Monthly Archives: September 2011
Judge Narrows Madoff Trustee’s Suit vs. Mets Owners
In a ruling that could have a far-reaching impact on lawsuits seeking money for Bernard Madoff‘s victims, a federal judge threw out the bulk of claims by a court-appointed trustee who sought to recover about $1 billion from the owners of the New York Mets baseball team. The decision by U.S. District Judge Jed Rakoff limited—though didn’t eliminate—possible financial ramifications from the epic Ponzi scheme for one of Major League Baseball’s most valuable franchises.Beyond making it harder for trustee Irving Picard to recover the owners’ principal investment in the Ponzi scheme, the ruling indicated that he would only be able […]
Fannie Mae Ignored Robo-Signing Abuses in Florida Foreclosures
Federal mortgage giant Fannie Mae was told in 2006 about faulty court documents filed by Florida foreclosure attorneys acting on its behalf but did nothing to correct the practices, an inspector general found. A report issued Friday by the Federal Housing Finance Agency Office of Inspector General said an outside law firm Fannie Mae hired to investigate allegations of wrongdoing confirmed “unlawful” practices and stated that foreclosure attorneys were sacrificing accuracy for speed by filing false documents. After learning of the attorney misconduct in 2006, Fannie Mae failed to make any improvements in its oversight of the firms. “Strengthened law […]
Attorneys for MLB ask Delaware Bankruptcy Judge to Clear Way for Sale of Dodgers
DOVER, Del. — Attorneys for Major League Baseball asked a Delaware bankruptcy judge on Friday to clear the way for a sale of the Los Angeles Dodgers, saying team owner Frank McCourt is driving the team to destruction. Attorneys for the league argued in a court filing that McCourt is using the team’s Chapter 11 case to try to resolve his own personal financial problems. They said he has methodically stripped the team of its revenue sources and is now seeking to auction off the team’s television rights without league approval, which could lead to its expulsion from the league […]
JPMorgan Seeks to Move Lehman’s $8.6 Billion Lawsuit Out of Bankruptcy Court
JPMorgan Chase & Co (JPM.N) is asking to move to federal court a lawsuit from Lehman Brothers Holdings Inc LEHMQ.PK accusing it of siphoning $8.6 billion from Lehman’s estate in the days leading up to its record bankruptcy. In court papers filed late Monday, JPMorgan said the case, filed in U.S. Bankruptcy Court, should be moved to federal court in light of the U.S. Supreme Court’s contentious June ruling in former Playboy model Anna Nicole Smith’s inheritance battle. The case, Stern v. Marshall, pitted the late Smith against the estate of her deceased former husband J. Howard Marshall. The court […]
Number of College Grads Who End Up Filing For Bankruptcy Jumps 20% Over Past Five Years
The number of bankruptcy filers who have college degrees has swelled more than 20% over the past five years as the impact of the economic downturn broadens, a new study showed.Those with just a high school diploma still account for the biggest proportion of bankruptcy filers, making up more than a third of them, according to a report by the Institute for Financial Literacy.But bankruptcy filers with college diplomas climbed to 13.6% in 2010 from 11.2% in 2006. Those with an associate’s or graduate degree also climbed, while those with just a high school diploma slipped. See the complete articles […]
