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In Government's Shoes: The Continuing Force Behind the False Claims Act & Qui Tam Complaints

To combat fraud by contractors selling faulty war supplies to the Union Army, in 1863 President Abraham Lincoln signed into law the False Claims Act (the “FCA”). Designed to root out fraud on the federal government, this act...more

Real Estate Agents Need To Be Careful About Disclosing Dual Agency

Dual agency is a big deal to real estate agents. It lets them represent both a buyer and a seller in a transaction. Dual agency was the focal point of the Business Court's opinion last week in BDM Investments v. Lenhil,...more

Mortgage Fraud Whistleblower Receives $64 Million Award

On March 7, the U.S. District Court for the Southern District of New York approved a stipulation and order awarding nearly $64 million to the relator in a mortgage fraud case recently settled by the federal government....more

Federal Government Seeks Higher Penalties In GSE Fraud Case

On January 29, the DOJ filed a supplemental brief in support of its claim for civil penalties following a jury verdict it obtained last October in the first case alleging violations of FIRREA in connection with loans sold to...more

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...more

Deutsche Bank Settles Nevada AG’s RMBS Probe for $11.5 Million

On October 17, the Nevada Attorney General filed court documents disclosing a $11.5 million settlement with DB Structured Products, Inc., a unit of Deutsche Bank AG. The Nevada AG had investigated DB Structured Products’...more

Illinois Supreme Court to Debate Controversial Condominium Decision

Tomorrow morning in Chicago, the Illinois Supreme Court will hear oral argument in a high-profile appeal from the Second District, Spanish Court Two Condominium Association v. Carlson. ...more

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc.

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, RE: CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD...

CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD FAITH AND FAIR DEALING, VIOLATION OF THE UNFAIR COMPETITION LAW, AND PROMISSORY ESTOPPEL. THE 9TH CIRCUIT COURT OF APPEALS REVERSED THE...more

PHILLIP R. CORVELLO, Plaintiff-Appellant, v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc., Defendant-Appellee

Wells Fargo Mortgage Modification Lawsuits Revived by 9th Circuit Court of Appeals

Wells Fargo Mortgage Modification Lawsuits Revived by Court In a separate action involving Wells Fargo, a U.S. Court of Appeals held that the bank must face lawsuits by home loan borrowers for refusing to offer them...more

RICHARD GEORGE; STEVEN LEAVITT and SANDRA LEAVITT, and all others similarly situated Plaintiffs, v. URBAN SETTLEMENT SERVICES d/b/a URBAN LENDING SOLUTIONS; BANK OF AMERICA, N.A.

CLASS ACTION COMPLAINT Re: Bank of America & Urban Lending Sued for Racketeering (RICO) on Fraudulent “Modification” Program

In a case that may have far-reaching consequences, a lawsuit was filed in federal court in Colorado accusing Bank of America of racketeering (RICO). It was a game to the bank. They intentionally lured people into what they...more

Wachovia Mortgage Corp. (Wells Fargo Bank) vs. Paul Posti et al.

Final Judgment Re: Judge Forces Permanent Modification After Mortgagor Complies with the Terms of The Trial Modification

A trial judge has ordered the lender to execute a permanent modification based upon the borrowers total compliance with the provisions of the trial modification. Wells Fargo (Wachovia) was given the terms of the...more

How Can Condo Directors Avoid Personal Liability?

We have, in the recent past, blogged about the Boily case. In this Ottawa case, a board of directors was found to be in contempt of court and was ordered to personally pay in excess of $96,000 in legal costs. ...more

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES vs DELOITTE FINANCIAL ADVISORY SERVICES LLP. RE: $10 MILLION FINE & A ONE-YEAR BAN...

Deloitte LLP’s financial advisory services unit agreed to pay $10 million and accept a one-year ban from consulting for New York-regulated banks to settle regulators’ allegations the firm mishandled its anti-money-laundering...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION UNSEALED COMPLAINT FOR DAMAGES

UNITED STATES OF AMERICA v BANK OF AMERICA, N.A. UNSEALED COMPLAINT FOR VIOLATIONS OF THE FALSE CLAIMS ACT

Bank of America’s mortgage servicing unit systematically lied to homeowners, fraudulently denied loan modifications, and paid their staff bonuses for deliberately pushing people into foreclosure: These allegations were...more

DIANA ELLIS, JAMES SCHILLINGER, and RONALD LAZAR, individually and on behalf of other members of the general public similarly situated vs. J.P. MORGAN CHASE BANK, N.A., and CHASE HOME FINANCE LLC,

ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ MOTION TO DISMISS

Defendants allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts. As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates,...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION

BANK OF AMERICA'S CASE MANAGEMENT TEAM MANAGER AND UNDERWRITER ADMITS TO BLITZ BY "CLEAN OUT" OF BACKLOGGED HAMP APPLICATIONS...

SIX FORMER BOA EMPLOYEES TESTIFY THAT BOA MODIFICATION AND FORECLOSURE SPECIALISTS WERE PAID AND INSTRUCTED TO LIE TO HOMEOWNERS, PAID WITH GIFT CARDS IF THEY SUCCESSFULLY THREW THE HOMEOWNER INTO FORECLOSURE AND WERE...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE

Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193. Simone Gordan stated the following under oath: ...more

NEW YORK A.G. SCHNEIDERMAN SUES HSBC BANK USA FOR HOLDING HUNDREDS OF STRUGGLING HOMEOWNERS IN LEGAL LIMBO

Attorney General Eric T. Schneiderman filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing...more

Unsuccessful Lawsuit By Condo Owner - The Cost Implications

In a previous blog, we reported on a case, Harvey v. Elgin Condominium Corporation No. 3, where an unhappy unit owner sued the Corporation for various alleged infractions relating to the replacement of existing wooden decks,...more

Casting a Smaller Net: Seventh Circuit Requires "Net Trebling" Under FCA – Potentially Impacting Settlement Dynamics for all...

The Seventh Circuit recently ruled that under the False Claims Act (“FCA”) treble damages should be calculated by the net amount of loss suffered by the government (after appropriate setoffs or credits are deducted) rather...more

Superstorm Sandy Is Causing New York and New Jersey Legislators to Reconsider Passing Legislation that Would Establish a Private...

Policyholders in New York and New Jersey presently have no private right of action against insurance companies for alleged violations of each state’s respective statutory claim handling guidelines – New York’s Unfair Claim...more

Office of the Comptroller of the Currency (OCC) Mortgage Metrics Report Disclosure of National Bank and Federal Savings...

This OCC Mortgage Metrics Report for the fourth quarter of 2012 provides performance data on first-lien residential mortgages serviced by selected national and federal savings banks. The mortgages in this portfolio comprise...more

Freddie Mac Files Suit Over Losses Due To Alleged LIBOR Manipulation

On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more

Investor Files Suit Against Nationstar Over Mortgage Auctions

On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with Nationstar’s alleged improper conduct in servicing mortgage loans that are...more

UNITED STATES OF AMERICA vs. WELLS FARGO BANK, N.A.,

APPENDIX TO MEMORANDUM OF LAW OF THE UNITED STATES IN OPPOSITION TO WELLS FARGO BANK, N.A.’S MOTION TO DISMISS THE FIRST AMENDED...

HUD HANDBOOK EXCERPTS HUD Handbook 4000.4 REV-1 CHAPTER 2. MORTGAGEE APPROVAL HUD Handbook 4000.4, Appendix 3. APPENDIX 3 UNDERWRITER CERTIFICATION HUD Handbook 4060.1 Rev-1 Chapter 6 CHAPTER 6 CHANGES...more

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