Daily Archives: November 11, 2017

JPMorgan Says Family Awarded $8 Billion Verdict Deserves Nothing

JPMorgan Chase & Co. urged a judge to throw out a stunning $8 billion jury verdict over a mismanaged inheritance, saying the family deserves nothing.

“The law and evidence do not support any claim against JPMorgan, much less the unprecedented multi-billion-dollar punitive damage award, which the heirs have already admitted is unconstitutionally excessive,” the bank said in a filing in Dallas probate court.

Two children of Max Hopper, a former American Airlines executive who died in 2010, have already asked that the damages for them and their father’s estate be reduced to about $74 million, while his widow has yet to weigh in with any adjustment to the ninth-largest verdict in U.S. history.

Read on.

DOJ suing Northwest Trustee Services for illegally foreclosing on veterans

WTH?

The DOJ announced Friday that it is suing Northwest Trustee Services for violating the Servicemembers Civil Relief Act, which prohibits lenders and mortgage servicers from foreclosing on a servicemember’s home while they are on active military service and for the next year without a court order, if the mortgage was originated before the servicemember’s military service.

According to the DOJ, in the last six years, Northwest foreclosed on at least 28 homes owned by servicemembers without the necessary court orders.

The lawsuit comes after the DOJ launched an investigation into Northwest’s foreclosure practices at the urging of United States Marine veteran Jacob McGreevey of Vancouver, Washington, who submitted a complaint to the DOJ’s Servicemembers and Veterans Initiative in May 2016.

Portland’s The Oregonian has been all over McGreevy’s story, previously chronicling his fight against Northwest and PHH Mortgage, his mortgage servicer, for foreclosing on his home shortly after he returned from active duty.

According to the DOJ, Northwest foreclosed on McGreevey’s home in August 2010, less than two months after he was released from active duty in Operation Iraqi Freedom.

Read on.