Legal Book » america

O’Melveny Beats Back Sucessor Liability Claim Against BofA in Countrywide MBS Suit

Master — Sat, 04 Feb 2012 08:22:47 +0000

In the face of the most comprehensive effort yet to keep Bank of America on the hook for alleged fraud in a Countrywide mortgage-backed securities case, a California federal district court judge has rejected Allstate’s successor liability claim against BofA.

Intellectual Property: A Special Report

admin — Tue, 24 Jan 2012 22:57:23 +0000

The America Invents Act shifts the United States from a system where a patent is awarded to the first person who comes up with an invention to one where it’s awarded to the first person who files a patent application. Patent practitioners shine a light on 10 key points to keep in mind.

Shareholder Resolutions Urge BoA, 3M, Target to Forgo Political Spending

admin — Wed, 18 Jan 2012 07:07:04 +0000

Two investment firms announced Tuesday that they have filed shareholder resolutions at Bank of America, 3M and Target, urging the three companies to refrain from making political donations, marking the first time institutional shareholders have asked corporations to refrain from political spending.

Mass. state court says Web site confers personal jurisdiction over French company

admin — Wed, 28 Dec 2011 10:03:08 +0000

In a case of first impression, a Massachusetts state court has ruled it has jurisdiction to hear a case against Salomon S.A.

DOJ: Countrywide Financial Settling Lending Bias Suit For $335M

admin — Thu, 22 Dec 2011 04:12:23 +0000

The U.S. Justice Department has announced that Bank of America will spend $335 million to resolve the largest-ever fair lending suit over allegations that Countrywide Financial systematically discriminated against qualified black and Hispanic borrowers, charging them higher fees and interest rates. The Justice Department also said Countrywide steered 10,000 homeowners into risky subprime loans despite their qualification for prime loans.

With $8.5 Billion BofA Settlement Still Up in the Air, Gibbs & Bruns Sets Sights on JPMorgan

admin — Tue, 20 Dec 2011 06:53:16 +0000

Few took notice last year when Gibbs & Bruns began laying the groundwork for what eventually became an $8.5 billion settlement with Bank of America over hundreds of billions of dollars in mortgage-backed securities. Now the firm has picked JPMorgan as its second target, and this time everybody is paying attention.

Batten Down the Hatches! New Litigation Storm Brewing Over America’s Cup

admin — Thu, 15 Dec 2011 20:18:21 +0000

In the run-up to the last edition of the America’s Cup sailing race, contestants seemed to spend more time in court than on the water.

Federal judge says state court should divide Bank of America attorney fees

admin — Thu, 15 Dec 2011 07:37:10 +0000

A federal judge has rejected motions to intervene by two Argentine law firms claiming a slice of the $123 million in legal fees set aside when Bank of America settled an overdraft class action. The judge ruled it is not his place to divide legal fees, and state court is the proper venue for such a decision.

Attorneys vying for piece of $123 million pie in Bank of America overdraft settlement

Master — Thu, 08 Dec 2011 07:38:13 +0000

A major battle is shaping up over some $123 million in attorney fees in the massive Bank of America overdraft class action. An Argentinian law firm is asking a federal judge to allow it to intervene in the case, while plaintiffs attorneys want their bid for fees to be decided in Florida state court.

Judge Rejects BofA’s Bid to Disqualify Quinn Emanuel from $10.5 Billion AIG Mortgage-Backed Securities Suit

Master — Thu, 08 Dec 2011 07:38:12 +0000

Quinn Emanuel won’t have to step aside as counsel to AIG in its $10.5 billion lawsuit against Bank of America, thanks to a federal judge’s ruling Tuesday. But for the London partner that Quinn exiled from the firm when the conflict dispute flared up, the damage may already be done.

‘Say on Pay’ Compensation Reform Working Better Than Expected

Master — Sat, 03 Dec 2011 06:03:29 +0000

This year marked the first time that shareholders wielded a stamp of approval on executive compensation. But one of the big surprises of 2011 may be just how well corporate America fared in this first test of the new “Say on Pay” system.

L.A. Judge Trims Allstate Suit over Countrywide Mortgage-Backed Securities

Master — Thu, 27 Oct 2011 06:13:50 +0000

A judge has dismissed federal securities fraud claims against Bank of America’s Countrywide unit and limited Allstate’s New York and Illinois state law claims to securities it bought after December 2005.

