The firms made material misrepresentations about the quality of the loans in the securities, the lawsuit said, and ignored evidence of broad defects among the loans that they pooled and sold to investors.
The players say the N.F.L. made misrepresentations about the seriousness of their injuries "with the intent of inducing N.F.L. players, including plaintiffs, to return to play as soon as physically possible after having suffered a football-related concussion and to promote an aggressive style of football that would attract viewers".
Agents said the local US attorney was considering indicting unidentified members of LPS for their role in the fraud, and also "identified Deutsche Bank as a subject trustee... who provided services in the conspiracy and made material misrepresentations to the SEC and the investing public".
According to a July 15 Reuters report, CalPERS said that by giving these securities their highest ratings, the agencies "made negligent misrepresentations" to the pension fund.
"Citigroup acknowledged it made serious misrepresentations to the public — including the investing public — about the mortgage loans it securitized," a DOJ press release said at the time.
The court upheld the convictions, affirming the honest services fraud convictions on the basis that the coaches made "material" misrepresentations: A breach of fiduciary duty can constitute illegal fraud...only when there is some detriment to the employer..
"The league management at the time, including Aaron Davidson, made material misrepresentations and omissions regarding the integrity of the league and its financial hygiene".
As part of the settlement, JP Morgan acknowledged it made serious misrepresentations to the public – including to investors – about numerous transactions relating to residential mortgage-backed securities.
The government – while trying to access the private emails of my company's 410,000 users – made material misrepresentations to the courts in a coordinated campaign to portray me as obstinate and uncooperative.
She said that for the court to formulate a "discovery rule" for the Fair Credit Reporting Act, under which the statute of limitations would count from the plaintiff's discovery of injury, would make the explicit exception for misrepresentation "entirely superfluous in all but the most unusual circumstances".
