Settlement: Bank Of America Reaches $500m Settlement

Home > Settlements > Bank of America Reaches $500M Settlement Bank of America Reaches $500M Settlement April 17 2013 New York, NY: Bank of America has reached a settlement in the pending securities fraud class action lawsuit brought by investors who purchased mortgage investments from Countrywide Financial. BoFA acquired Countrywide in 2008. The proposed settlement would see BoFA pay $500 million to settle the lawsuit, which would be paid out to plaintiffs that include Dubai's Mashreq Bank and public and union pension funds in California, Maine, Nevada, Vermont and Washington states. The plaintiffs claimed they were misled about the risks of securities they bought from California-based Countrywide between 2005 and 2007. The settlement surpasses the $315 million accord reached with Merrill Lynch in May 2012, making it the largest to resolve federal class-action litigation over mortgage-backed securities since the financial crisis began. The accord requires court approval. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below. Request Legal Help
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'we Will Have Brighter Days In Trenton': Officials Reflect On Bankruptcy Of City-owned Hotel

Michigan governor seeks to dodge deposition in Detroit bankruptcy case

Palmer said in hindsight he regrets not jumping into action the last time there was a serious offer to purchase the hotel. In 2006, while Palmer was still mayor, Concord Hospitality Enterprises made an offer, but the deal fell through when the hotel board, which operates independently of the city administration and council, did not approve of the bid. Palmer said the city should have accepted the offer, but he said because it was below the $33.8 million they still owed at that time for construction and related expenses it had seemed like a bad deal. Before the Marriott opened, there was no hotel in the city limits, and Palmer said people who lived and worked here were looking for a place to host events. City officials thought the 199-room hotel would bring dollars to Trenton and help to lift up other businesses and spur additional development. Palmer and city businessman Shelley Zeiger, a key promoter, said the $58 million hotel would be the cornerstone to the revitalization of the downtown. Yesterday, Palmer said efforts should be made to keep the hotel operating and that a sale of the business makes good sense. I do believe its critically important that that hotel stay in Trenton, Palmer said during an interview yesterday.
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(KABC Photo) Tags: Report a typo SAN BERNARDINO, Calif. (KABC) -- Bankruptcy protection was granted for the city of San Bernardino Wednesday by a federal bankruptcy judge. The California Public Employees' Retirement System ( CalPERS ) opposed bankruptcy protection for the city over concern the city would cut public-pension money from its debts. CalPERS lawyers had argued the city did not budget wisely and ignored warnings of impending financial crisis. Related Content
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Bankruptcy judge approves Anchor BanCorp's reorganization plan

You will be able to keep your clothing and your household items; however, everything else will be sold. If you decide to continue living in your home, and you are not behind in any of the payments, you will be allowed to continue living in your home, and making the payments. However, if you are behind in your mortgage payments you will be required to relinquish your home as well. When you file for bankruptcy, you will be assigned a monthly payment that you will be required to make each month. That monthly payment will go towards paying off the remainder of your debt. You will make that payment to your bankruptcy trustee who will make sure that the money goes to your creditors.
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Bankruptcy Can Help You Get Out Of Debt

In addition, the U.S. Treasury agrees to wipe out the $139 million Anchor owes on its Troubled Asset Relief Program investment, or TARP, in exchange for about $6 million in new common stock that would be issued under a restructuring plan. The Treasury plans to immediately sell that stock. Anchor has struggled since commercial real estate loans it made before the economy tanked began to unravel, leading to millions of dollars in losses. Anchor BanCorp hasn't posted a profit in its last five fiscal years. Now that the bankruptcy reorganization plan has been approved in court, Anchor BanCorp needs the Federal Reserve's OK before implementing a $175 million recapitalization plan. After Anchor BanCorp's debts are resolved, most of the money will be passed along from the holding company to the bank, strengthening it and enabling it to increase lending.
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Bankruptcy protection granted for city of San Bernardino; CalPERS opposed

read here City Hall exterior is seen in this file photo from Tuesday, July 10, 2012.' style='float:left;padding:5px' /> He cant leave the brides in a lurch; he knows that, Johnson said. However, the store is now under control of an agent of the bankruptcy court, Johnson said. Judice has provided the names and wedding dates to the agent in an attempt to make sure the brides will get their dresses, Johnson said. Creditors, including brides waiting for their dresses, soon will get a notice in the mail from the bankruptcy court with further instructions, Johnson said. Johnson said sales at the boutique struggled to recover after declining sales during the recent recession. Bankruptcy records show Judice owes $50,000 in payroll taxes to the Internal Revenue Service and $10,500 in sales taxes to the S.C. Department of Revenue.
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Columbia bridal boutique, bakery declare bankruptcy

Attorneys for the state, in a motion to quash depositions of Snyder, Michigan Treasurer Andy Dillon and others, said they would not be able to offer testimony relevant to the issue of whether Detroit is eligible to enter Chapter 9 protection. The depositions, if they occur, would happen ahead of the late October start to hearings before U.S. Bankruptcy Judge Steven Rhodes on the eligibility issue. The city filed the largest-ever municipal bankruptcy in U.S. history on July 18.
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Law Suit Filed: JPMorgan Chase Accused of Fraud in Bankruptcy Filings

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: JPMorgan Chase Accused of Fraud in Bankruptcy Filings JPMorgan Chase Accused of Fraud in Bankruptcy Filings Please click here for a free evaluation of your claim Newport Beach, CA: A consumer fraud class action filed against JPMorgan Chase alleges the bank routinely fabricated documents to deceive bankruptcy judges. The lawsuit, filed by Ernest Michael Bakenie, states "Through the use of fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes (the 'MLNs'); Chase has demonstrated a pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players." Bakenie further claims that Chase's "pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players" resulted in the bank securing motions for relief of stay and proofs of claim in 95 percent of its cases. According to the lawsuit, an extensive network of attorneys working for Chase filed more than 7,000 motions for relief from automatic stay in bankruptcy cases in the Central District of California, "wherein they falsely claim to be the party entitled to monies due under the terms of MLNs." The lawsuit also claims that Chase rewards attorneys based on how quickly they can secure the stays, and uses fabricated documents to establish chain of title on loans. Essentially, the lawsuit claims, "Rather than incur the cost of 'proving up' its own standing or the standing of its principal Mortgage Backed Security Trust, Chase systemically misrepresents Chase or a designated MBST to be a creditor in tens of thousands of bankruptcy cases by utilizing manufactured documents. " The lawsuit also claims "That said practice (visit) allows Chase to dump defaulted loans that were never properly securitized by Washington Mutual (WAMU) and other originators acquired by Chase into private mortgage backed security trusts by creating the illusion of a valid transfer. Said practice shifts the liability of defaulted loans not properly securitized by WAMU, from Chase to private mortgage backed security trusts. The practice allows Chase to effectively mitigate the millions of dollars in liability of the WAMU acquisition, where WAMU failed to transfer MLNs of its portfolio before its demise. Said practice shifts losses from WAMU to MBST bond investors." Bakenie seeks class certification, compensatory, statutory and punitive damages for unfair and deceptive trade, disgorgement and "an order vacating all bankruptcy orders, claims and awards granted based on Chase's misrepresentation and deceptive business practices". Chase Bankruptcy Fraud Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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Bankruptcy at heart of $1.46 billion hotel deal including La Quinta