Invest like (Judge) Trump

admin — Thu, 27 Oct 2011 06:13:46 +0000

The annual disclosure report of New Jersey federal Judge Maryanne Trump Barry offers a glimpse into the finances of one of America’s most famous wealthy families. Barry is the daughter of the late New York real estate developer Fred Trump and the older sister of developer Donald Trump.

Bank of America Moves to Disqualify Quinn Emanuel From Representing AIG in $10 Billion MBS Suit

admin — Wed, 19 Oct 2011 23:02:00 +0000

Bank of America has filed a motion in federal court to disqualify Quinn Emanuel from representing AIG in its $10 billion suit against the bank, arguing that the firm is fatally conflicted because a London partner had represented Merrill Lynch and a subsidiary as a partner at Munger Tolles.

7th Circuit: State common law claims against BoA pre-empted by Fair Credit Reporting Act

admin — Wed, 05 Oct 2011 04:59:25 +0000

The 7th U.S. Circuit Court of Appeals has handed Bank of America a win, taking a broader view of a federal credit reporting law’s pre-emption provisions than a Northern District of Indiana judge.

Who Represents America’s Biggest Companies? 2011 Report

Master — Tue, 20 Sep 2011 06:21:06 +0000

Corporate Counsel’s annual look at the law firms retained by America’s biggest companies shows that the practice of law remains a uniquely human enterprise and that personal relationships still count for a lot — as shown by the evolution of four successful relationships described in this year’s survey.

Obama Signs Patent Reform Act

Master — Sat, 17 Sep 2011 00:09:02 +0000

President Barack Obama today signed the “Leahy-Smith America Invents Act,” a comprehensive overhaul of the nation’s patent system that was described by the White House in a statement as creating “a simpler, more objective, and more inventor-friendly system of issuing patents.”

Don’t Exclude Academics From the Federal Judiciary

admin — Sat, 03 Sep 2011 10:31:10 +0000

The question of whether our leaders should be the smartest and best-educated among us is a subject of regular debate these days. Only in America would we find a way to make this a highly partisan issue, write Katherine A.

AIG Files $10.5 Billion MBS Suit Against Bank of America

admin — Tue, 09 Aug 2011 06:27:11 +0000

On Monday, American International Group filed what appears to be the largest lawsuit by an individual investor over mortgage-backed securities — a $10.5 billion suit against Bank of America Corp. — while simultaneously challenging BofA’s $8.5 billion MBS settlement.

Bank of America sued for outsourcing customer calls overseas

Master — Fri, 05 Aug 2011 05:45:59 +0000

A class action filed Wednesday accuses Bank of America of putting the privacy of its customers’ financial data at risk of U.S. government surveillance by transferring service calls to overseas call centers.

After Opting Out of $624 Million Class Settlement, BlackRock, CalPERS Bring Own Suit Against Countrywide and BofA

Master — Sat, 30 Jul 2011 06:58:29 +0000

A group of heavyweight plaintiffs has brought its own suit against Bank of America, Countrywide Financial and several executives, believing they can do better than the $624 million class action settlement that has already been approved.

4th Circuit: Volvo may not unilaterally modify union retirees’ health benefits

Master — Sat, 16 Jul 2011 06:32:32 +0000

Volvo Group North America may not unilaterally modify a retiree group’s health benefits after the collective bargaining agreement has expired unless it follows the agreement’s dictates, a unanimous 4th Circuit panel has ruled.

Munger Guides Wells Fargo to $125 Million MBS Settlement

Master — Sat, 09 Jul 2011 05:57:43 +0000

Wells Fargo has announced that it has agreed to pay $125 million in what appears to be the first class settlement of claims brought by investors in mortgage-backed securities. The announcement comes on the heels of Bank of America’s proposed $8.5 billion MBS settlement.

Case against BOA over loan modification denials survives motion to dismiss

Master — Fri, 08 Jul 2011 05:02:48 +0000

A case against Bank of America alleging improper denials of homeowners’ loan modification applications has survived a dismissal motion in Boston federal court. The case involves 46 named plaintiffs who obtained home mortgage loans from a BofA subsidiary.

Did Bank of America’s Aggressive PR Posture Hurt or Help?

admin — Fri, 01 Jul 2011 06:00:50 +0000

Bank of America’s public posture in the months leading up to an $8.5 billion settlement brings up some interesting legal communications questions: Is it better to definitively assert that you will fight claims, then settle? Or do such statements just raise expectations?