Archive for June, 2011

Bank of America settles with bond holders over mortgage securities claims

Filed June 30th, 2011 joshua

Bank of America will pay $8.5 billion as part of a settlement and repurchase home mortgage loans packaged into bonds by Countrywide Financial Corp. According to a Bloomberg report, this is the third major settlement on similar charges this year announced by the nation’s largest bank and lender. Bond holders like BlackRock Inc., Pacific Investment […]

Feds Eyeing Home Depot Whistle-Blower Lawsuit

Filed June 28th, 2011 Julie

A whistle-blower lawsuit against the home-improvement giant Home Depot Inc. is under scrutiny by the Department of Justice to see if the suit’s allegations merit the DOJ joining the suit in a lead role. Take a look at Home Depot’s website and you’ll see of a photograph of smiling soldiers unloading a truck packed with […]

Judge rejects motion to dismiss unpaid overtime lawsuit because of illegal worker status

Filed June 24th, 2011 joshua

A group of Hispanic immigrants have sued a tree service company that hired them as contractors for unpaid overtime, but the company being sued wants the lawsuit dismissed because some are illegal immigrants. In the lawsuit brought by the former employees at Baird Tree Co. Inc., a total of 21 Hispanic workers claim the company […]

New Lawsuit Filed Against David Lerner Associates

Filed June 23rd, 2011 Julie

David Lerner Associates, known for their “Take a Tip from Poppy” advertising slogan, has been sued by investors who claim the company acted negligently in the sale and underwriting of more than $6.8 billion in shares of the Apple Real Estate Investment Trusts. A complaint against the company was filed today in federal court in […]

Report indicates FHFA ignored at least 100 complaints of possible mortgage, foreclosure fraud

Filed June 23rd, 2011 joshua

A new report from the inspector general of the Federal Housing Finance Authority says the agency failed to investigate more than 100 complaints of “foreclosure abuse and mortgage fraud” in the last two years. According to a New York Times report on the FHFA study, the lack of proper oversight and an inability to follow-up […]

JPMorgan Chase Settles Mortgage Securities Lawsuit

Filed June 22nd, 2011 Julie

JPMorgan Chase has agreed to settle a lawsuit filed against them by the Securities and Exchange Commission by paying $153.6 million. The suit was filed over the sale of mortgage securities that would benefit a hedge fund if investors lost money. The Securities and Exchange Commission says JPMorgan’s investment bank did not tell investors that […]

Arrest Made in Sony Playstation Network Hack

Filed June 22nd, 2011 Julie

A 19-year-old has been arrested near London in connection with the hacking of Sony. He is also suspected of hacking into systems and mounting denial of service attacks against several international intelligence agencies. The man’s computers will be examined for evidence related to hacks against Sony, the CIA, and the UK’s Serious Organized Crime Agency. […]

Lawsuit accuses Manhattan law firm of unpaid overtime

Filed June 20th, 2011 joshua

A former Desktop Support Technician at a Manhattan law firm is accusing his former employer of unpaid overtime in a federal class-action lawsuit filed last week. According to a report from Thomson Reuters, Keith McKenzie worked in that role with Schulte Roth & Zabal for nine years and said his employer offered extra time off […]

Lawsuit Blames Sony Playstation Hack on Layoffs

Filed June 20th, 2011 Julie

A class-action filed against Sony accuses the company of spending lavishly on its own data, while laying off employees in a unit responsible for network security two week before a massive data breach, according to Reuters. The suit seeks “appropriate” restitution, credit-monitoring services, and “exemplary damages” if Sony is found to have acted recklessly or […]

Junior accountants at PricewaterhouseCoopers claim unpaid overtime in class-action lawsuit

Filed June 16th, 2011 joshua

About 2,000 former junior accountants at PricewaterhouseCoopers are set to go to trial accusing their former employer of unpaid overtime. According to, PricewaterhouseCoopers faces the class-action lawsuit in California, where it operates six locations at which at least 2,000 current and former junior accountants accuse the company of not paying overtime wages for work […]