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 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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Stockton’s Bankruptcy Plan Leaves A Big Question Unanswered

Detroit bankruptcy judge gives city 35 days to develop plan to liquidate lawsuits

petitioned to undertake a Chapter 9 bankruptcy reorganization last summer, creditors began girding for a fight. Now, just 15 months later, a more peaceful calm appears to be settling over the city. Stockton sought to restructure its debts by sticking bond investors and the insurers that guaranteed their debt with principal losses on their holdings, rare in the world of municipal bankruptcy. Meanwhile, the city hoped to continue paying its California Public Employees Retirement System bill in full, thereby setting up its bond creditors and public pension fund creditor for a http://the-bankruptcydirectory.com/ face-off over the citys dwindling coffers. But Stockton managed to reach a deal with all of its bond insurers and left CalPERS unimpaired, thereby averting the type of bankruptcy showdown feud that tends mire cities in litigation for years.The plan to exit bankruptcy was approved by the Stockton city council law week , and will work its way through the bankruptcy court in the coming months, according to Reuters . Stocktons proposal provides bond insurers with a greater recovery than they had initially been offered, largely by generating revenue through a sale tax increase, according to the Stockton Record . The tax hike is contingent on voter approval in November.
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I feel compelled to ask you, How are you spending your time these days?Rhodes asked, drawing a few chuckles in the courtroom. Muller assured Rhodes he is keeping busy working on ongoing cases, including one that involves a building safety issue, and taking calls from angry plaintiffs lawyers asking where their settlements are. After hearing about 90 minutes of testimony from two city attorneys, Rhodes said he wasnt convinced that the city has any plan in the works to resolve the 500 lawsuits it is dealing with. "It is clear enough from the testimony of the witnesses that neither counsel for the city nor management of the city has yet spent any time focusing on this very issue of what should the process be to liquidate these claims. Or at least if any time has been spent on this issue, that certainly did not come through the testimony," Rhodes said. Rhodes told the city attorneys to get a plan in order by the 35-day deadline, or Ryan could proceed with her lawsuit. His decision, though, offered no comfort to the mother who said she has already waited too long for justice. Ryan believes the city owes her family an apology, claiming Detroit police went out of their way to protect one of their own: the husband. "This is just a slap in the face to our family," Ryan said of her lawsuit being on hold.
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Free bankruptcy seminar at Project Self-Sufficiency in Newton

But opponents, especially the unions, argued the filing violated Michigan's state constitution. Moreover, these critics charged that Orr overlooked valuable assets owned by the city -- Belle Island, the Coleman A. Young International Airport, the art collection at the Detroit Institute of Arts -- whose worth far exceeds the city's debt, meaning Detroit was actually not eligible for bankruptcy protection. On September 19, in the ongoing bankruptcy drama in Detroit, the political turned personal when city-worker retirees, facing the devastating prospects of seeing their pensions cut, had their day in court. One after another, Judge Steven Rhodes heard 45 of 109 individuals who filed papers to be allowed to speak to the court and explain why the bankruptcy should not be allowed to proceed. The speeches were often emotional.
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Detroit Bankruptcy Is About Union Busting, Not Being Bankrupt

30, two days after the scheduled hearing. The Astros also say that Comcast orchestrated the (bankruptcy) filing in bad faith in an effort to gain a tactical advantage over the Astros in their partnership dispute. The request for a trustee, they add, is improper because the trustee would have power to make decisions regarding media rights agreements, which the Astros claim cannot be assigned as a matter of law. Because such intellectual property rights cannot be reassigned, and because the CSN Houston partnership dispute involves agreements that are governed by state law, the Astros claim that allowing the case to remain in bankruptcy is a road to nowhere. The Astros said CSN Houston failed to make rights fee payments to them that were due on July 31 and Aug. 30 and that the ballclub informed the network that it would terminate its agreement with CSN Houston and retake their broadcast rights as of Sept. 30 if the money was not delivered by Sept. 29. Comcast headed off that possibility by filing the bankruptcy case on Sept. 27 as an end run, according to the response filed Monday.
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Federal judge must rule on Astros' request to dismiss bankruptcy case in CSN flap

