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Legal News
4 days ago
by Steven Wildberger

[JURIST] The International Monetary Fund (IMF) and the European Union (EU) [official websites] released a statement [text] Monday indicating that Cyprus has made significant strides toward economic recovery, and must continue to make reforms in order to achieve full recovery. Following a meeting to review progress on Cyprus' March 2013 … [read more]

Legal News
24 Jul 2015
by Sarah Boehme

Greece's parliament [official website] on Thursday passed a second set of economic reforms with an overwhelming 230-63 majority vote. Greece's creditors asked [JURIST report] that the second set of economic overhauls be passed before they began negotiations for the aid program, which will help the country's economy and save it … [read more]

Legal News
18 Jul 2015
by Taylor Gillan

[JURIST] The German parliament on Friday voted to move forward with negotiations for a Greek bailout. Urged by Chancellor Angela Merkel [official website] to support the bailout, 439 legislators voted in favor [NYT report] of the negotiations with 119 voting against and 40 abstaining. While some doubted [The Local report] … [read more]

Legal News
13 Jul 2015
by Devin Montgomery

The European Council [official website] on Monday announced [text, PDF] a preliminary deal to manage Greek debt without the country defaulting or leaving the European Union. The agreement requires Greece to increase tax revenue, cut costs and implement a number of fiscal regulatory policies [Fiscal Compact, PDF]. It also includes … [read more]

Legal News
11 Jul 2015
by Taylor Gillan

[JURIST] Greece's parliament on Saturday voted to accept the economic reforms rejected by the government last week. According to Greek media reports [Naftemporiki live coverage, in Greek], the Saturday morning vote was led by Greek Prime Minister Alexis Tsipras [official website], who vocally supported voting against accepting the proposed bailout … [read more]

Legal News
5 Jul 2015
by Dominic Yobbi

[JURIST] After approximately two thirds of the votes have been counted in Sunday's Greek vote on the proposed bailout deal, results appear to show that the country has voted against the deal [Reuters report]. Results posted by the Greek Ministry of Interior [official website] show that about 61 percent [WSJ … [read more]

Legal News
4 Jul 2015
by Taylor Gillan

[JURIST] Protesters in Greece gathered in the tens of thousands on Friday, holding rival rallies that drew attention to the split within the country as Sunday's referendum approaches. The referendum, which regards whether or not to accept the bailout terms [Reuters report] of international creditors, may decide Greece's future as … [read more]

Legal News
25 Apr 2015
by Valerie Howell

[JURIST] Nineteen eurozone creditors held a meeting in Latvia on Friday to demand the completion of the economic reform program agreed to by Greece necessary to avoiding a Grecian default or exit from the euro. An agreement [JURIST report] between Greece and the creditors in February set an end-of-April deadline … [read more]

Legal News
11 Apr 2015
by Julie Deisher-Edwards

[JURIST] The European Central Bank (ECB) [official website] on Friday released an opinion [text, PDF] on Greece's draft law prohibiting the foreclosure of primary residences. Under the draft law, banks are prohibited from auctioning primary residences valued at less than €300,000 (USD $317,580), provided that borrowers meet certain total wealth … [read more]

Legal News
19 Aug 2014
by Kimberly Bennett

[JURIST] A judge for the US District Court for the District of Minnesota [official website] on Monday approved a settlement for $62.5 million between Wells Fargo & Co [corporate website] and large institutional clients who lost money in an investment program known as securities lending. US District Judge Donovan Frank … [read more]

Legal News
11 Jun 2014
by Peter Snyder

[JURIST] The US Court of Appeals for the District of Columbia Circuit [official website] on Tuesday rejected [opinion, PDF] Wells Fargo & Co's [corporate website] contention that the bank's participation, along with other national banks, in a $25 billion settlement with the US government over foreclosure abuses [JURIST report] should … [read more]

Legal News
5 May 2014
by Benjamin Minegar

[JURIST] The US Supreme Court [official website] ruled [opinion, PDF] unanimously Monday in Robers v. United States [SCOTUSblog backgrounder] that the Mandatory Victims Restitution Act (MVRA) requires restitution calculation based upon the property a lender loses, not upon the collateral the lender receives. In 2005, petitioner Benjamin Robers submitted fraudulent … [read more]

Legal News
26 Feb 2014
by Elizabeth LaForgia

[JURIST] The US Supreme Court [official website] heard oral arguments [day call, PDF] on Tuesday in Robers v. United States [transcript, PDF]. The case addresses the issue of whether a defendant who owes restitution for a fraudulently obtained loan returns a portion of the loan money by giving the lenders … [read more]

25 Feb 2014

JPMorgan Chase & Co. Settlements with the US Department of Justice The US Department of Justice announced on November 19, 2013 that JPMorgan Chase & Co. had agreed to a record-setting $13 billion settlement over its risky mortgage practices that played a role in the 2008 financial crisis. News of … [read more]

25 Feb 2014

Sub-prime loan practices began in the mid-1980s as lawmakers sought to increase housing opportunities. Prior to this, many Americans were unable to purchase a home due to credit scores below 550. Census data compiled by the Federal Reserve shows that over half of the failed mortgage payments were African-American families, … [read more]

24 Feb 2014

The 2008 financial crisis cost investors, consumers and businesses alike. Sub-prime lending practices devolved into a riskier regime from their time of inception to address disproportionate ratios in racial borrowing power in the 1980s to the housing bubble of the early 2000s. The bubble was popped by too many homeowners … [read more]

Student Commentary
28 Aug 2013

JURIST Guest Columnist, Igor Shleypak, University of Illinois College of Law Class of 2014, discusses Detroit's bankruptcy, pension restructuring and how Chapter 9 bankruptcy may become a more viable option for local governments in financial trouble...Growing up in the Detroit area, there are constant reminders of the situation the Motor … [read more]

Legal News
29 May 2013
by Laura Klein Mullen

[JURIST] Former Michigan Supreme Court justice Diane Hathaway was sentenced on Tuesday to a year and a day in prison for bank fraud. Hathaway concealed assets while dealing with a bank to arrange a short sale on her home, which allowed her to sell her home for less than she … [read more]

Legal News
2 Nov 2012
by Rebecca DiLeonardo

[JURIST] Wells Fargo [corporate website] claimed Thursday that a federal lawsuit [complaint, PDF] filed by the US government to recover money from defective mortgages is barred by a settlement reached earlier this year. The government filed the lawsuit last month, alleging that Wells Fargo deliberately concealed the nature of mortgages … [read more]

Legal News
14 Aug 2012
by Max Slater

[JURIST] The US Securities and Exchange Commission (SEC) [official website] announced Tuesday that Wells Fargo [corporate website] will pay a $6.5 million fine [order, PDF] for improperly selling high-risk mortgage securities to investors during the housing market crash in 2007. The SEC claimed that Wells Fargo did not adequately inform … [read more]

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