Jonathan's Feed
Apr 1, 2015

New York court dismisses foreclosure lawsuit against HSBC

March 31 (Reuters) – A court in Buffalo, New York, dismissed
a petition on Monday filed by New York state, alleging that HSBC
Holdings Plc ignored a law designed to protect
homeowners from being thrown into foreclosure without getting a
chance to renegotiate their mortgages.

The lawsuit filed by Attorney General Eric Schneiderman in
2013 accused HSBC of letting foreclosure cases languish by
ignoring a state law intended to give as many as 25,000
homeowners a chance to negotiate loan modifications. (reut.rs/1xVcVHL)

Mar 31, 2015

Soros, India’s Chatterjee win dismissal of TradeWinds lawsuit

NEW YORK (Reuters) – Billionaire investor George Soros and Indian entrepreneur Purnendu Chatterjee on Tuesday won the dismissal of a U.S. lawsuit in which cargo carrier TradeWinds Airlines Inc sought to have them pay a $54.9 million judgment it could not collect.

U.S. District Judge John Keenan in Manhattan said TradeWinds and its former parent Coreolis Holdings Inc did not show that Soros and Chatterjee were the “alter ego” of C-S Aviation Services Inc and should be personally liable for the judgment.

Mar 31, 2015

Sprint settles U.S. class-action lawsuit for $131 million

By Jonathan Stempel

(Reuters) – Sprint Corp (S.N: Quote, Profile, Research, Stock Buzz) has agreed to a $131 million settlement of a class-action lawsuit accusing the third-largest U.S. wireless carrier of defrauding investors about problems dating back to its $36 billion merger with Nextel Communications Inc in 2005.

The all-cash settlement made public on Monday resolves claims that Sprint, former Chief Executive Gary Forsee and other officials fraudulently inflated the company’s stock and bond prices between October 2006 and February 2008.

Mar 30, 2015

U.S. investor lawsuit over Harbinger’s LightSquared is dismissed

NEW YORK (Reuters) – A federal judge on Monday dismissed a
lawsuit accusing Philip Falcone and his Harbinger Capital
Partners LLC of misleading investors by taking a majority stake
in wireless company LightSquared Inc without disclosing the
investment or its risks.

U.S. District Judge Alison Nathan in Manhattan said some
claims did not adequately show how Falcone and Harbinger
allegedly breached their duties to investors, while other claims
were precluded under federal securities law.

Mar 30, 2015

U.S. not liable for alleged SEC negligence in Stanford fraud: court

By Jonathan Stempel

(Reuters) – A federal appeals court said on Monday the United States is not liable to victims of Allen Stanford’s fraud who claimed that the Securities and Exchange Commission was incompetent for having taken too long to uncover the swindler’s $7.2 billion Ponzi scheme.

A panel of the 11th U.S. Circuit Court of Appeals in Miami said the government is entitled to sovereign immunity.

Mar 30, 2015

Ralph Lauren can pursue contempt claim over polo player logo

NEW YORK (Reuters) – A Manhattan federal judge said Ralph
Lauren Corp may try to hold the U.S. Polo Association in
contempt for using a logo that resembles its iconic polo player
logo, but put the case on hold for a related arbitration.

In a decision made public on Monday, U.S. District Judge
Richard Sullivan said Ralph Lauren could pursue claims that the
“double horsemen” logo used to advertise USPA retail stores,
including in New York’s Times Square, and online stores was too
similar to Ralph Lauren’s logo of a polo player atop a horse.

Mar 27, 2015

JetBlue sued by ex-pilot who had midair meltdown

NEW YORK (Reuters) – A former JetBlue Airways Corp pilot whose midair meltdown forced an emergency landing of a 2012 flight on Friday sued the carrier for $14.9 million, saying it should have grounded him because it knew he was incapable of flying.

Clayton Osbon, 52, filed his lawsuit in Manhattan federal court three days after the crash of a Germanwings plane in the French Alps, which killed 150 passengers and crew. Authorities believe that plane’s co-pilot deliberately caused the crash.

Mar 27, 2015

Olympus to pay $92 million to resolve lawsuits over accounting

By Jonathan Stempel

(Reuters) – Olympus Corp said on Friday it has agreed to pay as much as 11 billion yen ($92 million) to resolve two civil lawsuits arising from a 2011 accounting scandal at the maker of cameras and medical imaging equipment.

The settlements resolve claims raised in Tokyo District Court by 86 entities, including foreign institutional investors and pension funds, that sought to recoup 37.7 billion yen in damages, the Tokyo-based company said.

Mar 27, 2015

Olympus to pay 11 bln yen to resolve lawsuits over accounting

March 27 (Reuters) – Olympus Corp said on Friday it
has agreed to pay as much as 11 billion yen ($92 million) to
resolve two civil lawsuits arising from a 2011 accounting
scandal at the maker of cameras and medical imaging equipment.

The settlements resolve claims raised in Tokyo District
Court by 86 entities, including foreign institutional investors
and pension funds, that sought to recoup 37.7 billion yen ($316
million) in damages, the Tokyo-based company said.

Mar 27, 2015

Macquarie to pay U.S. SEC $15 million over China stock sale

By Jonathan Stempel

(Reuters) – A unit of Australia’s Macquarie Group Ltd will pay $15 million to settle U.S. Securities and Exchange Commission charges that it misled investors who bought shares of China’s Puda Coal Inc in an offering it underwrote.

Friday’s settlement resolves charges that New York-based Macquarie Capital (USA) Inc approved marketing materials for the $108 million offering in December 2010 despite knowing it falsely represented that Puda owned 90 percent of a Chinese coal miner.

    • About Jonathan

      "I cover legal and regulatory matters, and am based in New York. I have covered banking, finance, Warren Buffett and corporate bonds."
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