Bankruptcy Costs Weighing on AMR's Profits

Although the California hotel recovery is in full bloom with rising room rates and occupancy, signs of the bad old days during the last economic downturn were still in evidence as a report showed that one of the states largest hotel sales of the year was based on a bankruptcy. The government of Singapores sovereign wealth fund bought the 2,000-acre La Quinta Resort & Club out of bankruptcy in February from New York hedge fund Paulson & Co. and Winthrop Realty Trust of Boston, according to consulting firm Atlas Hospitality Group. QUIZ: How much do you know about California's economy? The 796-room La Quinta, which boasts five golf courses, 23 tennis courts and 535 fireplaces, was one of four hotels sold in a package to the Singapore fund. The luxurious inn -- it also has 41 swimming pools -- was valued at $109 million in a breakdown of the $1.46 billion transaction. Also included in the deal were the 279-room Claremont Hotel Club & Spa in Berkeley valued at $511 million, the 780-room Grand Wailea Resort & Spa in Wailea, Hawaii, and the 740-room Arizona Biltmore & Spa in Phoenix. The hotels in La Quinta, Wailea and Phoenix are operated by Waldorf Astoria Hotels & Resorts.
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How bankruptcy can help with unpaid Chicago traffic tickets

The strong July numbers suggest that American isnt dependent on the merger to survive. The entire view website industry has been buoyed recently by falling fuel prices and higher travel demand. That helped all of the major airlines report strong second-quarter results this year. By contrast, in the entire second quarter American made $357 million. It spent $124 million of that, or 35%, on restructuring. The company said Monday it expects to continue to report at least another $15 million a month in such charges as it languishes in Chapter 11 bankruptcy protection, based on assuming that it will pay fees of $500,000 a day. They will continue to impact the business as long as we are in chapter 11, said a company representative.
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So, it is very important to get sound and knowledgeable legal advice when facing a situation like this. Under Chapter 7 bankruptcy, an individual's dischargeable debts are eliminated. In a chapter 7, he unpaid traffic tickets will not be discharged. It simply gives debtors time to reorganize their finances, and address the outstanding balances in an effort to keep their driving privileges. This would all need to be addressed in about 60 to 90 days. Oftentimes, however, many drivers owe more in tickets/tolls that they could pay back over the course of 60 to 90 days and therefore, usually, a Chapter 13 bankruptcy will be a better option. The main advantage of filing under Chapter 13 for those facing a suspension of a driver's license is the immediate protection offered by the automatic stay.
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Texas Lets Company Near Bankruptcy Expand Mines

Despite Luminant's cash crunch and crushing debt, the Texas Railroad Commission, which oversees mining permits, has allowed the company to expand its operations. Even with bankruptcy looming, Texas has granted the company a new permit to self-bond as it expands a mine in the Tatum area. The only caveat: Luminant must produce an unaudited financial statement every 90 days. Some environmental groups such as the Sierra Club are worried that might not be enough. They fear if the company is forced to shut down power plants or mining operations in a restructuring, it might not have the millions of dollars needed for restoration.
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Settlement: Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action

Home > Settlements > Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action Ameriprise Agrees Preliminary Settlement in Securities America Investor Class Action April 13 2011 New York, NY: A preliminary settlement has been reached by Ameriprise Financial and its brokerage unit, Securities America Inc, and clients who allege in they lost roughly $400 million on fraudulent private placements. The preliminary agreement would see Securities America pay $80 million, further to a separate agreement in which SA has agreed to pay $70 million. If approved, the settlement would mean a recovery of 40 cents on the dollar, after fees. If approved, the majority of the settlement will be paid by Ameriprise. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please http://chapter-7bankruptcysite.com fill in the form to the right. Request Legal Help
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Hedge funds seeking to capitalize on Detroit's bankruptcy

Bankruptcy Law Primer for a Business

The opportunistic investors are looking to gamble by acquiring some of the citys distressed debt, sources said. They hope to turn a quick profit when Detroit emergency manager Kevyn Orr and bondholders reach a settlement in the future. It might be a good thing for Detroit to deal with hedge investors because they seek fast profits and are prone to quick settlements, allowing for the citys restructuring to get under way. In contrast, traditional bondholders and insurers are often more likely to fight aggressively to preserve their original investments and slow down the process. Full coverage: Detroits financial crisis In Jefferson County, Ala., which is currently working its way out of Chapter 9 bankruptcy, several hedge funds bought up the countys sewer bond debt at heavy discounts and struck a settlement for about 80 cents on the dollar. The arbitraging is already happening with Detroit debt but so far in a small way, said Andrew Schneider, CEO of West Palm Beach, Fla.-based Hedge Fund Advisors.
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Judge to rule on San Bernardino bankruptcy, pensions loom

When it filed for bankruptcy, it hoped to fetch more than $2 billion for about 1,100 patents related to digital imaging. But due in part to losses in high-profile patent litigation with Apple Inc, the company was only able to sell the portfolio for about $525 million to a consortium home page led by Intellectual Ventures and RPX Corp. The company sought other ways to save money. In April, it resolved a crucial dispute with its British pension, which dropped a $2.8 billion claim against Kodak while buying the company's personalized imaging and document imaging businesses for $650 million. The company reached an $895 million financing deal in June with JPMorgan Chase & Co, Bank of America Corp and Barclays Plc. It also plans a $406 million rights offering, selling 34 million shares, or 85 percent of the equity in the reorganized company, with proceeds going to creditors. But Gropper repeatedly denied their efforts to form a committee to represent their interests, saying it was clear there would be no value for them. Gropper's patience ran out however when he admonished one shareholder for asking what he felt were overly broad questions of Kodak executives about their methodology for the company's valuation. The Canadian shareholder spent close to an hour at the podium.
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Bankruptcy judge considers opening secret Detroit 'data room'

Unions representing workers have objected to the bankruptcy by arguing that it contravenes benefits' protection enshrined in Michigan's state constitution. LIKE A LAB TEST FOR DETROIT In both San Bernardino and Detroit, the idea of cutting back pension payments has set up a high-stakes battle between Wall Street bondholders and state pension funds over how they are treated when cities run out of money - an issue that could eventually find its way to the U.S. Supreme Court. "There is a real parallel between San Bernardino and Detroit," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco, who is not representing any party in the San Bernardino or Detroit cases. "Both cities have shown an appetite to take the pension issue head-on. If the judge rules San Bernardino eligible for bankruptcy, it opens the way for the city to propose a plan that could impair Calpers - which could put this little city ahead of what is happening in Detroit." Calpers has taken the opposite stance in the case of Stockton, another California city, which was found eligible for bankruptcy in April. Stockton has kept current on all payments to the pension fund. The judge overseeing the Stockton case has said that the question of whether Calpers remains to be paid in full under a bankruptcy plan could become an important issue when the city presents its exit plan.
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While it was not intended to be seen by the public, representatives from the city's unions and pension funds as well as corporate creditors have been given the password to it after agreeing to the nondisclosure agreement. On Wednesday afternoon, Jones Day attorney Gregory Shumaker made the offer to identify documents that should be kept from the public, in a change from insisting that all of them should remain private. Orr is a former member of Jones Day. He resigned from the firm to take the emergency manager position five months ago. At a hearing earlier on Wednesday at the federal courthouse in Detroit, Rhodes seemed to take umbrage when Shumaker said some of the financial information in the so-called room was not relevant to the city's Chapter 9 filing.
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US Judge Approves Kodak Plan to Exit Bankruptcy

