Daily Archives: December 17, 2013

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JPMorgan, BofA, Others Sued Over $54B In Swipe Fees

JPMorgan, BofA, Others Sued Over $54B In Swipe Fees

Law360, Los Angeles (December 16, 2013, 9:24 PM ET) — JPMorgan Chase & Co., Bank of America Corp. and other top banks were hit with a proposed class action in California federal court Monday by a group of MasterCard and Visa cardholders who say the banks conspired to fix “interchange fees,” resulting in $54 billion in illegal charges per year.

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Feds investigate Madoff’s claims against JPMorgan

Feds investigate Madoff’s claims against JPMorgan

U.S. authorities are investigating whether JPMorgan Chase tried to impede their investigation of the Bernard Madoff Ponzi scheme, CNBC has learned.

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GEORGE VS URBAN SETTLEMENT SERVICES D/B/A URBAN LENDING SOLUTIONS; BANK OF AMERICA, N.A. | COLORADO CLASS ACTION – BANK OF AMERICA & URBAN LENDING SUED FOR RACKETEERING (RICO) ON FRAUDULENT “MODIFICATION” PROGRAM

GEORGE VS URBAN SETTLEMENT SERVICES D/B/A URBAN LENDING SOLUTIONS; BANK OF AMERICA, N.A. | COLORADO CLASS ACTION – BANK OF AMERICA & URBAN LENDING SUED FOR RACKETEERING (RICO) ON FRAUDULENT “MODIFICATION” PROGRAM

9. On behalf of nationwide classes of borrowers, Plaintiffs state a cause of action under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. § 1962(c), alleging that Defendants created an association-in-fact enterprise designed to mislead and deceive borrowers through use of the United States mail and wires. On behalf of the members of those classes, Plaintiffs seek declaratory relief and/or a judgment of liability. 10. In addition, on behalf themselves and statewide classes of similarly situated borrowers, Plaintiffs state claims of promissory estoppel for representations made to them by Defendants.

 

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JPMorgan Said to Seek Sale of Global Special Opportunities Group

JPMorgan Said to Seek Sale of Global Special Opportunities Group

JPMorgan Chase is seeking to sell a global investment unit in a push to simplify operations by paring non-essential holdings, a person familiar with the matter said.

JPMorgan began offering its Global Special Opportunities unit, which has about $2 billion in assets, to potential buyers in the past few weeks, said the person, who asked not to be identified because the talks are confidential. Private-equity firms Blackstone Group LP, Carlyle Group LP and KKR & Co. among possible bidders for the business, which could fetch $1 billion, the Financial Times reported today, citing unidentified people familiar with the situation.

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ALAW buys assets tied to JPMorgan’s California Reconveyance Co.

ALAW buys assets tied to JPMorgan’s California Reconveyance Co.

The changing default servicing landscape remains a catalyst for strategic mergers and acquisitions, prompting creditor’s rights law firm ALAW to buy JPMorgan (JPM)Chase’s California Reconveyance Co. in a strategic deal that takes effect Monday.

With the purchase of California Reconveyance assets, ALAW – a firm with existing default law operations in Florida and Georgia – expands its footprint to California and Arizona while simultaneously gaining JPM’s robust trustee operation in Chatworth, Calif.

The acquisition comes with 80 CRC employees – including legal staff with experienced attorneys who are able to fulfill new GSE requirements – allowing ALAW to stay on top of all regulatory changes while expanding its GSE business, the firm said Monday.

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Secret Inside BofA Office of CEO Stymied Needy Homeowners

Secret Inside BofA Office of CEO Stymied Needy Homeowners

Isabel Santamaria thought she finally caught a break in her effort to save her Florida home from foreclosure after nine frustrating months: She reached Bank of America Corp.’s Office of the CEO and President.

What the mother of two autistic children didn’t know is that her case would find its way to contractors, including Urban Lending Solutions in Broomfield, Colorado, far from the bank’s headquarters in Charlotte, North Carolina. Bank of America hired the firm founded by Chuck Sanders, a former Pittsburgh Steelers running back, to clear a backlog of complaints about a federal program designed to prevent foreclosures.

“It felt like a big deal, reaching the CEO’s office,” Santamaria, 43, said of having her June 2010 call escalated to what she was told was the bank’s top level. “It only happened because I complained to my congressman, the attorney general, television stations. They only put you there if you make a big stink, but once you’re there, they still don’t help you.”