The agencys legal services programs are sponsored by the Sussex County Family Success Center at Project Self-Sufficiency. Project Self-Sufficiency is a private non-profit community-based organization dedicated to improving the lives of low-income families residing in northwestern New Jersey. The agencys mission is to provide a broad spectrum of holistic, respectful, and comprehensive services enabling low-income single parents, teen parents, two-parent families, and displaced homemakers to improve their lives and the lives of their children while achieving personal and economic self-sufficiency and family stability. Since 1986 Project Self-Sufficiency has served more than 19,500 families, including more than 30,000 children. The free Bankruptcy seminar will be held on Wednesday, Oct. 23, from 7 9 p.m. at Project Self-Sufficiency, which is located at 127 Mill St.
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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 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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At 8, Insolvency Reform Act Falls Short Of Goals

Detroit bankruptcy could change municipal market, Chicago Fed says

Jeffrey Morris, a former University of Dayton law professor and a partner with the law firm of Porter Wright Morris & Arthur in Dayton, said the reforms were partly intended to decrease bankruptcy filings and as predicted, filings have dropped. In 2004, the year before the reforms were enacted, annual business and consumer filings totaled nearly 1.6 million. Other than 2005, when there was a rush to beat the Oct. 17 deadline, filings have not topped that 2004 figure and in 2012 totaled 1.2 million cases. The Bankruptcy Abuse Prevention and Consumer Protection Act took effect on Oct. 17, 2005. Eight years must pass before bankruptcy can be filed again.
For http://chapter13bankruptcysite.com the original version including any supplementary images or video, visit http://www.toledoblade.com/Economy/2013/10/06/At-8-insolvency-reform-act-falls-short-of-goals.html

But how the bankruptcy court rules on the treatment of different debt classes could profoundly alter market perceptions of their risk, particularly for issuers with mushrooming pension obligations like Detroit's, two of the bank's economists wrote in a monthly research note, the "Chicago Fed Letter." A key issue in the city's pending Chapter 9 bankruptcy is whether Detroit's state-appointed emergency manager, Kevyn Orr, may treat certain general obligation bonds as unsecured debt on a par with its pension obligations, and repay them at just pennies on the dollar. General obligation, or GO, bonds have long been viewed as the muni market's gold standard, and none of the handful of municipal bankruptcies since 1970 has resulted in a writedown of GO debt. Since 2003, GO bonds accounted for nearly 60 percent of new debt deals in the $3.7 trillion muni bond market, where cities, states, hospitals, school districts and others raise cash for capital projects and other needs. Orr's proposed cuts to retirement benefits, which are being challenged in the bankruptcy case by labor unions, retirees and pension funds, conflict with strong protections in the Michigan Constitution against impairing those benefits. The judge in the Detroit case has not yet determined if Detroit is eligible to formally enter bankruptcy protection, as hearings in that phase begin later this month. A successful challenge by unions and retirees, on the basis of the U.S. Constitution's Tenth Amendment regarding states' rights, could impact the pricing of bonds issued by cities with large unfunded pension liabilities, according to the Fed report. "If the court agrees with pension creditors that state protections hold supreme, this could change market expectations with respect to the relative standing of municipal debt issued by cities located in states with such protections," the Fed report said, pointing to Chicago, Los Angeles, and New York City. Overall, large U.S.
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Bankruptcy Judge Sends a Message to Bank of America

But theyre in the minority, he said. Most distressed consumers hoping for a loan modification are at the banks mercy. The consent decree advertised as the answer to industry practices that wrongly forced people out of their homes lacks an enforcement mechanism, Mr. Cox said. In the case of the discharged debt collection, the Ramoses had to not only hire a lawyer but also had to reopen their bankruptcy case. Last week, Bank of America agreed to stop the calls and letters except for informational notices that inform the Ramoses of what they have to do to hold onto their home. Chapter 7 bankruptcy absolved them of the obligation to pay the debt but preserved the banks lien on their property. This is a national problem. Its happening all over the place, said New York attorney Michael Schwartz, who represented the Ramoses.
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Solus Rides a Boom in Bankruptcy Claims

Anthony was acquitted in 2011 of murdering her daughter. Kronk found Caylees remains in woods near Anthonys home. He says he was defamed when Anthonys defense team made false statements, including that Kronk killed Caylee and that he moved the remains. Anthonys bankruptcy attorneys dismissed the claims as false. Over the years, many persons have pursued actions in which they sought to profit, one way or another, from Ms. Anthonys ordeal, her attorney, David Schrader, wrote in the motion. All of the claimants have been rebuffed and turned away empty-handed, though most of them enjoyed their fifteen minutes of fame while their claims were pending, which was the real objective. Anthony is scheduled to be deposed next week as part of Gonzalezs claim, although that could be delayed if her attorneys ask a judge to stop the proceeding. Schrader didnt return an email and phone call seeking comment on whether he would file a request to stop the deposition. Copyright 2013 The Associated Press.
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Casey Anthony asks judge to dismiss Gonzalez, Kronk claims in her bankruptcy case

If I were in a position where I needed to file for bankruptcy, would you think I was a bad person? Congress enacted Federal Bankruptcy laws some time ago to give honest individuals a fresh start and the hope of a sound financial future. Bankruptcy is not a uniform eraser for irresponsible spending or a free pass. Bankruptcy proceedings are supervised by the Federal Government, and each plan or filing is unique to the individual's financial situation. That being said, the stigma associated with filing bankruptcy frequently deters people and businesses truly in need of relief. This crushing debt can erode ongoing businesses, relationships and your health.
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BANKRUPTCY myths and facts

JPMorgans Fight with Lehman, MF Global Gets Nasty February 13, 2012 Earlier this year Solus Alternative Asset Management in New York reported to clients that it had raised $1.1 billion for its two funds that invest in late-stage bankruptcy claims, including those against Lehman Brothers, the estate of Bernard Madoff, MF Global and Hostess subsidiary Interstate Bakeries Corp. With those two funds now fully deployed, Solus plans to complete its capital closing in October or November, according to people familiar with the firm. The Solus Recovery Fund III and the Solus Recovery Strategies Fund will also invest in late-stage bankruptcy litigation-related claims. Christopher Pucillo, president, CIO and founder of the $3.3 billion alternative-asset firm, declined to comment, but sources say Solus expects to have capital commitments of more than $200 million for the new funds. The Solus Recovery Strategies Fund seeks to offer investors more liquidity than the firms existing funds, with a two-year lockup period rather than its usual three years.
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Law Suit Filed: Jpmorgan Chase Accused Of Fraud In Bankruptcy Filings

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 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 news 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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Detroit Residents Cope With Bankruptcy In Daily Lives

Brown admits troubles fixing all city vehicles, noting that buying replacement parts can be delayed by suppliers who want to be paid up front. The city plans to privatize trash collection by January. Contractors will handle garbage truck maintenance, freeing city mechanics to work on buses and firetrucks, Brown said. The effects of the bankruptcy are more personal for some Detroiters. Roger Howard, 55, spent 31 years emptying wastebaskets, mopping floors and doing other work in city-owned buildings. He retired in July 2012. His city pension pays him $1,388 a month, and he pays about $300 a month for his health care benefits, which he has used frequently since suffering a mild stroke two months ago. Emergency Financial Manager Kevin Orr has said the city's two pension systems are underfunded and mismanaged.
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The Daily Docket: Furniture Brands Board Pits KPS as Lead Bidder

The honey laundering case , which I wrote about last month, involved a German company in Chicago, ALW, that was illegally importing cheap (and sometimes adulterated) Chinese honey. The honey itself isnt illegal; mislabeling it to avoid paying high tariffs is. Two ALW executives pleaded guilty to fraud. Groeb Farms had been one of ALWs best customers, and after being caught in a sting that Homeland Security agents called Project Honeygate, the Michigan-based honey processor entered into a deferred prosecution agreement and paid a $2 million fine. It was also required to dispose of any Chinese honey it had in its inventory. Apparently that proved expensive: Groeb had to buy new honey just as prices were rising. Amid its financial troubles, Groeb fell behind on payments on a 2012 bank loan.
For the original version including any supplementary images or video, visit http://www.businessweek.com/articles/2013-10-03/the-u-dot-s-dot-s-largest-food-fraud-groeb-farms-files-for-bankruptcy