After the debtor files a bankruptcy petition, the debtor is immediately protected by the automatic stay, which is an injunction that stops creditors from taking action against the debtor including collection efforts, lawsuits and foreclosures. Although the automatic stay is effective immediately upon the filing of the bankruptcy petition, it may be lifted in certain circumstances with court approval. Chapter 7 Bankruptcy: Liquidation Petitions filed under Chapter 7 of the Bankruptcy Code seek to liquidate the assets of the business. A bankruptcy estate that consists of all non-exempt assets of the debtor at the time of the filing of the petition is created and administered by a court-appointed trustee. The trustee will distribute the assets of the estate in accordance with the Bankruptcy Code. If successful, a Chapter 7 bankruptcy will lead to the discharge of the business's dischargeable debts. Not all debts are dischargeable. Chapter 11: Reorganization A company that wishes to continue its business will usually file a Chapter 11 bankruptcy which attempts to reorganize the debtor in such a manner that it will pay off some debts and discharge others, thereby making it feasible for the business to continue operations.
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Settlement: $3.9M Breach of Contract Lawsuit Settlement

Home Page >> Settlements >> $3.9M Breach of Contract Lawsuit Settlement $3.9M Breach of Contract Lawsuit Settlement Please click here for a free evaluation of your claim Los Angeles, CA: A $3,907,000 settlement has been reached in an unfair business practices lawsuit brought against Wyndham, a time-share company. The settlement, which involves a $3,192,000 award for fraud and a $715,000 for breach of contract, among other things, was brought against Wyndam by Casablanca Express. Over a 19 year period, Casablanca Express and Wyndham built a business relationship whereby Casablanca helped Wyndham market and sell its timeshare products. At Wyndham's request, Casablanca worked almost exclusively for Wyndham. As part of the contract between the parties, Wyndham agreed to give Casablanca a "wind-down" severance agreement, whereby http://chapter-7bankruptcysite.com Wyndham would pay Casablanca for three years after terminating its relationship with Casablanca so as to allow Casablanca time to rebuild its business with other clients. Wyndham also promised to give Casablanca the right of first refusal on all travel certificates used by Wyndham. In October 2008, claiming it needed help during the recession, Wyndham requested that Casablanca waive the wind-down clause in exchange for promises of a long-term, growing and exclusive business relationship going forward. At the time Wyndham asked for the deletion of the wind-down clause Wyndham had secretly decided to cease doing business with Casablanca. Shortly after Casablanca agreed to delete the wind-down provision of the agreement (and give up other financial entitlements) in exchange for the promise of a long-term, growing and exclusive business relationship going forward, Wyndham abruptly ceased doing business with Casablanca. Loss of the value of the wind-down clause was valued at $6 million, and, lost profits on the breach of the right of first refusal provision of the contract in the amount of approximately $1 million. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
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Bankruptcy at heart of $1.46 billion hotel deal including La Quinta

How Safe is My Home in Chapter 7 Bankruptcy?

Although the California hotel recovery is in full bloom with rising room rates and occupancy, signs of the bad old days during the last economic downturn were still in evidence as a report showed that one of the states largest hotel sales of the year was based on a bankruptcy. The government of Singapores sovereign wealth fund bought the 2,000-acre La Quinta Resort & Club out of bankruptcy in February from New York hedge fund Paulson & Co. and Winthrop Realty Trust of Boston, according to consulting firm Atlas Hospitality Group. QUIZ: How much do you know about California's economy? The 796-room La Quinta, which boasts five golf courses, 23 tennis courts and 535 fireplaces, was one of four hotels sold in a package to the Singapore fund.
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But inside his chambers and outside the courthouse, he presents a softer persona: a bike-riding vegetarian from Ann Arbor who plays rhythm guitar for the American Bankruptcy Institutes quasi-official classic rock house band, the Indubitable Equivalents. Sometimes he even brings his dog to work. That surprised one of the attorneys in the high-profile Collins & Aikman bankruptcy, over which Rhodes presided from 2005-07. So did the speed with which the judge resolved the many contentious issues that arose during the dissolution of the Southfield-based auto supplier. He used his chambers very effectively, said the attorney, who wished to remain anonymous because his firm could still have business before Judge Rhodes. There were a couple of occasions when he summoned the lawyers back there for a good, frank, off-the-record discussion. That is where he met Rhodes dog.
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Time to Bring Bankruptcy Back for Student Loan Debt

He or she cannot indefinitely twiddle his or her thumbs waiting for the market to continue going up while keeping your case open. Make sure to take the "abundance of caution" approach and to be well-informed of the potential risks in your particular case. Bankruptcy is still an option for most homeowners. Do not let the fear of losing your house keep you from considering it. Good luck. Ask the adviser To ask a question of the Bankruptcy Adviser, go to the " Ask the Experts " page and select "Bankruptcy" as the topic. Bankrate's content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy.
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U.S. judge approves Kodak plan to exit bankruptcy

That process, which will be driven by good old-fashioned supply and demand and customer outrage and increased appropriations from broke-ass state governments, will not happen overnight. In the meantimefor the millions of people who are already laboring under loads of student debtit would be nice to allow for a sober and responsible route into bankruptcy for student loan debt, just like there is for other kinds of Bankruptcy Lawyer debt. (If you are the debtor, where your debt came from is less important than the fact that it is crippling you.) That's exactly what the Center for American Progress calls for in a new report : reasonable standards to ensure that student loans can probably be repaid, combined with bankruptcy eligibility for those loans that will be the hardest to repay. The way to approach this issue, however, is to establish clear and public standards for what we at the Center for American Progress refer to as Qualified Student Loans, or loans that cannot be easily discharged in bankruptcy, which has been done for other types of financial products as a way to identify safer financial products. Qualified Student Loans would include loans, both federal and private, that have reasonable repayment conditions such as low interest rates and access to favorable forbearance, deferment, and income-based repayment options. These loans would also be qualified based on the successful track records of the institutions and programs receiving the proceeds as a way to ensure that these are programs thatby virtue of their graduate employment ratesgive graduates a reasonable chance to repay.
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Bankruptcy judge has tough-but-fair reputation

The green light from U.S. Bankruptcy Judge Allan Gropper in New York puts Kodak on track to exit bankruptcy in about two weeks. "It will be enormously valuable for the company to get out of Chapter 11 and hopefully begin to regain its position in the pantheon of American business," Gropper said. Kodak, based in Rochester, New York, was for years synonymous with household cameras and family snapshots. It filed a $6.75 billion bankruptcy in January 2012, weighed down by high pension costs and a years-long delay in embracing digital camera technology.
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Law Suit Filed: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Please click here for a free evaluation of your claim Las Vegas, NV: A foreclosure class action lawsuit has been filed on behalf of 16 Nevadans against five companies hired by banks and lenders to handle the foreclosures on properties owned by the plaintiffs and one additional defendant who purchased property through the foreclosure process. The lawsuit claims illegal debt collection activities and deceptive trade practices by the defendants against the plaintiffs during the foreclosure process as the defendants were not licensed or registered in the State of Nevada to carry out the foreclosure process. The plaintiffs are Nevadans who not only lost their houses in one of the hardest hit real estate markets, but were also adversely affected by foreclosure companies that did not follow the law during the foreclosure process. The lawsuit names as defendants: Quality Loan Service Corporation; Appleton Properties, LLC; MTC Financial, Inc. dba Trustee Corps; Meridian Foreclosure Service dba MTDS, Inc. dba Meridian Trust Deed Service; National Default Servicing Corporation; and California Reconveyance Company. The lawsuit seeks to compensate the plaintiffs and compel the defendants to surrender all fees collected for many thousands of foreclosures during the time they were operating illegally. The case was filed as a class action lawsuit because there are thousands of potential plaintiffs who were victims of these foreclosure companies. The lawsuit alleges that the debt collection activities of the defendants are and/or were illegal and improper because each of the defendants did not hold a license to engage in debt collection activities in the State of Nevada and each also failed to register as a foreign debt collection agency with the Nevada Financial Institutions Division. The illegal and improper debt collection activities include the issuance of debt-related notices, demands, collection communications and/or foreclosure sales and processes. In addition, the plaintiffs also claim deceptive trade practices, consumer fraud, unjust enrichment, trespass, quiet title and in two instances, elder abuse. Plaintiffs are asking for compensatory and consequential damages in excess to $10,000, disgorgement of any amounts paid to defendants for their respective illegal and improper debt collection activities, attorney's fees and injunctive relief. Nevada Illegal Foreclosure Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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Federal bankruptcy attorneys interview candidates for retirees committee

