Daily Archives: November 1, 2016

 Iceland’s Election Draws 79%Turnout. The US? Not So Much.

Iceland just held a fine election, in which candidates from across the political spectrum competed for power in voting that produced big advances for the direct-democracy advocates of the Pirate Party and the radical Left-Green Movement. But the Independence Party, which is described as “center-right” but supports LGBTQ rights and promises to maintain most of the welfare state, gained the most votes. No party won a majority, so now the various and sundry partisans are scrambling to form coalitions that could lean right or could lean left.

But that is not the news that Americans should focus on.

The news from Iceland is that 79.2 percent of the electorate participated in Saturday’s voting.

That’s not an astronomical number by international standards–Belgium frequently tops 90 percent turnout. But it is wildly better than anyone anticipates the United States will muster in next week’s voting for president and control of the US Senate and House of Representatives.

Read on.

J.P. Morgan Withheld Payment From Tech Client, Lawsuit Alleges

J.P. Morgan Chase & Co. allegedly withheld a $12 million payment to Good Technology Inc. last year, worsening a cash shortage that forced the mobile-security company into a sale brokered by the bank, according to newly public claims in a continuing legal dispute.

The new details allege that the bank, in its capacity as a customer of Good Technology, hastened the company’s demise, even while the bank was advising it on a sale.

The allegations were unsealed Friday as part of a continuing lawsuit in Delaware court. The plaintiffs, including Good Technology employees who owned shares, accused J.P. Morgan and the company’s venture capital backers of mismanagement and conflicts of interest that resulted in a $425 million sale to BlackBerry Ltd.

Read on.

Wells Fargo agrees to $50 million settlement over homeowner fees

Another day, another settlement…

Wells Fargo & Co has agreed to pay $50 million to settle a racketeering lawsuit accusing it of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans.

The proposed settlement, which requires court approval, was disclosed in a filing on Friday in an Oakland, California federal court. If approved, it will resolve nationwide claims that Wells Fargo charged much more than it paid for third-party appraisals, exploiting borrowers who could least afford it and driving them further into default.

Wells Fargo’s settlement of the lawsuit comes as the bank is still recoiling from a scandal over sales targets that drove employees to create unauthorized accounts for customers. Multiple lawsuits over those practices are pending.

Spokesman Tom Goyda said Wells Fargo believes its appraisal practices were proper and disagreed with the lawsuit’s claims but settled to avoid further litigation.

Read on.