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BofA sued over $1.75 billion mortgage trust
Topics |
2011/08/30 09:20
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Bank of America Corp was sued by the trustee of a $1.75 billion mortgage pool, which seeks to force the largest bank to buy back all of the loans in the trust because of alleged misrepresentations.
The banking unit of US Bancorp said Countrywide Financial Corp, which issued the loans in the HarborView Mortgage Loan Trust 2005-10, breached its obligations by misrepresenting the quality of its underwriting and loan documentation.
It said that because of this material breach, Bank of America, which bought Countrywide in 2008, was obligated to buy back all the loans in the mortgage pool.
The lawsuit was filed in the New York State Supreme Court in Manhattan. |
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Court to hear appeal over medicating Loughner
Headline News |
2011/08/30 09:20
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A federal appeals court will hear arguments Tuesday over a request to permanently ban prison officials from forcibly medicating the Tucson shooting rampage suspect with psychotropic drugs.
At issue in Jared Lee Loughner's appeal before the 9th Circuit Court of Appeal is whether prison officials or a judge should decide whether a mentally ill person who poses a danger in prison should be forcibly medicated.
Prosecutors say the decision is for prison officials to make, while Loughner's lawyers say it's up to a judge.
Loughner has pleaded not guilty to 49 charges in the Jan. 8 shooting that killed six people and wounded 13 others, including Rep. Gabrielle Giffords.
He has been at a federal prison facility in Springfield, Mo., since late May after mental health experts determined he suffers from schizophrenia and a judge ruled him mentally unfit to stand trial. He was sent to the facility in a bid to restore his mental competency so he can assist in his legal defense.
Loughner was forcibly medicated from June 21 to July 1 after prison doctors concluded that he was a danger. His attorneys appealed U.S. District Judge Larry Burns' ruling that said Loughner could be forcibly medicated in prison. |
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No choking charges for Wis. Supreme Court justice
Topics |
2011/08/26 10:03
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A conservative Wisconsin state Supreme Court justice who staved off an unusually intense campaign to replace him this summer will not face criminal charges over allegations that he tried to choke a liberal colleague, a prosecutor said Thursday.
Sauk County District Attorney Patricia Barrett, a special prosecutor in the case, said that after reviewing investigators' reports, she decided there's no basis to file charges against either Justice David Prosser or Justice Ann Walsh Bradley, who accused Prosser of choking her.
Barrett, who is a Republican, told The Associated Press that the accounts of the other justices who were present when the alleged altercation occurred varied widely, however she declined to elaborate.
I believe a complete review of the report suggests there is a difference of opinion. There are a variety of statements about what occurred ... the totality of what did happen does not support criminal charges against either Justice Bradley or Justice Prosser, Barrett said.
Walsh Bradley accused Prosser of choking her in June while the justices were deliberating the merits of a lawsuit challenging Republican Gov. Scott Walker's contentious law stripping public workers of most of their collective bargaining rights. Walsh Bradley, 61, is seen as part of the court's three-justice liberal minority, while Prosser, a 68-year-old former Republican legislator, is considered part of the four-justice conservative majority. The factions have been feuding for years.
The court delivered its verdict the day after the alleged incident, ruling 4-3 to uphold the law and allowing it to finally take effect. As expected, Prosser voted with the majority. |
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Del. pediatrician gets life for abusing patients
Headline News |
2011/08/26 10:03
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A Delaware pediatrician convicted of sexually abusing scores of young patients over more than a decade was sentenced Friday to life in prison.
Earl Bradley showed no emotion as a judge sentenced him to 14 life sentences for 14 counts of first-degree rape. Bradley was also sentenced to 165 years for multiple counts of assault and continuous sexual exploitation of a child.
Bradley was arrested in Dec. 2009 after a 2-year-old girl complained to her mother after an office visit that the doctor had hurt her.
Investigators searched his office complex, decorated with Disney characters and miniature amusement park rides, and seized dozens of homemade videos.
Bradley's public defenders presented no defense at his trial, opting instead for a swift verdict so they could more quickly appeal the judge's decision to allow the videos as evidence. The defense contends they were improperly seized by investigators acting outside the scope of their search warrant. |
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Lawyers wrap up Int'l Court's first trial
Law Firm News |
2011/08/25 08:57
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div class=entrydiv class=articlepProsecutors began wrapping up the International Criminal Court's landmark first trial on Thursday by urging judges to convict a Congolese warlord of recruiting hundreds of child soldiers and sending them to fight and kill in his country's brutal conflict./ppDeputy Prosecutor Fatou Bensouda told judges that evidence in the trial that began in January 2009 gave voice to children that militia leader Thomas Lubanga had transformed into killers; those girls that Mr. Lubanga offered to his commanders as sexual slaves./ppBensouda said the armed wing of Lubanga's Union of Congolese Patriots political party trained hundreds of children in 20 camps scattered across the Ituri region of eastern Congo in 2002-2003./ppThey were used to fight in conflicts. They were used to kill, rape and pillage, she added./ppActress Angelina Jolie, who is a goodwill ambassador for the U.N. High Commissioner for Refugees, was among dozens of people who watched proceedings from the court's public gallery. She made no comment to reporters./p/div
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Law Offices of Howard G. Smith Announces Class Action
Headline News |
2011/08/25 08:56
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Penson Worldwide, Inc. (“Penson Worldwide” or the “Company”)nbsp; between February 10, 2011 and August 4, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Northern District of Texas.
Penson Worldwide, through its subsidiaries, provides securities and futures processing infrastructure products and services to the financial services industry. The Complaint alleges that during the Class Period, Penson concealed from investors that by at least the end of 2010: (1) the Company had approximately $96-97 million in receivables, of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; (2) the Company’s assets (Nonaccrual Receivables) were materially overstated and should have been written down at least by the end of 2010; (3) as a result, the Company’s reported income and EBITDA (earnings before interest, taxes, depreciation and amortization and stock-based compensation, and excluding certain nonoperating expenses) were materially overstated; and (4), the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Penson Worldwide securities between February 10, 2011 and August 4, 2011, you have certain rights, and have until October 24, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. |
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