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Bank of America settles mortgage suit for $315 mln
Legal Topics |
2011/12/06 18:56
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Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.
The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.
U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.
Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors. |
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Court: State prisoners count at home in redistricting
Legal Topics |
2011/12/05 18:13
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A state court ruled Friday that prisoners must be counted among voters back in their home neighborhoods rather than in upstate prisons for the purpose of redrawing state legislative districts, a likely blow to the slim Republican majority in New York’s Senate.
Although prisoners cannot vote, the decision means more voters will be counted as living in heavily Democratic New York City and other urban areas as part of the redistricting process, which is tied to the census. That would reduce the population upstate and likely result in fewer seats in the Assembly and Senate representing sparsely populated upstate areas where prisons are located.
The Senate’s Republican majority says it will appeal the ruling by a trial level judge in Albany.
The immediate practical result of the decision could be minor. The state redistricting commission is already redrawing legislative districts by following a 2010 law requiring prisoners to be counted in their latest home neighborhoods. |
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Farmers Insurance Settles Class Action Lawsuit
Legal Topics |
2011/12/01 18:05
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Farmers Insurance entered into a settlement of a nationwide class action lawsuit, In Re Farmers Med-Pay Litigation, pending in the District Court of Canadian County, Oklahoma. The settlement includes Farmers Insurance Company, Inc., Farmers Insurance Exchange, Truck Insurance Exchange, Fire Insurance Exchange, Mid-Century Insurance Company, Farmers Group, Inc., Illinois Farmers Insurance Company, and certain related entities. The Court entered a final order approving the settlement on November 29, 2011.
Plaintiffs alleged that Farmers failed to pay reasonable expenses for necessary medical services related to automobile accidents under Medical Payments and Personal Injury Protection ("PIP") coverage in automobile policies based on Farmers' use of certain claim adjustment systems and procedures. Farmers denies all of Plaintiffs' claims in the lawsuit. However, Farmers agreed to resolve the lawsuit to avoid the burden and expense of continued litigation.
The Settlement Class includes all persons who submitted claims for payment of medical bills related to an automobile accident under Med-pay or PIP coverage if (a) the claim was adjusted from January 1, 2001 to February 9, 2009 based upon a recommended reduction from Zurich Services Corporation ("ZSC"), (b) the claim was paid at less than the amount billed, and (c) total Med-pay or PIP payments were less than the respective limits of coverage. The Class also includes medical providers who were assigned the right to assert these claims.
Those affected by this settlement must complete and submit a valid claim form postmarked no later than December 29, 2011. Further information and claim forms can be obtained by visiting www.MedpayClaimsAdministration.com. |
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LA protesters defy eviction efforts, go to court
Legal Topics |
2011/11/29 17:48
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Occupy Wall Street protesters who defied a deadline to remove their weeks-old encampment on the Los Angeles City Hall lawn stood their ground Tuesday as they faced uncertainty over when or if police would push them out of the park — and if an eviction could happen without the kind of violence that has engulfed the removal of protest sites in other cities.
Protesters in the nation's second largest city have turned to the federal courts to keep officers away after disobeying a city-imposed 12:01 a.m. deadline Monday to take down their camp. They argue that the City Council passed a resolution in support of the movement and that the city's mayor and police did not have the authority to evict them.
The chances that protesters will get an injunction appear slim, constitutional experts say.
Meanwhile, city officials said they will only move in on the camp when conditions are safest not just for protesters and officers but also the roughly 100 homeless people who had joined the encampment. |
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US court won't block its Texas redistricting map
Legal Topics |
2011/11/29 17:23
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A federal court refused late Friday to block a congressional redistricting map it drew up for Texas, rejecting a request from the state's attorney general just hours after the Republican accused the court of "undermining the democratic process."
Texas Attorney General Greg Abbott had asked the San Antonio-based court to stay the implementation of its interim map, which the court drafted when minority groups challenged the original plan passed by the Republican-dominated state Legislature.
The court-drawn map would ensure minorities made up the majority in three additional Texas congressional districts. If the 2012 elections were held under the court's map, Democrats would have an advantage as they try to win back the U.S. House.
Abbott said he would appeal to the U.S. Supreme Court. The court-ordered map will remain in place until the legal fights are resolved.
The court drew the maps after minority groups filed a lawsuit, claiming a redistricting plan devised by Republican lawmakers didn't reflect growth in the state's Hispanic and black populations. |
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Utah-to-Boston passenger denies child porn charge
Legal Topics |
2011/11/28 17:22
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A University of Utah professor has pleaded not guilty to viewing child pornography on his laptop during a flight from Salt Lake City to Boston.
Grant Smith, of Cottonwood Heights, Utah, was ordered held on $75,000 bail Monday and told to have no unsupervised contact with children.
Massachusetts State Police say the 47-year-old Smith was sitting in first class Saturday afternoon when another passenger saw pornographic images, alerted a flight attendant and emailed a relative who contacted law enforcement.
Smith was arrested after landing on a charge of possession of child pornography. His lawyer says he has no criminal record.
Smith is a professor in the materials science and engineering department at Utah. He has been placed on administrative leave. |
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NY federal appeals court reverses Bruno conviction
Legal Topics |
2011/11/16 17:40
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A federal appeals court has tossed out the conviction of a former Republican leader of the New York Senate.
The 2nd U.S. Circuit Court of Appeals rejected the conviction of Joseph Bruno.
He was convicted in 2009 of denying taxpayers honest services by concealing a deal with a business associate who paid him as a consultant.
It was expected that the 2nd Circuit would reverse the conviction after the U.S. Supreme Court last year ruled in the case of former Enron CEO Jeffrey Skilling. The Supreme Court found that federal statutes used to fight white-collar and public official fraud only criminalize schemes with proof of bribes or kickbacks.
The 2nd Circuit agreed to return the case to the lower court in Albany, where prosecutors can seek a superseding indictment. |
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