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Bank of America settles mortgage suit for $315 mln
Class Action News |
2011/12/06 18:42
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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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Senators pushing for televised court arguments
U.S. Legal News |
2011/12/06 17:43
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Senators are once again pushing the Supreme Court to televise its courtroom proceedings, especially since justices will have an election-year argument over the constitutionality of President Barack Obama's signature health care overhaul.
A Senate Judiciary subcommittee debated Tuesday whether Congress should or — even could — force the Supreme Court, a co-equal branch of government, to allow cameras to broadcast live during arguments.
The high court does not allow live television or audio broadcasts. Transcripts and audio recordings are released after the nine justices hear lawyers argue cases.
Former Sen. Arlen Specter of Pennsylvania says he has been trying to get the high court televised for 25 years. He testified that putting arguments on TV would help people understand what the justices do. |
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Federman & Sherwood Announces Class Action
Class Action News |
2011/12/06 16:43
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On December 2, 2011, a class action lawsuit was filed in the United States District Court for the Middle District of North Carolina against Primo Water Corporation. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from November 4, 2010 through August 10, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Tuesday, January 31, 2012, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: www.federmanlaw.com |
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ICC seeks information from Libya on Seif al-Islam
Legal World News |
2011/12/06 16:40
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International Criminal Court judges want to know from Libyan authorities where Moammar Gadhafi's son and one-time heir apparent is being held and if court officials can visit him, according to a court document released Tuesday.
Libyan authorities announced Nov. 19 that Seif al-Islam Gadhafi had been captured by fighters in the country's remote southern desert. Days later they said they plan to put Seif on trial, despite the Hague-based court having issued an arrest warrant on crimes against humanity charges.
The Hague-based court is now debating its next step and says it wants to hear from Seif himself.
In the document, judges say they want to know from Libya's new rulers "when and where" court officials could meet Seif to ask if he wants a lawyer to represent his interests at the court and "to assess his physical and mental state." It also directly asks Libyan authorities to indicate if they plan to surrender Seif to the ICC for trial.
The document says a person whose identity was not released called court officials last month seeking to have a lawyer appointed to represent Seif at proceedings in The Hague. Judges have so far declined the request as it remains unclear if Seif wants the person appointed. |
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World Court rules against Greece in Macedonia case
Legal World News |
2011/12/06 13:42
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The world court ruled Monday that Greece was wrong to block Macedonia's bid to join NATO in 2008 because of a long-running dispute over the fledgling country's use of the name "Macedonia."
In a 15-1 ruling, the court found that Greece's veto breached a 1995 deal under which Greece had agreed not to block Macedonia's membership in international organizations if it used the name "The Former Yugoslav Republic of Macedonia" while the matter was submitted to U.N. mediation. More than 15 years later, discussions over the name are still unresolved.
Although the question of Macedonia's name is sometimes seen as superficial by outsiders, it is a matter of deep concern for both sides. The young country has used the name in one form or another since shortly after World War II, when it was a province of Yugoslavia, but Greece sees use of the name as historically inaccurate at best and a potential threat to its territorial integrity at worst. |
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High court to hear suit over Cheney event arrest
Lawyer Blog News |
2011/12/05 18:06
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The Supreme Court said Monday it will hear an appeal from Secret Service agents who say they should be shielded from a lawsuit over their arrest of a Colorado man who confronted Vice President Dick Cheney.
The justices will review a federal appeals court decision to allow Steven Howards of Golden, Colo., to pursue his claim that the arrest violated his free speech rights. Howards was detained by Cheney's security detail in 2006 after he told Cheney of his opposition to the war in Iraq.
Howards also touched Cheney on the shoulder, then denied doing so under questioning. Appellate judges in Denver said the inconsistency gave the agents reason to arrest Howards.
Even so, the appeals court said Howards could sue the agents for violating his rights — an unusual twist that the agents and the Obama administration said conflicts with other appeals court decisions and previous high court rulings in similar cases.
Justice Elena Kagan is not taking part in the case, probably because she worked on it while serving in the Justice Department. |
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