New York (February 7th, 2013) - The Flagstar case mirrors lawsuits by insurers such as MBIA Inc and AmbacFinancial Group Inc. (OTCQB:ABKFQ). Defendants have included JPMorgan Chase & Co, Credit Suisse Group AG and Bank of America Corp's Countrywide Financial unit.
Flagstar Bancorp Inc was ordered on Tuesday to pay $90.1 million to bond insurer Assured Guaranty Ltd in a contract dispute over loans underlying $900 million in mortgage-backed securities.
U.S. District Judge Jed Rakoff in Manhattan ruled that Flagstar had materially breached contracts specifying the quality and characteristics of loans to be packaged into the securities.
Ambac Financial Group, Inc. (Ambac) is a primarily a holding company. The Company, through its subsidiaries, provides financial guarantees and financial services to clients in both the public and private sectors worldwide.
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Nestle S.A. (OTC Pink: NSRGY), chair Peter Brabeck, the 68-year-old Austrian believes water scarcity is perhaps the biggest threat facing humanity and while governments and businesses are finally waking up to this, precious little action is being taken.
Brabeck says he became a convert to the cause of water stewardship a few years ago when he was planning the food and drink giant's 140th anniversary and wondered what the challenges might prevent it from celebrating another 140 years in business.
Nestlé, the leading seller of bottled water, accounted for nearly 8% of its total 2011 sales of 83.6bn Swiss francs (£58bn).
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