Extension Order. According to the SEC, "the Division [of Enforcement] has engaged in consultations with Commission staff regarding the distribution of each of the Fair Funds. Given the highly complex nature of this matter, the Division [of Enforcement] requires additional time to continue these consultations." Under the Order, the Commission granted the Division of Enforcement's request for "an extension of time, until September 6, 2013, to submit a Proposed Plan of Distribution under Rule 1101(a) of the Commission's Rules on Fair Fund and Disgorgement Plans."
34-70695
16-Oct-2013
Administrative Proceeding
Extension Order
On October 16, 2013, the SEC granted the Division of Enforcement request for a second extension of time, until July 7, 2014, to submit a Proposed Plan of Distribution. According to the SEC: "Given the highly complex nature of this matter, the Division requires additional time to continue the process for appointing a Fund Administrator and working with the Administrator to address a myriad of issues related to the economic analysis, distribution methodology and allocation calculations appropriate for 77 highly complex residential mortgage-backed securitization trusts."
34-71300
14-Jan-2014
Administrative Proceeding
Order Appointing Fund Plan Administrator and Setting Administrator Bond Amount
On January 14, 2014, the SEC published an Order Appointing Fund Plan Administrator and Setting Administrator Bond Amount.
34-72850
14-Aug-2014
Administrative Proceeding
Notice of Proposed Plan of Distribution (Bulk Settlements Practice) and Opportunity for Comment
On August 14, 2014, SEC issued an administrative proceeding regarding a "proposed plan of distribution (bulk settlements practice) and opportunity for comment."
34-72851
14-Aug-2014
Administrative Proceeding
Notice of Proposed Plan of Distribution (First Payment Default Practice) and Opportunity for Comment
On August 14, 2014, SEC issued an administrative proceeding regarding a "proposed plan of distribution (First Payment Default Practice) and opportunity for comment."
Proposed Plan of Distribution First Payment Default Practice
On August 14, 2014, the SEC published a Proposed Plan of Distribution First Payment Default Practice concerning Credit Suisse Securities (USA) LLC and Asset Backed Securities Corporation.
34-73890
19-Dec-2014
Administrative Proceeding
Extension Order
On December 19, 2014, the Commission approved the Division of Enforcement's request to extend the time for entering an order approving or disapproving the proposed plans of distribution until February 27, 2015. The Commission received comments on the proposed plans of distribution. According to the SEC, "the Division states that further evaluation, analysis and consultation with other offices are required to properly address the comments."
34-74397
27-Feb-2015
Administrative Proceeding
Extension Order
On February 27, 2015, the SEC issued an Extension Order, which extended the time for entry of an order approving or disapproving the proposed plans of distribution. The Commission received comments on the proposed plans of distribution. According to the SEC: "In its request for an extension of time, the Division states that additional time is needed for further evaluation, analysis and consultation with other offices to properly address the comments."
34-74806
24-Apr-2015
Administrative Proceeding
Extension Order
On April 24, 2015, the SEC approved a request for a third extension of time until June 6, 2015 for entry of an order approving or disapproving the proposed plans of distribution that were noticed for public comment on August 14, 2014. In its request, the Division of Enforcement stated that additional time was needed to address comments.
34-75877
10-Sep-2015
Administrative Proceeding
Order Establishing Fair Fund and Approving Plan of Distribution First Payment Default Practice
On September 10, 2015, the SEC established a fair fund and approved a plan of distribution to compensate a group of investors harmed by the first payment default practice ("FDP Practice") for which respondents Credit Suisse Securities (USA) LLC and Asset Backed Securities Corporation were found liable in a November 16, 2012 order instituting a settled administrative proceeding.
Plan of Distribution First Payment Default Practice
On September 10, 2015, the SEC issued a Plan of Distribution for payments made by defendants. Previously, on November 16, 2012, the SEC instituted settled cease-and-desist proceedings against the respondents that create two separate fair funds. The September 10, 2015 Plan of Distribution referred solely to the fair fund relating to the First Payment Default Practice described in the November 16, 2012 Order.
34-75878
10-Sep-2015
Administrative Proceeding
Order Establishing Fair Fund and Approving Plan of Distribution Bulk Settlement Practice
On September 10, 2015, the SEC issued an order establishing a Bulk Settlement Fair Fund to compensate certain investors. In addition to $68,747,769 in disgorgement and prejudgment interest, the SEC added $33 million penalty also collected for the Bulk Settlement Practice conduct identified in a November 16, 2012 order instituting settled administrative proceedings against defendants.
Plan of Distribution Bulk Settlement Practice
On September 10, 2015, the SEC issued a Plan of Distribution for payments made by defendants. Previously, on November 16, 2012, the SEC instituted settled cease-and-desist proceedings against the respondents that create two separate fair funds. The September 10, 2015 Plan of Distribution referred solely to the fair fund relating to the Plan for Bulk Settlement Practice.
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-81703
25-Sep-2017
Administrative Proceeding
Order Directing Disbursement of the Bulk Settlement Practice Fair Fund
According to the SEC: "it is hereby ORDERED, that Commission staff shall transfer $102,110,626.86 from the Bulk Settlement Fair Fund to Huntington National Bank, and the Fund Administrator shall distribute such monies to Eligible Claimants as provided for in the Bulk Settlement Plan."
34-81702
25-Sep-2017
Administrative Proceeding
Order Directing Disbursement of the First Payment Default Practice Fair Fund
According to the SEC: "it is hereby ORDERED, that Commission staff shall transfer $18,316,278.90 from the FPD Fair Fund to Huntington National Bank, and the Fund Administrator shall distribute such monies to Eligible Claimants as provided for in the FPD Plan."
34-96991
27-Feb-2023
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Bulk Settlement Fair Fund In the Future, Discharging the Fund Administrator, Canceling the Administrator's Bond, and Terminating the Bulk Settlement Fair Fund
The Commission stated: "The Commission staff has confirmed that the Fund Administrator has completed the
distribution process in accordance with the Commission's orders, that all taxes and fees have
been paid, and that all monies remaining in the Bulk Settlement Fair Fund have been received by
the Commission."
34-96992
27-Feb-2023
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the FPD Fair Fund In the Future, Discharging the Fund Administrator, Canceling the Administrator's Bond, and Terminating the FPD Fair Fund
The Commission stated: "The Commission staff has confirmed that the Fund Administrator has completed the
distribution process in accordance with the Commission's orders, that all taxes and fees have
been paid, and that all monies remaining in the FPD Fair Fund have been received by the
Commission."
