Today's Date: Add To Favorites   
Officials in 50 states launch foreclosure probe
Headline Legal News | 2010/10/13 08:15

Officials in 50 states and the District of Columbia have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners.

The states' attorneys general and bank regulators will examine whether mortgage company employees made false statements or prepared documents improperly.

Alabama initially did not sign on to the investigation. It reversed course after the joint statement was released.

Attorneys general have taken the lead in responding to a nationwide scandal that's called into question the accuracy and legitimacy of documents that lenders relied on to evict people from the homes. Employees of four large lenders have acknowledged in depositions that they signed off on foreclosure documents without reading them.

The allegations raise the possibility that foreclosure proceedings nationwide could be subject to legal challenge. Some foreclosures could be overturned. More than 2.5 million homes have been lost to foreclosure since the recession started in December 2007, according to RealtyTrac Inc.

The state officials said they intend to use their investigation to fix the problems that surfaced in the mortgage industry.



Great Southern investors file class action
Securities Class Action | 2010/10/12 07:36

Investors with failed agribusiness provider Great Southern have launched a class action against Bendigo and Adelaide Bank (BABL), in an attempt to recover losses from the venture.

A statement of claim issued by DC Legal on behalf of investors against BABL, which currently holds the loans, alleges that the Great Southern Group made false and misleading claims in its product disclosure statement (PDS) such as promoting unattainable woodlot yields and failing to report the true position of the managed investment schemes (MISs).

The group also offered investment in the schemes and loans in order to invest up until the month of receivership, according to the statement.

DC Legal solicitor Bruce Dennis encouraged other Grout Southern investors to join the class action.

Since at least 2004, the Great Southern Group was relying on sales from the following year’s MIS sales, which Dennis described as having a ponzi-like character, where new capital is constantly required to prop up previous projects.

Investors were unable to make an informed decision regarding the investments and would not have taken out the loans and invested in the schemes if the true position had been stated, Dennis said. About 260 investors are asking the Federal Court to set aside loans and to be reimbursed for all costs.

“BABL has threatened to commence action against borrowers from GSF having acquired these purported loans. BABL has even threatened the investors with bankruptcy,” Dennis said.

This is the only nationwide class action on the Great Southern matter, Dennis said, although a smaller class action was filed by Macpherson + Kelley lawyers in the Victorian Supreme Court in May this year.

Along with the Great Southern Group, three formers directors have also been named as respondents in the action. They are John Young, Cameron Rhodes and Phillip Butlin. The matter is due to go before the Federal Court on 22 October.

A response from BABL said there was nothing new in the statement of claim, which the bank described as “hopelessly inadequate”.

It covers the same ground as the Macpherson + Kelley action, and BABL has always acted within the letter and spirit of the law relating to loans provided to investors in Great Southern MIS and will vigorously defend the new action, according to BABL managing director Mike Hurst.

Although DC Legal claims to be acting on behalf of up to 2,000 investors, only 230 of its clients have Great Southern loans with BABL, Hurst said.




Reports: China moves again to limit bank lending
Stock Market News | 2010/10/12 07:32

China has told its biggest banks to increase reserves in a new move to control lending, news reports said Tuesday, as Beijing tries to cool inflation and housing prices without derailing its recovery from the global slump.

There was no government announcement, but Goldman Sachs said its researchers received confirmation of the order from bank employees. Phone calls to the central bank's press section were not answered.

The top six state-owned Chinese lenders were told to increase reserves by 0.5 percentage points to 17.5 percent of their deposits, the Beijing News and other newspapers said, citing unidentified bank employees.

China's rapid growth is easing after hitting 10.3 percent in the second quarter but inflation is creeping up and Beijing is trying to control housing prices that surged earlier amid a credit boom.

The reserve hike "is used as a clear signal to commercial banks that the central bank is willing to take actions to control lending," said Goldman economists Yu Song and Helen Qiao in a report.

Chinese banks were ordered to step up lending in support of Beijing's stimulus, which helped China rebound quickly from the global crisis. But regulators tightened controls early this year after the credit boom fueled a surge in stock and real estate prices, prompting concerns about dangerous price bubbles.

The communist government imposed lending curbs and raised reserve requirements but has avoided a rate hike that it worries might derail China's recovery.

The latest reserve hike would take about 200 billion yuan ($29 billion) out of the pool of money for lending, a relatively small amount, according to Yu and Qiao.

The decision to avoid more severe steps "may also reflect the significant uncertainties facing the economy and disagreements among the views of policy makers," they said.

The reserve hike also might be an attempt to cool a surge in inflows of foreign capital attracted by China's rebound and the strengthening of its yuan against the U.S. dollar, Nomura said in a report.



