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Goldman agrees to settle mortgage debt class action
Law Center |
2012/07/18 15:49
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Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.
Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.
Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.
A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.
The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.
The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates. |
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Wis. town barred from beefing up farm water rules
Legal Interview |
2012/07/11 15:29
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The Wisconsin Supreme Court ruled Wednesday that a rural town lacksthe authority to impose tougher water-quality standards on a livestockfarm than the state requires.Magnolia, a community about 30 miles south of Madison, granted LarsonAcres Inc. a permit in 2007 when it wanted to expand, but included anumber of conditions because residents blamed it for polluting theirwater supply. The farm initially had 1,000 cows and now has about2,900.Among the conditions, the farm had to allow the town to conductmonthly water quality tests on its land, and it had to follow certaincrop-rotation strategies to reduce nitrate buildup.The farm sued, arguing that pollution-control measures are laid out bythe state and can't be modified by individual towns.The state Supreme Court agreed, ruling that the town exceeded itsauthority by imposing additional measures.The case has been watched by rural Midwest communities struggling todeal with the expansion of so-called factory farms. States throughoutthe farm belt have seen big farms get bigger as the agricultureindustry continues to consolidate.Similar cases have been filed in six other Midwestern states, butWisconsin's is believed to be the first to reach a state supremecourt. |
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Md. appeals court chief judge nearing retirement
Law Center |
2012/07/09 15:15
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The final year of Robert M. Bell's tenure as chief judge of Maryland's top court began Friday, when he turned 69 in a state where the constitution requires jurists to retire at 70.
Chief Judge Robert M. Bell has served on the Court of Appeals since 1991 and has led it since 1996.
Thus, the clock has started for Gov. Martin O'Malley to name the first new Court of Appeals chief judge since 1996.
"A year out is not too early at all to be thinking of this (appointment), because others are," said Parris N. Glendening, the former Maryland governor who appointed Bell chief judge 16 years ago. "Of all the various appointments that I made, that was the one that was most intensely lobbied, discussed."
The intensity is strong because the opportunity is so rare.
The Court of Appeals has only had two leaders during the past 40 years: Bell and his predecessor, Robert C. Murphy. |
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NY court: Gay marriage caucus didn't break rules
Court Watch |
2012/07/06 15:30
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A state appeals court rejected a challenge to New York's year-old same-sex marriage law Friday, ruling closed-door negotiations among senators and gay marriage supporters including Gov. Andrew Cuomo did not violate any laws.
The Appellate Division of state Supreme Court in Rochester ruled against gay marriage opponents who argued that Republican state senators violated New York's open meeting rules ahead of the law's passage last year.
The marriage law was given final legislative approval by the state Senate after weeks of intensive lobbying and swiftly signed by Cuomo, making New York the largest state to legalize same-sex weddings. Same-sex couples began marrying by the hundreds on July 24, 2011, the day the law became official.
"The court's decision affirms that in our state, there is marriage equality for all, and with this decision New York continues to stand as a progressive leader for the nation," Cuomo said after the court's ruling.
New Yorkers for Constitutional Freedoms said Cuomo and another gay marriage supporter, New York City Mayor Michael Bloomberg, met behind closed doors with the Senate's Republican majority in violation of the open meeting law. |
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Cal Supreme Court rules in child death case
Court Watch |
2012/07/06 15:26
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Welfare officials can take children from parents who negligently cause the death of a son or daughter, such as failing to place them in a car seat, even if there was no criminal harm, the California Supreme Court ruled.
The court ruled Thursday that a "breach of ordinary care" with fatal results is enough reason for child welfare agencies to act because it poses an inherent concern for the safety of siblings, the Los Angeles Times ( http://lat.ms/Rp6CCN) reported.
"When a parent's or guardian's negligence has led to the tragedy of a child's death, the dependency court should have the power to intervene," Justice Marvin R. Baxter wrote for the court.
"It's a big case for us, and it is a big case for the child welfare community," said Assistant County Counsel James M. Owens, who represented the Los Angeles County Department of Children and Family Services.
The case involved the 2009 death of an 18-month-old girl in South Los Angeles. Her father was driving her to a hospital after she fell off a bed and hurt her arm, according to court documents.
The baby was sitting on her aunt's lap when another car ran a stop sign and hit their vehicle.
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Romney calls Obama's health care requirement a tax
Headline News |
2012/07/05 02:18
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Mitt Romney on Wednesday said requiring all Americans to buy health insurance amounts to a tax, contradicting a senior campaign adviser who days ago said the Republican presidential candidate viewed President Barack Obama's mandate as anything but a tax.
"The majority of the court said it's a tax and therefore it is a tax. They have spoken. There's no way around that," Romney told CBS News. "You can try and say you wish they had decided a different way but they didn't. They concluded it was a tax."
Romney's comments amounted to a shift in position. Earlier in the week, senior adviser Eric Fehrnstrom said Romney viewed the mandate as a penalty, a fee or a fine - not a tax.
The Supreme Court last week ruled that the federal requirement to buy health insurance or pay a penalty is constitutional because it can be considered a tax. The requirement is part of the broad health care overhaul that Obama signed into law in March 2010.
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