How Changing Bankruptcy Laws For Student Loans Could Revitalize The Economy

Rhodes is to hold a trial Oct. 23 on the objections. Sole said outside court that he was concerned that the committee might begin negotiating pension cuts even though a separate legal issue whether Michigans constitutional protections prevent cuts hasnt been decided. Sole said he and dozens of others protested outside the courthouse Monday, chanting, Not a dollar, not a dime; touching pensions is a crime. These are small amounts of money, just enough to live on and to hang on to our homes, said Sole, whose wife, Joyce Sole, is a retired city bus driver. The citys in trouble, lets be honest here. But the banks should be held responsible. They went into the neighborhoods and targeted homeowners with subprime loans and they trapped the city into interest rate swaps even though they knew rates would go down. Keith MacWilliams, 58, of Metamora, a retired water and sewer supervisor, said he applied to be on the committee in hopes his voice would be heard. I can only hope that its a fair system, he said outside court. MacWilliams said his 91-year-old mother is also a retired water department employee with a modest pension, and I dont know how she lives on it now. Ed Hannan, a former budget director under Mayor Dennis Archer, also applied to be on the committee, saying he hoped his deep experience with city finances and its borrowing http://the-bankruptcydirectory.com/ practices would be of benefit to fellow retirees.
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Mediation session scheduled in Detroit bankruptcy

Posted: 08/19/2013 3:57 pm Follow Subscribe Detroit's financial woes have placed the issue of bankruptcy in the national spotlight. Yet, for many Americans, who are still struggling to get back on their feet amid high unemployment and expensive medical bills, bankruptcy is all too familiar. Though bankruptcy filing rates have fallen 14 percent in the last year or so , experts say this isn't necessarily a sign that the economy is improving -- this sustained decline may be due to decreased consumer borrowing after the 2007 housing market collapse. But one troubling study released last year shows that racial bias may also play a factor in how bankruptcies are filed. It suggested that blacks were more likely to be steered by lawyers toward a more costly and complicated form of consumer bankruptcy, even when they had identical financial situations as white filers. Bias persisted even when adjusting for things like income and education.
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Federal Judge Gerald Rosen told all sides to appear in private on Sept. 17. Each party is required to submit by Aug. 28 a confidential statement outlining their positions. The participants include Detroit's pension funds, a half-dozen unions, U.S. Bank National Association and several municipal bond insurers. Emergency manager Kevyn Orr took Detroit into bankruptcy last month as he tries to restructure at least $18 billion in liabilities. U.S. Bankruptcy Judge Steven Rhodes appointed Rosen earlier this month as a mediator in the case.
For the original version including any supplementary images or video, visit http://hosted.ap.org/dynamic/stories/M/MI_DETROIT_BANKRUPTCY_CREDITORS_MIOL-?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

Excel Paid $3.4M to Chairman Who Steered Company Into Bankruptcy

Excel filed for bankruptcy last month with a plan to hand itself over to a syndicate of top secured lenders led by Oaktree Capital Management, which will then sell a portion of the company to the controlling stockholders, which happen to be members of the Panayotides family. That proposal has riled a group of convertible bondholders who stand to recover just 3 cents on the dollar of what theyre owed. They want to file a rival plan to bring the company out of bankruptcy. A lawyer for the committee representing the bondholders couldnt be reached for comment. Representatives for Excel declined to comment. You can view the whole disclosure here , starting at Exhibit 3C on page 29. Write to Patrick Fitgerald at patrick.fitzgerald@wsj.com .
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/08/19/excel-paid-3-4m-to-chairman-who-steered-company-into-bankruptcy/

Vince Colosimo bankruptcy proceedings launched by law firm

Colosimo is also no stranger to offscreen courtroom drama. He battled former partner Jane Hall in the Victorian Supreme Court in 2008 after their 11-year relationship ended, with Colosimo seeking a 90 per cent share of the sale of their $890,000 home in Northcote. The pair's bickering has since mellowed. Hall, a Mix FM radio host, said last year she had briefly moved back into the Northcote home while she was moving houses. Dandanis & Associates issued Colosimo a bankruptcy notice on May 22 this year.
For the original version including any supplementary images or video, visit http://www.theage.com.au/business/vince-colosimo-bankruptcy-proceedings-launched-by-law-firm-20130820-2s8bs.html

When Is Bankruptcy the Answer?

A new report from the Center for American Progress (CAP) argues that bankruptcy should allow borrowers to get out from under loans that have unreasonable repayment terms or were borrowed to attend schools whose graduates struggle to find work. Student debt cannot be discharged that is, voided by a judge and removed from the borrowers legal obligations under current bankruptcy laws except in rare, extreme circumstances. Those laws date to 1976, when Congress decided that allowing student debt to be dischargeable would encourage graduates to declare bankruptcy without ever trying to repay their loans. In the decades since, bankruptcy rules for student loans have grown so strict that the debt may follow borrowers to the grave, as it did with Jermaine Jones in 2009 and Freddy Reynoso in 2008. Gambling and credit card debts are treated more favorably in bankruptcy than are student debts. In Tuesdays report, CAP higher education experts Joe Valenti and David Bergeron argue for a new system. Rather than simply repeal the laws that make student debt inescapable, they propose that only loans that are sustainable for students be protected from bankruptcy. If a loan offers reasonable repayment conditions such as low interest rates and access to favorable forbearance, deferment, and income-based repayment options, and the school where the loaned money was spent has a good track record on the employment rate of its graduates, then it wouldnt be dischargeable.
For the original version including any supplementary images or video, visit http://thinkprogress.org/economy/2013/08/20/2498231/how-changing-bankruptcy-laws-for-student-loans-could-revitalize-the-economy/

Settlement: Banner Supply Agrees to Pay $54.4 Million in Chinese Drywall Class Action

Home > Settlements > Banner Supply Agrees to Pay $54.4 Million in Chinese Drywall Class Action Banner Supply Agrees to Pay $54.4 Million in Chinese Drywall Class Action June 15 2011 Miami, FL: A $54.4 Million settlement has been reached in a Chinese drywall lawsuit http://attorney-in-palm-desert.com/more-information/bankruptcy/ brought againt Banner Supply by homeowners in the Orlando area. The agreement covers 2,000 to 3,000 homes south of Orlando. Some 7 million sheets of tainted drywall were imported from China between 2000 and 2009, according to the Consumer Product Safety Commission, most of which was supplied folllowing the devastating Hurricanes Rita and Katrina. According to Builderonline "at least 95 companies have been implicated as distributors in lawsuits filed against Chinese manufacturers accused of being the source of tainted drywall. Banner Supply tops the list, while others on it include such ProSales 100 companies as L&W Supply, ProBuild, Stock Building Supply, and 84 Lumber. " While $54.5 million might seem a large settlement, it reportedly works out to between $18,000 and $24,000 for each of the 2,000 to 3,000 homes, however there are estimates which suggest the cost of repairing the affected homes could be as much as $100,000. Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Request Legal Help
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Hybrid, electric bus maker files for bankruptcy

