Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Industries Government Virginia recovers more than $63 million in settlement

Virginia recovers more than $63 million in settlement

Published January 22, 2016 by Jessica Sabbath

Virginia is recovering $63 million in a settlement with 11 banks to settle allegations they misled the commonwealth and the Virginia Retirement System about the quality of mortgage-backed securities sold to VRS, according to Attorney General Mark Herring.

Herring said this represented the largest recovery from a suit not related to health care under the Virginia Fraud Against Taxpayers Act.

“This case breaks new ground for Virginia, recovering millions for Virginia taxpayers from banks that we alleged had misrepresented the products they sold to the Commonwealth,” Herring said in a statement.

Under the agreement, the banks have admitted no liability, and Virginia has dismissed claims against the defendants in exchange for the following settlements:
Countrywide Securities Corp. and Merrill Lynch, Pierce, Fenner & Smith Inc. (combined): $19.5 million
RBS Securities Inc.: $10 million
Barclays Capital Inc.: $9 million
Morgan Stanley & Co. LLC: $6.9 million
Deutsche Bank Securities Inc.: $5.6 million
Citigroup Global Markets Inc.: $4.8 million
Goldman, Sachs & Co.: $2.9 million
HSBC Securities (USA) Inc.: $2.5 million
Credit Suisse Securities (USA) LLC: $1.2 million
UBS Securities LLC: $850,000

The case was initially filed in Richmond City Circuit Court by Integra REC LLC on behalf of Virginia. Herring intervened and brought the case on behalf of Virginia and the VRS.The commonwealth sought to recover $383 million in alleged damages, including $250.66 million of realized losses.

Related Stories

Virginia Business logo

Reston-based Maximus acquires Ascend

Gov. Ralph Northam speaking during April 13 news briefing

U.Va. coronavirus model sees Va. cases spiking in July, August

If stay-at-home order is lifted on June 10, most hospitals would exceed capacity this summer, researchers forecast.

386K+ remain unemployed in Va. during pandemic

Approximately 46M Americans are still jobless

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Framatome CEO retiring; CFO to be promoted

Va. bill aims to reduce mental health stigma for health care workers

Norfolk’s MacArthur Center mall listed for sale

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Framatome CEO retiring; CFO to be promoted

Va. bill aims to reduce mental health stigma for health care workers

Norfolk’s MacArthur Center mall listed for sale

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk