Daily Archives: August 9, 2014

6 Japanese Banks Urge NY Judge To Can Libor Class Action

Law360, Los Angeles (August 07, 2014, 6:17 PM ET) — Six Japanese banks urged a New York federal judge on Thursday to can a putative class action accusing them of fixing yen-denominated Libor rates, claiming the court doesn’t have jurisdiction because they are incorporated in Japan and have their principal places of business there.

Defendants Mizuho Corporate Bank Ltd., the Shoko Chukin Bank Ltd., the Bank of Yokohama Ltd., Shinkin Central Bank, Sumitomo Mitsui Trust Bank Ltd. and Sumitomo Mitsui Banking Corp. argued that although they have one or more representative or branch offices in the…

Source: Law360

Former bank CEO Peyton Patterson was hit with civil lawsuits for outstanding debts

This tells you how much financially in trouble millionaire banker and former bank CEO Peyton Patterson is. From the Connecticut Superior records:

RACE BROOK COUNTRY CLUB INCORPORATED v. PATTERSON, PEYTON R  NNH-CV-13-6041621-S

 

AMERICAN EXPRESS BANK, FSB v. PATTERSON, PEYTON R.  NNH-CV-13-6040470-S

 

PINE ORCHARD YACHT & COUNTRY CLUB, INC. v. PATTERSON, PEYTON R

 FST-CV-13-6020222-S

 

 

Banker millionaire and former CEO of Bankwell Peyton Patterson Won’t Pay Her Taxes

Peyton Reed Patterson, now former CEO of Bankwell, apparently doesn’t like to pay taxes. On Thursday the regional bank announced Ms. Patterson was quitting as CEO for personal reasons. This is two months after Matt Pilon of the Hartford Business Journal exposed the multi-millionaire banker for being a deadbeat with her creditors. Creditors who had secured court judgments against her for over $400k. This included contractors for her new McMansion in New Canaan, country club bills, and back real estate taxes owed to Madison, Conn.

What hasn’t been reported yet is Peyton Patterson also doesn’t like to pay taxes to New Canaan. A town records search shows New Canaan filed a tax lien on June 5th, 2014 against the banker for $36,146.63 and the tax assessor office shows she still hasn’t paid this year’s taxes. In fact, since she moved to town in mid 2012 she hasn’t really been timely in paying any taxes on her $4.2 million home at 112 Clearview Lane.

Read on.

MARY MCCULLEY: THE RAILROAD TO HAZELTON

LIBERTY ROAD MEDIA

McCulley Jail

By: Clinton Kirby and Glenn Augenstein

August 7, 2014

Readers of this site and/or those who otherwise follow the news about Mary McCulley may recall the interview with her published here on May 7, 2014, titled: “The $6 Million Woman: Interview With Mary McCulley.”

The May 7, 2014 story was published the day before a hearing to determine whether or not Mary would be released from prison. For reasons of discretion the entirety of the interview was not printed.  Why give the government anything to use against her in the hearing the next day?

This led to some confusion about the nature of what actually happened in Mary’s case, and we received a number of emails about some of those issues.  Had we decided to publish the interview in its entirety, the confusion would have been kept to a minimum.  The questions we received ranged from the nature of the…

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State Attorneys General Bringing Actions Under Dodd-Frank

As the CFPB celebrates its three-year anniversary, the current trend appears to be lawsuits brought by state attorneys general or state regulators pursuant to their authority under Dodd-Frank Section 1042. Under Section 1042, a state regulator or attorney general is authorized to bring a civil action for a violation of the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices (UDAAP). Recently lawsuits have been filed by state attorneys general in three different states: Illinois, New York and Mississippi.

Read on.

Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Ocwen Financial Corp.

NEW YORK, Aug. 6, 2014 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Ocwen Financial Corp. (“Ocwen” or the “Company”) (NYSE: OCN).  Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at info@bgandg.com or 212-697-6484.

The investigation focuses on whether the Company and certain of its executives violated federal securities laws.

On August 4, 2014, the New York’s Department of Financial Services (“DFS”) disclosed that it was investigating whether the Company entered into improper transactions with affiliated entities. According to the DFS, Ocwen entered into an arrangement with Altisource Portfolio Solutions S.A., whose executives have substantial ties to the Company, which raises concerns about whether such transactions were priced fairly and conducted at arm’s-length.

On this news, shares of Ocwen fell $0.69 or more than 2.5% to close at $26.98 on August 4, 2014.

If you are aware of any facts relating to this investigation, or purchased shares of Ocwen Financial Corp., you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com.  Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.

Source: PR Newswire

OCWEN INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Ocwen Financial Corp. Following Disclosure of Department of Financial Services Investigation and Analysts Downgrades

NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Ocwen Financial Corp. (NYSE: OCN).

On August 4, 2014, the New York’s Department of Financial Services (“DFS”) disclosed that it was investigating whether the Company entered into improper transactions with affiliated entities. According to the DFS, Ocwen entered into an arrangement with Altisource Portfolio Solutions S.A., whose executives have substantial ties to the Company, providing $65 million in questionable fees to Altisource, in a potential conflict of interest.

On this news, the Company was downgraded by multiple analysts and the price of Ocwen’s shares plummeted.

KSF’s investigation is focusing on whether Ocwen and/or its officers and directors violated state or federal securities laws.

If you are an Ocwen shareholder that has suffered losses related to your investment or have information that would assist KSF in its investigation, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com) toll free at 1-877-515-1850.

Source: Business Wire