BUS LINE: Shut down after 53 stranded overnight DesignLine is the former employer of U.S. Transportation Secretary Anthony Foxx, who was Charlotte's mayor until the Senate confirmed President Obama's nominee in June. Foxx made $88,000 a year as deputy general counsel, a job he had throughout his tenure as mayor. The company's largest creditor is New Jersey Transit, which has paid $3.6 million for buses it hasn't received. DesignLine was founded in New Zealand but moved its headquarters to Charlotte in 2006. The company employed about 250 people there earlier this year. Copyright 2013 The Associated Press. All rights reserved.
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Newark bankruptcy judge will name trustee to dig into foundation run by Fredrica Bey

"This prevents the dismembering of the assets of the entity." Without bankruptcy's protective umbrella "it will be sued and attacked in state court, federal court, from all sides, by every creditor in sight, with uneven and possibly unjust results," Sabino said. "The wolves creditors will selfishly rend the city from http://cortrightlaw.com/bankruptcy limb to limb, leaving scraps, if that, to the less powerful." Orr, serving an 18-month contract, had threatened bankruptcy as an option when he took the job in March. He met with more than 100 creditor representatives in mid-June, laying out plans that asked many to take 10 cents on the dollar or less. After getting authorization from Gov. Rick Snyder, Orr filed bankruptcy on Detroit's behalf just over a month later.
For the original version including any supplementary images or video, visit http://www.ajc.com/ap/ap/top-news/creditors-face-deadline-in-detroit-bankruptcy-case/nZRyb/

Zhou & Chini Offer Professional Emergency Bankruptcy & Stop Wage Garnishment Services to Riverside Residents

In 2011, the bank agreed to loan WISOMMM the $8.2 million so it could refinance debt and renovate its three properties. Now, its seeking the judges approval to move ahead with foreclosure proceedings in state court. Gambardella is expected to select Howard Fielstein, a New York City forensic accountant, as the trustee, according to Fran Steele, a trial attorney with the Office of the U.S. Trustee in Newark. Steeles office spent the past few days vetting Fielsteins background to insure he didnt have a conflict of interest with any parties to the bankruptcy, lawyers said Friday in court. Fielstein, a partner in the firm of Citrin Cooperman, specializes in investigative accounting as well as business bankruptcies, according to the firms website He could not be reached for comment Friday evening. Donald Troy Bonomo, the attorney representing WISOMMM, said his client welcomed the appointment of a trustee. Were eager to have the trustee, Bonomo said after Fridays hearing. Its important to have another set of eyes on this. Bey did not attend today's hearing.
For the original version including any supplementary images or video, visit http://www.nj.com/essex/index.ssf/2013/08/newark_bankruptcy_judge_will_name_trustee_to_dig_into_foundation_run_by_fredrica_bey.html

Picture overload makes me want to declare 'photo bankruptcy'

The Law Offices of Zhou & Chini new advertisement is for those residents experiencing such traumatic financial situations that they can get immediate relief by utilizing their skilled attorneys. Free 30 minute consultations with professional California bankruptcy attorneys will determine if you qualify for normal bankruptcy or even emergency bankruptcy proceedings. Also, if your wages have been garnished by a lender or bill collector, Zhou & Chini lawyers can put a stop to that as well. Desperate times require desperate measures and, although it is usually thought to be something that should be avoided at all costs, bankruptcy can eliminate crushing debt and release much needed extra income into faltering homes. Many Riverside residents have fallen onto such financial hard times and find that their troubles spiral ever deeper into trouble from unplayable debt, regardless of how they try not to. For such folks, the Law Offices of Zhou & Chini can provide expert bankruptcy services to eliminate debt, as well as stop nagging bill collectors, and wage garnishments. The attorneys offer all the bankruptcy information in California individuals need to make this important financial decision. The firmas newly launched marketing campaign is designed to make known the methods by which Riverside families and businesses can escape foreclosure, repossessions, wage garnishments, and other aggressive methods used by lenders and bill collectors. By scheduling a 30 minute consultation with a professional bankruptcy lawyer at the firm, local residents that are crushed by debt, can find out the best options for both eliminating both secured, and unsecured debts through bankruptcy.
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Creditors face deadline in Detroit bankruptcy case

After the bankruptcy and all the other negative information drops off, they can find themselves with a low score due to the fact that they have few or no accounts reported. The key to building stronger credit is to make sure current positive references paid on time, over time are listed on your credit reports. If some of your accounts remained open during your bankruptcy, they can help. For example, you may have continued to make your normal payments on your auto loan, mortgage and/or student loans. (Caveats: Sometimes accounts you continue paying may carry the notation included in bankruptcy, and some mortgage lenders may refuse to report mortgages that were not reaffirmed.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/loan-during-bankruptcy-100003179.html

Can I Get a Loan During Bankruptcy?

But that's also part of the problem I'm struggling with. I can't even keep up with the photos I shoot myself. Now I have Google making even more photos for me, and photos I don't have on any of my local computers. What if Google itself loses some of these images? OK, that's unlikely. But I do like to have my photos completely in my control, not solely dependent on a cloud provider. Another issue with Auto Backup is that there's no particular organization for all those photos. Go into the Photos area, and it's one endless stream of all your pictures. Want to get to a particular date?
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Law Suit Filed: Fisker employment lawsuit

Home > Lawsuits > Fisker employment lawsuit Fisker Faces Employment Class Action Lawsuit Over WARN Act Violations April 9 2013 Houston, TX: An employment class action lawsuit has been filed against Fisker Automotive for failure to provide 60 days notice to employees who were part of recent mass layoffs. Those layoffs are in violation of US and California labor laws. Specifically, the US Worker Adjustment and Retraining Notification (WARN) Act, a federal law, stipulates that companies with over 100 employees must provide 60 days notice prior to laying off their employees. There is also a similar requirement in place under California state law. The employment lawsuit against Fisker alleges the company failed to pay the employees their 60 days pay and benefits that they would have been received had they been provided their duly entitled 60-day notice. Further, the lawsuit claims Fisker failed to notify California's state Employment Development Department of its layoff plans, as well as the local workforce investment board, as well as the top elected officials in Anaheim and Orange County. Fisker Employment Class Action Legal Help If you or a loved one has suffered similar damages or injuries, please fill in the form to the right and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation. Last updated April 9 2013 Request Legal Help
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Pension boards plan to object to Detroit's bankruptcy eligibility

Detroit bankruptcy judge orders mediator to handle union talks

To qualify for Chapter 9 bankruptcy protection, municipalities must meet a series of eligibility criteria. Among them: The city must have the states authority to file for bankruptcy. Related: Analysis shows Detroit pension funds in better shape than Orr says The pension boards plan to argue that Michigan Gov. Rick Snyder didnt have the authority to file without ensuring that retiree pensions would be protected from cuts, Babiarz said. Snyder signed off on Detroit emergency manager Kevyn Orrs decision to place the city into bankruptcy court on July 18. The pension funds are arguing he should have prohibited Orr from pursuing pension cuts. A spokesman for Orr was not immediately available for comment. The Michigan Constitution protects public pensions as a contractual obligation that cannot be diminished or impaired. But Orr has argued federal bankruptcy law, which allows contacts to be severed, pre-empts the state constitution and allows significant cuts. Babiarz would not say whether the pension boards also plan to argue the city did not negotiate in good faith or whether the pension board plans to argue the city is not insolvent.
For the original version including any supplementary images or video, visit http://www.freep.com/article/20130815/NEWS01/308150166/Detroit-bankruptcy-eligibility-objection

