Archive for February, 2012

FTC warns of bogus debt collectors, continues investigation

Filed February 29th, 2012 joshua

The Federal Trade Commission is trying to stop a growing industry, fake debt collectors. According to a report from The Baltimore Sun, one company in India has drawn the particular ire of the FTC. The company purports itself to be a debt collector aiming to collect past dues on payday loans. The company has collected […]

Watchdog groups believe Google Privacy Policy changes misleading public

Filed February 24th, 2012 joshua

Google and the Federal Trade Commission have drawn the ire of several online privacy advocacy groups saying the search giant’s proposed Privacy Policy terms violates an agreement it reached with the agency last year. According to a report from Cnet.com, the Center for Digital Democracy (CDD), the Electronic Privacy Information Center, World Privacy Forum, and […]

Reverse Mortgage Schemes Target Seniors

Filed February 20th, 2012 Julie

A Delray Beach, Florida, loan officer was convicted for participating in a scheme to convince elderly clients to refinance their reverse mortgages. The conviction demonstrated how easy it is to exploit home-owning senior citizens. The National Council on Aging ranks homeowner/reverse mortgage scams as the eighth most prevalent scam that puts seniors directly in the […]

Bear Stears hedge fund managers reach accord with SEC on civil charges

Filed February 14th, 2012 joshua

Two Bear Stearns hedge fund managers have avoided a second trial on charges they lied to investors about the health of those investments. According to a New York Times report, former executives Ralph R. Cioffi and Matthew M. Tannin were set to stand trial on those charges before they reached preliminary accord with the Securities […]

PoolCorp Named in Antitrust Lawsuit

Filed February 13th, 2012 Julie

The self-purported “world’s largest wholesale distributor of swimming pool products” is in the crossfires of a plaintiff’s lawyers filing antitrust lawsuits. PoolCorp and the Federal Trade Commission settled claims back in November that the Covington, LA- based company used its “monopoly power” to eliminate potential competition by pressuring manufacturers not to tell their products to […]

Mortgage help could come via $25BN settlement between states, lenders

Filed February 10th, 2012 joshua

A proposed settlement between potentially a million of homeowners who fell victim to fraudulent foreclosure practices and major home loan lenders may have been reached. According to a Christian Science Monitor report, a $25 billion settlement has been proposed which would go to homeowners having difficulty paying their mortgages because their payments have increased drastically […]

Harper’s Bazaar magazine intern files minimum wage lawsuit

Filed February 9th, 2012 joshua

A former intern at Harper’s Bazaar magazine has filed a minimum wage lawsuit against the publisher claiming she was not paid for the work she performed. According to a Reuters report, “Diana” Xuedan Wang filed her lawsuit last week against Hearst Publications. She said she worked between 40 and 55 hours per week for absolutely […]

NY Attorney General Files Suit Over Mortgages

Filed February 6th, 2012 Julie

New York Attorney General Eric Schneiderman has filed suit against Bank of America, JP Morgan Chase, and Wells Fargo over their use of Mortgage Electronic Registration Systems (MERS), saying the banks submitted court documents containing false and misleading information that appeared to provide the authority for foreclosures when there was none. Schneiderman said the banks’ […]

MetLife Shareholde Sues Over Unpaid Death Benefits

Filed February 3rd, 2012 Julie

Shareholders in a derivative class action suit are accusing MetLife of using the Social Security Administration’s Death Master File (DMF) to stop its clients’ annuity payments, but ignoring that same database when it informed the insurer that it had to start paying on a life insurance policy. According to lead plaintiff Jack Fishbaum, MetLife used […]

New Yorker Alleges Fraud in Tostito “All-Natural” Claims

Filed February 1st, 2012 Julie

Frito Lay is being sued by a New Yorker who says the company is misleading consumers by claiming its Tostitos and SunChips products are made with all-natural ingredients. Chris Shake says they are in fact made with corn and oils from genetically engineered plants. The proposed class-action lawsuit filed in Brooklyn federal court says Shake […]