Detroit bankruptcy judge grants AFSCME motion to resume extra pension check

Comments 1 The Fresh & Easy grocery chain, in the process of trading hands from British supermarket giant Tesco to Burkles Yucaipa Cos., cited debt of $500 million to $1 billion in its Monday Chapter 11 bankruptcy court filing in Delaware. Above, a Fresh & Easy store in Hollywood in February. (Gary Friedman, Los Angeles Times / February 27, 2013) Also By Tiffany Hsu September 30, 2013, 8:15 p.m. Fresh & Easy Neighborhood Market Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court less than a month after being promised to Los Angeles billionaire Ron Burkle.
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Federal worker fearing bankruptcy is spared furlough, for now

OConnor said he could not comment on the issue when reached by the Free Press. AFSCME lawyer Sharon Levine argued that OConnor needed to be allowed to sign and file his judgment before he retires on Friday or his 18 months of work on the case would be lost. Levine said she hopes OConnors written decision, once revealed, will include a dollar amount for the back pay due union members. We could get some more clarity on the dollar amounts with the written opinions. OConnor is expected to issue his written ruling by a midnight Friday deadline set by Rhodes. Nowling said the city has been clear it feels the 13th-check http://www.socallawsupport.com/ program was not a negotiated benefit and said the council was right to halt the practice. The program drained pension funds and is another example of questionable and risky decisions by pension boards, he said.
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Caught in the Nation's Largest Food Fraud, Groeb Farms Files for Bankruptcy

My wife's cancer is now a serious "pre-existing condition," so we don't stand a chance of switching insurance carriers or upgrading our policy, until that day if-and-when Obamacare becomes a reality. For us, and many thousands of others in similar situations, Obamacare will make the difference between never ending financial struggles, or having an affordable yet comprehensive health insurance policy along with the prospect for a decent life without fear of bill collectors and bankruptcy. I am approaching my 57th birthday, and have been exceptionally healthy my entire adult life. Josie turned 63 recently, and up until about one year ago, except for a close call with a deadly toxic mold (Stachybotrys) back in 2004, she has also been quite healthy. So much so that I have gone for entire decades without taking as much medication as a single aspirin, and neither of us had previously taken any long-term prescription medications. As far as our insurance companies were concerned, prior to 2012 we had been the ideal clients -- dutifully paying into the system for decades, while almost never drawing funds for claims. Over the past 19 years of self-employment we have purchased high-deductible "catastrophic coverage" types of health insurance policies to provide medical coverage in case of a serious accident or illness. The unfortunate thing about high-deductible policies like ours is that since you almost never spend enough money on medical expenses to meet the deductible, you have no idea whether or not your insurance coverage adequate until someone gets seriously sick or severely injured.
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What Obamacare Means to Me: The Difference Between Bankruptcy and Having a Life Again

"I'm spared for this week," he said. Merritt was particularly worried because he's been in a deep financial crunch. He was borrowing money using credit cards to support his family of six when he was furloughed for six days during the sequester, earlier this year. "If we were to go into a moderate government shutdown, I'd probably have to file for bankruptcy," said Merritt, 43, who works in information technology at Aberdeen Proving Ground, near Baltimore. Merritt is among over 800,000 workers who were expecting to be ordered to stay home on furlough when the government shutdown kicked in. Another hundreds of thousands of workers could be told to work, and not get a paycheck during a shutdown.
For the original version including any supplementary images or video, visit http://money.cnn.com/2013/09/30/news/economy/federal-worker-shutdown/index.html

Fresh & Easy files for Chapter 11 bankruptcy protection

For a two-week trial, visit our homepage , scroll to the bottom and click try for free.) Major U.S. honey supplier Groeb Farms Inc. filed for Chapter 11 bankruptcy protection Tuesday after it was caught illegally buying Chinese honey through other countries to avoid antidumping tariffs imposed by U.S. trade regulators in 2001. Read the DBR Small Cap article via The Wall Street Journal . Thousands of MF Global customers are close to getting repaid, WSJ reports . A bankruptcy judge said a Michigan employment judge can issue an opinion on whether Detroit infringed on labor laws when it wouldnt let retirees get an extra pension check, Bloomberg reports . The Am Law Daily (sub. req.) reports on Jones Days $18 million cap in its contract with Detroit.
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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: http://attorney-in-temecula.com/more-information/bankruptcy/ 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 fill in the form to the right. Request Legal Help
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