Bank officials say the rent for one property on James Street and two others on Lincoln Park belongs to them. Wells Fargo does not consent to the debtors use of Wells Fargos rents, the banks attorney, Scott Bernstein, writes in court papers. In 2011, the bank agreed to loan WISOMMM the $8.2 million so it could refinance debt and renovate its three properties. Now, its seeking the judges approval to move ahead with foreclosure proceedings in state court. Gambardella is expected to select Howard Fielstein, a New York City forensic accountant, as the trustee, according to Fran Steele, a trial attorney with the Office of the U.S. Trustee in Newark. Steeles office spent the past few days vetting Fielsteins background to insure he didnt have a conflict of interest with any parties to the bankruptcy, lawyers said Friday in court.
For the original version including any supplementary images or video, visit http://www.nj.com/essex/index.ssf/2013/08/newark_bankruptcy_judge_will_name_trustee_to_dig_into_foundation_run_by_fredrica_bey.html

Picture overload makes me want to declare 'photo bankruptcy'

More than 40 unions represent Detroit's 9,000 public sector workers. Michigan Governor Rick Snyder, a Republican, appointed Emergency Manager Kevyn Orr in March to fix the city's finances. Orr has a broad range of powers and filed for bankruptcy on July 18 after offering creditors pennies on the dollar. Detroit's bankruptcy is the largest such municipal case in U.S. history. The city has more than $18.5 billion in long-term debt, and the court battle with its creditors is expected to be protracted and very expensive.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/08/16/us-usa-detroit-mediation-idUSBRE97F0M820130816

Newark bankruptcy judge will name trustee to dig into foundation run by Fredrica Bey

go to website Finance Sat, Aug 17, 2013, 1:13 AM EDT - U.S. Markets closed San Diego Bankruptcy Attorneys at the Golden State Law Group Respond to Positive Debt Report The San Diego Bankruptcy Lawyers at the Golden State Law Group, URL http://www.goldenstatelawgroup.com, Respond to a Positive Debt Report Filed by UPI Thu, Aug 15, 2013 2:49 PM EDT Print Related Content SAN DIEGO, CA--(Marketwired - August 15, 2013) - The San Diego bankruptcy lawyers at the Golden State Law Group have been helping clients who have encountered serious financial difficulties for several years.The firm represents consumers and businesses that need to reorganize or to eliminate unmanageable amounts of debt, and the attorneys at the firm also help deal with tax debt, criminal defense issues and personal injury matters.The bankruptcy attorneys at the firm would like to respond to a recent report that was run by the UPI that involved an analysis of the amount of debt owed by Americans. The UPI report, which can be found here , stated that data released by the New York Federal Reserve Bank revealed a trend of American consumers relying less on credit during the second quarter of 2013 as compared to previous quarters.The Household Debt and Credit Report stated that consumer debt dropped by $78 billion overall during the second quarter of 2013 and that total indebtedness dropped by a factor of 0.7 percent to $11.15 trillion.This level was well below the high point of $12.68 trillion, which was reached in 2008. While the report stated that consumer debt was now at the lowest point overall since 2006, many of those drops were related to mortgage debt and home equity debt, which fell by $91 billion and $12 billion in the second quarter respectively.Finally, bankruptcy filings that were added to the credit reports of consumers fell by a factor of 4.8 percent when compared to the second quarter of 2012.This marks the 10th consecutive quarter in which bankruptcy filings fell when compared to the previous year. However, there were some negative notations in the UPI article.Debt that was not related to housing rose during the second quarter by a factor of 0.9 percent with car loans rising by a factor of $20 billion.Student loan debt and credit card debt also increased by factors of $8 billion in the second quarter as compared to the previous quarter. "While the drop in overall indebtedness is a positive, the facts that student loan debt and credit card debt both continued to rise could signal problems for many consumers in the future," said David Weil of the Golden State Law Group. "We have seen too many situations where credit card debt, student loan debt or both have become unmanageable for consumers and we would suggest that those borrowing in this manner do so with extreme caution," Weil added. About the Golden State Law Group The Golden State Law Group is a law firm in San Diego, California that's comprised of a team of San Diego bankruptcy attorneys who provide legal help to consumers and businesses.Specifically, the attorneys at the firm provide help to consumers in the legal areas of student loan debt problems, medical bill issues, consumer bankruptcy, business bankruptcy, tax debt issues and personal injury cases. Contact:
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San Diego Bankruptcy Attorneys at the Golden State Law Group Respond to Positive Debt Report

Still, at least I feel my iCloud photos aren't going to accidentally get made public if some engineer, or myself, ticks the wrong box. There seems to be so much potential for Apple to do more here by using iPhoto as a front-end for organization or by making it a more robust Web-based service. Will the company do so? I still keep meaning to go back to Picturelife and Everpix to explore those services more, as they seem so promising. I will, I will! But then there are even more issues. When I shoot five pictures in a row to tweet something about an old "Star Trek" TV show I'm watching, do I really want those "disposable" images going into my photo collection? Or when I have a ton of screenshots I make for work purposes, do I want those mixing in with my family photos? Is there an easy solution to managing this?
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Back From Bankruptcy: CIT And John Thain's Stunning Turnaround

Bankruptcy Lawyer

Bankruptcy plan would saddle system with more risky debt, water board analysis says

Those deposits represent about 35% of CITs funding today compared to 10% back in 2009. Thain plans to grow that number. Expenses are also down as Thain cut headcount from over 4,000 in 2010 to 3,420 today. The turnaround has sparked talks of a potential acquisition of the company by one of the big banks. Thain has acknowledged the attractiveness of CIT saying traditional big bank are awash in deposits and unable to generate attractive assets while his company holds high-yielding assets.
For the original version including any supplementary images or video, visit http://www.forbes.com/sites/halahtouryalai/2013/08/09/back-from-bankruptcy-cit-and-john-thains-stunning-turnaround/

A sewer system with $2,100 of debt per customer would be a weak system and a riskier investment. In comparison, Jefferson County's bankruptcy plan would leave it with about $13,626 of debt per customer in the first year of the 40-year plan. But that burden would get worse before it would get better. Under the plan, interest on the county's debt exceeds the payments it would make for 20 years, causing the debt burden to grow. By the fifth year of the plan, the county would have $14,798 of debt per customer, more than six times what Fitch says qualifies a system as financially weak. Customer cutoffs Jefferson County's lead bankruptcy lawyer, Kenneth Klee, has said that the county anticipates modest growth in sewer consumption. The county's plan proposes sewer rate increases of 7.89 percent per year for years two through four and 3.49 percent every year after that for the life of the debt.
For the original version including any supplementary images or video, visit http://blog.al.com/spotnews/2013/08/bankruptcy_plan_would_saddle_s.html

Too soon to file for bankruptcy again?

