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Banking Law Keyed to Barr, 3rd Ed.
Morrison v. National Australia Bank, Ltd.
Citation:
561 U.S. 247, 130 S.Ct. 2869, 177 L.Ed.2d 535 (2010)Facts
In 1998, National Australia Bank (National), Australia’s largest bank, purchased HomeSide Lending, a Florida-based mortgage servicing company. HomeSide’s business involved collecting fees for servicing mortgages, and the value of these rights depended on how long the mortgages would remain outstanding before being repaid. From 1998 to 2001, National’s annual reports and public statements by executives touted HomeSide’s success. However, in 2001, National announced two significant write-downs of HomeSide’s value: $450 million in July and $1.75 billion in September. According to the plaintiffs, HomeSide executives had manipulated financial models to make early mortgage repayment rates appear unrealistically low, artificially inflating the value of HomeSide’s mortgage-servicing rights. The Australian plaintiffs, who had purchased National’s ordinary shares on the Australian Stock Exchange before these write-downs, filed suit in U.S. federal court alleging violations of Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5.
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