Italy appeals court overturns bank convictions|
March 7, 2014
An Italian appeals court overturned the fraud oversight convictions of several banks on Friday. A lower court ruled that JPMorgan Chase & Co., Deutsche Bank AG, UBS AG and Depfa Bank Plc forced the city of Milan to enter into an interest-rate swap agreement that ended up costing the city million....... [more]
Supreme Court rejects challenge to pre-trial asset freeze
February 26, 2014
The US Supreme Court ruled 6-3 Tuesday in Kaley v. United States that a criminal defendant who has been indicted is not constitutionally entitled to contest a grand jury's finding of probable cause underlying a pre-trial seizure of assets. The US Court of Appeals for the Eleventh Circuit ruled again....... [more]
The Role of Lending Institutions
February 25, 2014
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to Fanni....... [more]
Bank of America and JPMorgan Chase Settlements
February 24, 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....... [more]
February 13, 2014
02/10/2014: Better Markets sued DOJ over JP Morgan settlement.
02/04/2014: JP Morgan Chase paid 614 million in mortgage lending settlement.
01/31/2014: New York judge approved Bank of America settlement over mortgage-backed securities.
10/25/2013: US government reached 51 billion settlement with....... [more]
Non-profit group Better Markets sues DOJ over JPMorgan settlement
February 11, 2014
The non-profit financial reform advocacy group Better Markets filed a lawsuit on Monday against the US Department of Justice (DOJ) to block JPMorgan Chase & Co.'s (JPM) $13 billion settlement that resolved federal and state claims arising from the bank's risky mortgage practices which helped lea....... [more]
Germany court removes case against bond-buying plan to European court
February 7, 2014
Germany's Constitutional Court on Friday referred the case against the European Central Bank's (ECB) bond-buying plan, called Outright Monetary Transactions (OMT), to the European Court of Justice (ECJ). The ruling means the German court will not cut the program, which could alarm investors that re....... [more]
New York judge approves Bank of America settlement over mortgage-backed securities
January 31, 2014
A New York state judge on Friday approved an $8.5 billion settlement between Bank of America (BOA) and almost two dozen mortgage securities investors, holding that the 2011 agreement was reached in good faith. In a 54-page ruling, New York State Supreme Court Justice Barbara Kapnick found that BNY M....... [more]
Australian Bank Fees: Who Pays the Overdraft?
January 30, 2014
JURIST Guest Columnist Andrew Watson of Maurice Blackburn Lawyers explains the story behind Australia's largest consumer class action...Why do banks charge late fees? Over limit fees? Honor and dishonor fees? Are they punishment for misbehaving customers or fees for services?
A judgment shortly due....... [more]
UN bans travel, freezes assets of Central African Republic war crimes suspects
January 29, 2014
The UN Security Council on Tuesday unanimously adopted a resolution which extends the mandate of the UN Integrated Peacebuilding Office in the Central African Republic (BINUCA) and imposes travel bans and asset freezes on those suspected of war crimes in the CAR. The resolution authorizes the Intern....... [more]
Detroit $165 million bankruptcy settlement rejected
January 17, 2014
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America. Referring to the agreement as financially imprudent, Judge Steven Rhodes put a halt to....... [more]