Law360, New York (October 27, 2014, 5:27 PM ET) — A New York federal judge on Monday raised concerns over Barclays PLC’s recent $20 million settlement with futures and options traders who say the bank manipulated the Libor benchmark interest rate, saying some of the investors may not have timely claims.
U.S. District Judge Naomi Reice Buchwald said during a Manhattan court hearing that she needed more information about the proposed deal before approving it. The settlement, announced Oct. 8, is the first in private litigation over alleged Libor-rigging by Barclays and other major banks….
Todd Brunner, 57, a onetime local king of foreclosures, and his son, Shawn, 24, were arrested on Monday after a warrant for their arrest was issued on Friday on charges of bank fraud and bankruptcy fraud, an article in theMilwaukee Wisconsin Journal Sentinel said.
The article reported that the two were dodging marshals who last week tried repeatedly to serve them with a summons to appear for arraignment.
Authorities allege that the Brunners hid assets from the bankruptcy court and that Todd Brunner tried to conceal more than $7 million in assets from lenders. Todd Brunner filed for bankruptcy in 2011 after the collapse of his business, which he built by buying, selling and renting out hundreds of foreclosed properties throughout southeastern Wisconsin.
San Francisco-based Top Agent Network filed suit Monday in U.S. District Court for the Northern District of California against Zillow (Z), alleging theft of its proprietary trade secrets to create the highly touted “Coming Soon” feature.
The lawsuit claims that the online listing giant gained access to TAN’s confidential information by feigning interest in investing in the company when, in fact, it was simply interested in tapping into TAN’s proprietary data and systems to launch a competing product.
A spokesperson for Zillow told HousingWire that the company was investigating the lawsuit and would have a statement presently. This story will be updated when Zillow’s statement is available.
A copy of the lawsuit filing can be read here.
In a recent class action settlement against Wells Fargo, the wronged homeowners received $178.04, while their attorney’s received $12.5 million a piece, and Wells Fargo won the guarantee these homeowners would never sue again.
New Jersey attorney Josh Denbeaux wrote an analysis of the settlement called Mortgage Fraud: Wells Fargo Wins, Homeowners, Attorney Generals and Courts Lose, he details how Wells Fargo and a few attorneys profited from a lawsuit meant to provide relief to misguided homeowners and punish the bank.
Here is Mr. Denbeaux’s piece. Click here.
NEW YORK – Wall Street’s self-funded regulator said on Monday it fined Bank of America Corp’s Merrill Lynch unit a total of $6 million over violations of certain short-selling rules designed to prevent market manipulation.
In a short sale, a trader borrows stock and then sells it at a lower price to turn a profit. If one of the parties in a transaction does not have enough cash to pay for the position, or does not own the underlying assets that are to be delivered, the result is a “fail-to-deliver position” that must be closed out by borrowing or buying securities of like kind and quantity.
The Financial Industry Regulatory Authority (FINRA) said that from September 2008 to July 2012, Merrill Lynch Professional Clearing Corp did not attempt to close out certain fail-to-deliver positions, and lacked systems and procedures in to address the close-out requirements during much of that time.
The regulator also blasted Merrill’s supervisory systems and procedures. It said that from September 2008 through March 2011, Merrill’s broker dealer improperly allowed the allocation of fail-to-deliver positions to clients based solely on each client’s short position regardless of whether those clients caused or contributed to Merrill’s fail-to-deliver position.