Milwaukee, WI (PRWEB) August 13, 2013 For a Milwaukee bankruptcy attorney who gets straight A's, those in debt would do well to turn to Jeff Fields of The Fields Group Law Firm. The bankruptcy law firm is proud to announce that they are now accredited by the Better Business Bureau (BBB) with a coveted A+ rating. This impressive rating affirms the firms commitment to meeting the Standards of Trust set by the BBB to promote honest business practices and to reaching the highest professional standards of service. Every lawyer at The Fields Group Law Firm is committed to being the best bankruptcy attorney in Milwaukee . As such, they are delighted to wear the BBBs badge of honor. To further emphasize their commitment to maintaining the highest bankruptcy service standards, they announced that they are also members of the National Association of Consumer Bankruptcy Attorneys (NABCA) and Martindale-Hubbell Peer Review Ratings. The Milwaukee bankruptcy attorneys of The Fields Group Law Firm understand how uncontrolled debt can lead to stress, anxiety, and seemingly insurmountable feelings of helplessness.
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Better Business Bureau Awards A+ Rating to Milwaukee Bankruptcy Attorneys at The Fields Group

I am sorry you didn't learn from your first mistake. Unfortunately for you, having one child, another on the way and unstable employment is a recipe for financial turmoil and marital acrimony. While another bankruptcy filing may be around the corner, you can't file Chapter 7 bankruptcy until next year. You can only file Chapter 7 bankruptcy and receive a bankruptcy discharge once every eight years. While the eighth year is right around the corner, you might be facing creditor lawsuits or pending foreclosure. If you are facing a lot of pressure, you may consider filing Chapter 13 bankruptcy before you become eligible for another Chapter 7. A Chapter 13 bankruptcy is a repayment of none, some or all of your debt over a three- to five-year period. In some cases, filers could have a payment as low as $100 per month.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/too-soon-file-bankruptcy-again-100000303.html

Settlement: Wells Fargo Ordered to Pay $203M in Overdraft Fees Class Action Settlement

Home > Settlements > Wells Fargo Ordered to Pay $203M in Overdraft Fees Class Action Settlement Wells Fargo Ordered to Pay $203M in Overdraft Fees Class Action Settlement May 16 2013 San Francisco, CA: US District Judge William Alsup has issued an order to reinstate a $203 million judgment against Wells Fargo Bank. The judgment is based upon the court's findings, as affirmed on appeal by the Ninth Circuit, that Wells Fargo violated California's unfair competition law by deceiving its customers http://the-bankruptcydirectory.com/ that debit card purchases would be posted chronologically to their accounts when in fact Wells Fargo posted them in a high-to-low order for the sole purpose of generating overdraft fees. The case before Judge Alsup was brought on behalf of California Wells Fargo customers who, from November 15, 2004 to June 30, 2008, incurred overdraft fees on debit card transactions as a result of the bank's practice of sequencing transactions from highest to lowest. On August 10, 2010, Judge Alsup issued a 90-page opinion finding that Wells Fargo manipulated its processing of customer debit card purchases by its California customers, and made misleading statements to consumers regarding is resequencing practice, to maximize overdraft fees in violation of California's Unfair Competition Law. This practice had the greatest impact on the bank's low income customers because their accounts often had the smallest balances. As noted above, instead of posting transaction chronologically, Wells Fargo deducted the largest charges first, drawing down available balances more rapidly and triggering a higher volume of overdraft fees. Judge Alsup ordered that Wells Fargo return to its customers approximately $203 million in restitution and enjoined the abusive accounting practices. Judge Alsup's August 10, 2010, decision followed two and half years of extended litigation that culminated in a two-week bench trial which ended in May 2010. On September 9, 2010, Wells Fargo filed an appeal with the Ninth Circuit Court of Appeals. On December 26, 2012, the appellate court issued an opinion upholding and reversing portions of Judge Alsup's order, and remanded the case to the district court for further proceedings. The appellate court found the National Bank Act preempted application of state law to Wells Fargo's decision to use high-to-low posting. Importantly, the appellate court also found that false and misleading statements by Wells Fargo were not preempted and the bank could be held liable for affirmative misrepresentations in violation of California's Unfair Competition Law. In his decision, Judge Alsup reinstated the judgment against Wells Fargo, finding: "This order is not penalizing Wells Fargo for a practice protected by federal preemption. Instead, it is penalizing Wells Fargo for affirmatively misleading the class as to what the practice was, namely engaging in a practice likely to mislead the class to believe that processing would be done in chronological order when, in fact, processing was done in high-to-low, non-chronological order." Overdraft Fees Legal Help If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in the form to the right. Request Legal Help
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Bankruptcy administrators find $1m cheque in Detroit city hall drawer

Long may it last, says our chef... Evangelos Venizelos: The Greek who grasped the nettle but still feels its sting Greece's deputy PM, says it is two thirds through its crisis but has a huge mountain still to climb Can a Michelin-starred chef make the grade as a waiter? Tim Allen traded his whites for his best suit for a taste of life front of house. Gillian Orr finds our how he fared Fancy a different dessert? Give peas a chance... Forget meat or fish, the most interesting part of the menu is increasingly the greens - and not just served up with the mains Everyday projects: The rise of 12-month missions Setting yourself a new challenge?
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UPDATE 1-Detroit may get through bankruptcy without new borrowing -Orr

U.S. Bankruptcy Judge Steven Rhodes is to rule on whether Detroit is eligible for Chapter 9 protection in a trial to begin on Oct. 23. Orr expressed confidence that the bankruptcy filing will be approved. He said talks with Detroit's neighboring counties over the creation of a regional water and sewage authority were progressing well, with the suburbs keen on playing a role in the new authority.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/08/07/usa-detroit-kevynorr-idUSL1N0G821620130807

Colo. methane-farming company files for bankruptcy

Golden, Colo.-based Luca Technologies, Inc., filed for federal Chapter 11 bankruptcy July 15. The filing lists several Wyoming businesses and state agencies as creditors. Luca had more than 100 employees at its peak but its investors asked Luca executives to lay off all but three employees, company attorney Matt Micheli told the Casper Star-Tribune ( http://bit.ly/16BiRF2 ) for a story published Wednesday. The company struggled to get federal permits and then ran into financial trouble after natural gas prices hit 10-year lows in 2012. "Any time you have something that's brand new, that's never been done before, it takes a lot of time and resources and money to get it through and build a regulatory framework that allows that technology to be implemented," Micheli said. The company sought to restore gas production from existing, depleted coal-bed methane wells in Wyoming's Powder River Basin. Coal-bed methane wells are relatively small, shallow wells that extract gas from coal seams saturated with groundwater. Luca pumped nutrients into the coal seams.
For the original version including any supplementary images or video, visit http://www.sfgate.com/business/energy/article/Colo-methane-farming-company-files-for-bankruptcy-4720820.php

Archdiocese Bankruptcy Case

District Judge Rudolph T. Randa issued a key ruling in favor of the Archdiocese of Milwaukee in its bankruptcy, the churchs creditors are seeking an emergency order to determine whether Randa had a conflict of interest that should have been disclosed. (81) Daniel Budzynski case shows patterns of secrecy, parish-shifting It took nearly 40 years from the first time Milwaukee priest Daniel Budzynski sexually abused a child until he was finally, firmly told by former Archbishop Timothy Dolan not to wear his collar in public or present himself as a priest. 'Prepare to be shocked,' Milwaukee archbishop warns of priest sex files In a major turning point in its nearly 3-year-old bankruptcy, the Archdiocese of Milwaukee on Monday is scheduled to make public thousands of pages of documents detailing the sexual abuse of minors by priests going back decades, and what church leaders did and did not do in response. more? info… Victims' lawyers move to recover $35 million in parish funds Lawyers for victims and other creditors in the Archdiocese of Milwaukee bankruptcy are seeking to recover at least $35 million in parish funds they say were fraudulently transferred off the archdiocese's books as a way to shelter them from the legitimate claims of sex abuse victims. (28) Lawyers in archdiocese bankruptcy case seek mediator Lawyers for creditors in the Archdiocese of Milwaukee bankruptcy on Friday threatened to sue to recover $35 million it says the archdiocese fraudulently transferred to a parish trust before filing for Chapter 11 and asked the judge to appoint a mediator as a first step toward a settlement of the 14-month-old case. Here is a snapshot of the financial selttlements negotiated as a result of those filings.
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Law Suit Filed: JPMorgan Chase Accused of Fraud in Bankruptcy Filings

