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Goldman agrees to settle mortgage debt class action
Headline Legal News |
2012/07/18 16:40
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Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.
Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.
Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.
A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.
The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.
The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates. |
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Wis. town barred from beefing up farm water rules
Topics in Legal News |
2012/07/11 15:53
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The Wisconsin Supreme Court ruled Wednesday that a rural town lacksthe authority to impose tougher water-quality standards on a livestockfarm than the state requires.Magnolia, a community about 30 miles south of Madison, granted LarsonAcres Inc. a permit in 2007 when it wanted to expand, but included anumber of conditions because residents blamed it for polluting theirwater supply. The farm initially had 1,000 cows and now has about2,900.Among the conditions, the farm had to allow the town to conductmonthly water quality tests on its land, and it had to follow certaincrop-rotation strategies to reduce nitrate buildup.The farm sued, arguing that pollution-control measures are laid out bythe state and can't be modified by individual towns.The state Supreme Court agreed, ruling that the town exceeded itsauthority by imposing additional measures.The case has been watched by rural Midwest communities struggling todeal with the expansion of so-called factory farms. States throughoutthe farm belt have seen big farms get bigger as the agricultureindustry continues to consolidate.Similar cases have been filed in six other Midwestern states, butWisconsin's is believed to be the first to reach a state supremecourt. |
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Md. appeals court chief judge nearing retirement
Court News |
2012/07/09 15:45
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The final year of Robert M. Bell's tenure as chief judge of Maryland's top court began Friday, when he turned 69 in a state where the constitution requires jurists to retire at 70.
Chief Judge Robert M. Bell has served on the Court of Appeals since 1991 and has led it since 1996.
Thus, the clock has started for Gov. Martin O'Malley to name the first new Court of Appeals chief judge since 1996.
"A year out is not too early at all to be thinking of this (appointment), because others are," said Parris N. Glendening, the former Maryland governor who appointed Bell chief judge 16 years ago. "Of all the various appointments that I made, that was the one that was most intensely lobbied, discussed."
The intensity is strong because the opportunity is so rare.
The Court of Appeals has only had two leaders during the past 40 years: Bell and his predecessor, Robert C. Murphy. |
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Cal Supreme Court rules in child death case
Court News |
2012/07/06 16:43
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Welfare officials can take children from parents who negligently cause the death of a son or daughter, such as failing to place them in a car seat, even if there was no criminal harm, the California Supreme Court ruled.
The court ruled Thursday that a "breach of ordinary care" with fatal results is enough reason for child welfare agencies to act because it poses an inherent concern for the safety of siblings, the Los Angeles Times reported.
"When a parent's or guardian's negligence has led to the tragedy of a child's death, the dependency court should have the power to intervene," Justice Marvin R. Baxter wrote for the court.
"It's a big case for us, and it is a big case for the child welfare community," said Assistant County Counsel James M. Owens, who represented the Los Angeles County Department of Children and Family Services.
The case involved the 2009 death of an 18-month-old girl in South Los Angeles. Her father was driving her to a hospital after she fell off a bed and hurt her arm, according to court documents.
The baby was sitting on her aunt's lap when another car ran a stop sign and hit their vehicle. |
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Rosen Law Firm Files First Federal Securities Class Action
Securities Class Action |
2012/07/05 02:07
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The Rosen Law Firm, P.A. announces today that it has filed the first federal class action against Lone Pine Resources, Inc. (LPR) alleging that Lone Pine made false statements of material facts in its prospectus issued in connection with the Company's May 26, 2011 initial public offering. If you wish to serve as lead plaintiff, you must move the Court no later than September 4, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
To join the Lone Pine class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com for information on the class action. The action filed by the Rosen Law Firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that Defendants failed to disclose in its IPO documents that the Company was facing significantly increased costs and disruption in production volumes attributed to a major oil sales pipeline rupture in late April 2011 and a large forest fire in the same area in Mid-May. When the market learned of this adverse information, the price of Lone Pine dropped damaging investors.
www.rosenlegal.com.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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