Surging markets fuel IPO boom in Asia
Stock Market News | 2010/10/12 01:34

Coal India Ltd., the world's largest coal company, announced Tuesday a $3.4 billion initial public offering that is India's largest-ever and adds to a growing list of record-breaking IPOs in Asia this year.

Foreign investors fleeing slow growth and low returns in the developed world have rushed into Asia, pumping up stock markets and snapping up shares in new offerings, which can more easily absorb large chunks of capital.

"There's a surge of liquidity created in the western world," said Naresh Kothari, president of Edelweiss Securities in Mumbai. "The belief in the recovery of their economies is not very high. A lot of this liquidity is looking for returns and the best growth is available in Asia and emerging markets."

So far this year, IPOs in Asia, excluding Japan, have totaled $100.5 billion, up from $36.9 billion in the same period last year. It's even topped the $59.1 billion raised in the same period of 2007 when share issues were booming.

According to Dealogic, China had the largest IPO in history in July, with the $22.1 billion offering of the Agricultural Bank of China Ltd. Singapore hit a new record high in October, with the launch of a $2.6 billion IPO for Global Logistic Properties Ltd.

South Korea notched its largest IPO ever in April, with the $4.4 billion offering of Samsung Life Insurance Co. Ltd. and the Philippines broke its record in October with the $537 million Cebu Air share sale.

The Indian government is selling 10 percent of its stake in state-run Coal India Ltd., part of a broad divestment plan to reduce the fiscal deficit and loosen state control over some of the nation's biggest companies. India aims to sell off pieces of state-run companies worth 400 billion rupees ($8.9 billion) this year.



Kaplan Fox Files Securities Class Action
Securities Class Action | 2010/10/06 14:25
Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit against Apollo Group, Inc. that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of Apollo's common stock during the period February 12, 2007 through August 3, 2010, inclusive (the "Class").

The case is pending in the United States District Court for the District of Arizona. A copy of the complaint may be obtained from Kaplan Fox or the Court.

The Complaint alleges that throughout the Class Period, Defendants represented that Apollo's student enrollment in its programs, and its revenues and profits were growing, but the positive statements regarding the Company's performance and growth made by defendants were materially false and misleading when made, and were known by defendants to be false or were recklessly disregarded because the defendants failed to disclose that the Company's purported growth and profits were achieved through an improper course of conduct, including fraudulently inducing students to enroll in Apollo's scholastic and educational programs and engaging in other manipulative recruiting tactics. Further, the Complaint alleges that during the Class Period Apollo insiders sold over $450 million dollars of their privately held Apollo stock at artificially inflated prices.

The Complaint further alleges that the truth about Apollo's improper recruiting tactics began to emerge on January 7, 2010, when, after the close of trading, the Company issued a press release disclosing, among other things, that the U.S. Department of Education expressed a concern that some students had enrolled and began attending classes before completely understanding the implications of enrollment, including their eligibility for student financial aid. On January 8, 2010, the next trading day, Apollo shares declined from a close on January 7, 2010 of $63.94 per share to close at $60.50 per share, a decline of $3.44 per share or approximately 5.4% on heavier than usual volume.

Then, the Complaint alleges, on August 3, 2010, the United States Government Accounting Office (the "GAO") published a report finding that certain for-profit schools (i) used deceptive recruiting practices; (ii) inflated their tuition costs; and (iii) engaged in other "troubling" practices. The Complaint alleges that, as a result of these disclosures, between August 3, 2010, and August 6, 2010, shares of the Company declined from a close of $47.14 per share on August 2, 2010, to a close of $42.83 per share on August 5, 2010, a decline of $4.34 per share or approximately 9%.

If you are a member of the proposed Class, you may move the court no later than October 15, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.



[PREV] [1] ..[502][503][504][505][506][507][508][509][510].. [622] [NEXT]
All
Securities Class Action
Headline Legal News
Stock Market News
Court News
Court Watch
Legal Interview
Securities Lawyers
Securities Law Firm
Topics in Legal News
Attorney News
Legal Focuses
Opinions
Legal Marketing
Law Firm News
Investment Fraud Litigation
US immigration officials loo..
Appeals court rules Trump ca..
Trump asks supreme court to ..
Turkish court orders key Erd..
Under threat from Trump, Col..
Japan’s trade minister fail..
Supreme Court makes it harde..
Trump signs order designatin..
US strikes a deal with Ukrai..
Defense secretary defends Pe..
Musk gives all federal worke..
Elon Musk has called for the..
Elon Musk dodges DOGE scruti..
Trump White House cancels fr..
Trump order aims to end fede..
New report outlines risks of..


   Lawyer & Law Firm Links
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Lane County, OR DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
Post-Divorce Issues Attorney
Connecticut Special Education Lawyer
www.fortelawgroup.com
   Legal Resource Links
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.
 
 
 

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