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: JPMorgan Chase Accused of Fraud in Bankruptcy Filings JPMorgan Chase Accused of Fraud in Bankruptcy Filings Please click here for a free evaluation of your claim Newport Beach, CA: A consumer fraud class action filed against JPMorgan Chase alleges the bank routinely fabricated documents to deceive bankruptcy judges. The lawsuit, filed by Ernest Michael Bakenie, states "Through the use of fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes (the 'MLNs'); Chase has demonstrated a pattern and practice of playing 'hide-and-seek' with http://san-francisco-bankruptcy-lawyer.com debtors, judges and other bankruptcy players." Bakenie further claims that Chase's "pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players" resulted in the bank securing motions for relief of stay and proofs of claim in 95 percent of its cases. According to the lawsuit, an extensive network of attorneys working for Chase filed more than 7,000 motions for relief from automatic stay in bankruptcy cases in the Central District of California, "wherein they falsely claim to be the party entitled to monies due under the terms of MLNs." The lawsuit also claims that Chase rewards attorneys based on how quickly they can secure the stays, and uses fabricated documents to establish chain of title on loans. Essentially, the lawsuit claims, "Rather than incur the cost of 'proving up' its own standing or the standing of its principal Mortgage Backed Security Trust, Chase systemically misrepresents Chase or a designated MBST to be a creditor in tens of thousands of bankruptcy cases by utilizing manufactured documents. " The lawsuit also claims "That said practice allows Chase to dump defaulted loans that were never properly securitized by Washington Mutual (WAMU) and other originators acquired by Chase into private mortgage backed security trusts by creating the illusion of a valid transfer. Said practice shifts the liability of defaulted loans not properly securitized by WAMU, from Chase to private mortgage backed security trusts. The practice allows Chase to effectively mitigate the millions of dollars in liability of the WAMU acquisition, where WAMU failed to transfer MLNs of its portfolio before its demise. Said practice shifts losses from WAMU to MBST bond investors." Bakenie seeks class certification, compensatory, statutory and punitive damages for unfair and deceptive trade, disgorgement and "an order vacating all bankruptcy orders, claims and awards granted based on Chase's misrepresentation and deceptive business practices". Chase Bankruptcy Fraud Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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Montreal, Maine & Atlantic Files for Bankruptcy in Canada, U.S.

Mr. Burkhardt said in a statement that the companies' obligations "exceed the value of their assets, including prospective insurance recoveries," because of the derailment. He said the court filings were "the best way to ensure fairness of treatment to all in these tragic circumstances." The railway company has also lost much of its freight business since the derailment, finance chief M. Donald Gardner said in a court filing. Rail services are expected to continue at all other locations in Quebec, Maine and Vermont and service to industries at Lac Megantic could be restored later. Mr. Gardner said the company hopes to sell the railway as a going concern, with proceeds from the sale to be funneled to a trust for the benefit of claimants. The company said it would continue to work with local and provincial government authorities in the Canadian town on the environmental remediation "as long as is necessary," saying it would do "everything within its capacity." The company is seeking court approval of a number of so-called first-day motions, including using cash pledged to its lenders to pay its employees and to keep its trains rolling. An initial hearing on those requests is slated for Aug.
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San Bernardino Workers Withdraw Challenge to Bankruptcy

Solyndra Earlier this year, Solyndra gave their executives bonuses on top of huge pay raises after the company declared bankruptcy, the Washington Times reports. RG Steel Managers at RG Steel were offered around $20 million in bonuses if they could find buyers after the company went bankrupt, The Herald Star reports. Lear Corporation The Lear Corporation sought permission to give their executives $20.6 million in bonuses last January, the Wall Street Journal reports. LightSquared Last month, LightSquared got court approval to give bonuses to four executives shortly after declaring bankruptcy, Bloomberg reports. Tribune Co. Last year, Tribune Co.
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Montreal, Maine and Atlantic files for bankruptcy protection

http://attorney-in-palm-desert.com/more-information/bankruptcy/ width='200px' style='float:left;padding:5px' /> The agreement leaves the California Public Employees Retirement System as the sole challenger to the citys effort to declare bankruptcy. San Bernardino and the union reached a tentative agreement over the terms and conditions of the workers employment on July 31, according to a todays filing in U.S. Bankruptcy Court in Riverside, California. Under the accord, the union dropped its opposition to the bankruptcy and the city withdrew a request with the court to reject bargaining agreements, according to the filing. Calpers contends San Bernardino doesnt qualify for bankruptcy protection because, after a year in bankruptcy court, there is not even a glimmer of a plan to reorganize its finances, it said in an Aug. 2 filing. Calpers wants the city to make up missed payments. San Bernardino filed for bankruptcy relief after discovering a budget deficit in June 2012.
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Railway Involved In Deadly Derailment Files For Bankruptcy

Photograph by: John Kenney , The Gazette MONTREAL a In precarious shape financially even before the Lac-MAgantic crisis, the Montreal, Maine & Atlantic railway filed for creditor protection in both Canada and the U.S. on Wednesday, just over a month after the rail disaster that left 47 dead. "It has become apparent that the obligations of both companies now exceed the value of their assets, including prospective insurance recoveries, as a direct result of the tragic derailment at Lac-MAgantic on July 6," chairman of the board Ed Burkhardt said in a communiquA. The company's Canadian filing lists assets of $17.9 million, most of it buildings, land and track structure, and liabilities of $48.1 million, $43.4 million of which is "due to the parent company" a presumably Rail World Inc. of Chicago. Under "contingent liabilities," which would include "potential claims" from the derailment, there is no dollar figure, only the letters tbd (to be determined).
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Law Suit Filed: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action

What are you looking for? Home Page >> Lawsuits Filed >> Lawsuit: Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Nevada Foreclosure Companies Face Illegal Debt Collection Class Action Please click here for a free evaluation of your claim Las Vegas, NV: A foreclosure class action lawsuit has been filed on behalf of 16 Nevadans against five companies hired by banks and lenders to handle the foreclosures on properties owned by the plaintiffs and one additional defendant who purchased property through the foreclosure process. The lawsuit claims illegal debt collection activities and deceptive trade practices by the defendants against the plaintiffs during the foreclosure process as the defendants were not licensed or registered in the State of Nevada to carry out the foreclosure process. The plaintiffs are Nevadans who not only lost their houses in one of the hardest hit real estate markets, but were also adversely affected by foreclosure companies that did not follow the law during the foreclosure process. The lawsuit names as defendants: Quality Loan Service Corporation; Appleton Properties, LLC; MTC Financial, Inc. dba Trustee Corps; Meridian Foreclosure Service dba MTDS, Inc. dba Meridian Trust Deed Service; National Default Servicing Corporation; and California Reconveyance Company. The lawsuit seeks to compensate the plaintiffs and compel the defendants to surrender all fees collected for many thousands of foreclosures during the time they were operating illegally. The case was filed as a class action lawsuit because there are thousands of potential plaintiffs who were victims of these foreclosure companies. The lawsuit alleges that the debt collection activities of the defendants are and/or were illegal and improper because each of the defendants did not hold a license to engage in debt collection activities in the State of Nevada and each also failed to register as a foreign debt collection agency with the Nevada Financial Institutions Division. The illegal and improper debt collection activities include the issuance of debt-related notices, demands, collection communications http://the-bankruptcydirectory.com/ and/or foreclosure sales and processes. In addition, the plaintiffs also claim deceptive trade practices, consumer fraud, unjust enrichment, trespass, quiet title and in two instances, elder abuse. Plaintiffs are asking for compensatory and consequential damages in excess to $10,000, disgorgement of any amounts paid to defendants for their respective illegal and improper debt collection activities, attorney's fees and injunctive relief. Nevada Illegal Foreclosure Class Action Legal Help If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.
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