Daily Archives: March 14, 2013

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Arizona court won’t overturn use of foreclosure settlement

Arizona court won’t overturn use of foreclosure settlement

An appellate court panel has upheld Arizona’s use of part of a multistate foreclosure settlement to help balance the state budget.

Critics of the Legislature’s decision to put $50 million into the general state budget wanted all of the money to be used for programs and services for borrowers and troubled homeowners.

Housing advocates appealed a Maricopa County Superior Court judge’s ruling in favor of the state, but an order Tuesday by a three-judge panel upholds the judge’s ruling.

Some of the settlement money paid the state by lenders is being used for programs and services for borrowers.

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Lack of disclosure no grounds to stop JP Morgan Chase discrimination case – judge

Lack of disclosure no grounds to stop JP Morgan Chase discrimination case – judge

(Reuters) – A gender discrimination case can proceed against JPMorgan Chase even though a plaintiff failed to disclose her claims against the bank in a separate personal bankruptcy proceeding, a federal judge in Columbus, Ohio, ruled on Tuesday.

The Equal Employment Opportunity Commission sued the bank in 2009, saying it had discriminated against female employees at a home loan division in Columbus by subjecting them to a sexually hostile work environment.

One of the plaintiffs, Elizabeth Burke, filed for bankruptcy the same year and her debts were discharged.

JPMorgan argued on the grounds of judicial estoppel that because Burke failed to disclose her claims against JPMorgan in the her bankruptcy proceedings, the EEOC was precluded from obtaining relief on her behalf in the discrimination case.

In his ruling on Tuesday, U.S. District Judge Gregory Frost denied JPMorgan’s request for summary judgment, ruling that the bank’s argument “grounds the EEOC too undeservedly in Burke’s shoes.”

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JPMorgan Chase & Co. : JPMorgan execs, but not Dimon, to testify on “Whale” trade

JPMorgan Chase & Co. : JPMorgan execs, but not Dimon, to testify on “Whale” trade

Current and former top executives of JPMorgan Chase & Co will appear before a Senate panel on Friday to testify about the multibillion dollar “London Whale” trading loss, but Chief Executive Jamie Dimon will not be a witness.

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U.S. regulator sides with big banks on avoiding break-up votes

U.S. regulator sides with big banks on avoiding break-up votes

U.S. regulators have agreed with four of the country’s biggest banks that they will not have to hold shareholder votes at upcoming annual meetings over whether the institutions are too big.

 

The Securities and Exchange Commission rendered its decision in nearly identical letters to JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Morgan Stanley that were posted on the agency’s web site on Wednesday.

The letters said agency lawyers agreed with the banks that they need not conduct shareholder votes on proposals from labor and religious groups calling for bank directors to explore breaking up the companies

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JPMorgan Chase & Co. : Lehman creditors can question “London Whale” – judge

JPMorgan Chase & Co. : Lehman creditors can question “London Whale” – judge

A bankruptcy judge on Wednesday gave creditors of Lehman Brothers the green light to subpoena former JPMorgan Chase & Co trader Bruno Iksil, the so-called “London Whale,” in an $8.6 billion (5.7 billion pounds) lawsuit against the bank, a Lehman spokeswoman said.