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Baker & McKenzie has advised Investec Bank Plc as arranger of an innovative UK residential mortgage-backed securities (RMBS) deal. The securities, which are listed on the Irish Stock Exchange, were issued by Gemgarto 2012-1 Plc and are worth approximately GBP240 million. It is the first "prime" mortgage backed securitisation that Investec has undertaken on its new Gemgarto platform and represents one of the biggest RMBS deals of its type in the UK market in recent years.

California's controller improperly suspended the pay of lawmakers last year after deciding a budget they approved was not balanced, a state judge tentatively ruled on Tuesday.

A New York judge on Tuesday rejected an effort by American International Group Inc and other objectors to Bank of America Corp's proposed $8.5 billion mortgage bond settlement to convert the case to a proceeding that may have widened its scope.