TITLE

Suit of Aussie Bank Becomes Test Case

PUB. DATE
December 2009
SOURCE
American Banker;12/1/2009, Vol. 174 Issue 214, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that the U.S. Supreme Court will review a decision of the U.S. Court of Appeals for the Second Circuit that a shareholder lawsuit against the Australian financial institution National Australia Bank Ltd. (NAB) goes beyond the jurisdiction of U.S. courts. The shareholders claim that the mortgage provider HomeSide Lending Inc. of Florida, a former subsidiary of NAB, intentionally and fraudulently overvalued its assets.
ACCESSION #
45616658

 

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