The following article is brought to you by Cara Matthews at Politics On The Hudson
Attorney General Eric Schneiderman filed a lawsuit today against Bank of
America, J.P. Morgan Chase Bank, Wells Fargo and Virginia-based
MERSCORP Inc. and its subsidiary, Mortgage Electronic Registration
Systems Inc., charging that a private electronic-mortgage registry
system (MERS) they developed has led to “deceptive and fraudulent”
foreclosure filings that have harmed homeowners. Additional defendants
are BAC Home Loans Servicing, Chase Home Finance, EMC Mortgage Corp. and
Wells Fargo Home Mortgage Inc.
The lawsuit alleges that employees and agents of
the bank have acted as MERS certifying officers and “repeatedly
submitted court documents containing false and misleading information
that made it appear that the foreclosing party had the authority to
bring a case when in fact it may not have,” Schneiderman’s news release
said.
The lawsuit claims the MERS system has “effectively eliminated”
homeowners’ and the public’s ability to track property transfers through
the traditional public records system because it is stored in a private
database, which is full of inaccuracies and errors.
“The banks created the MERS system as an end-run
around the property recording system, to facilitate the rapid
securitization and sale of mortgages. Once the mortgages went sour,
these same banks brought foreclosure proceedings en masse based on
deceptive and fraudulent court submissions, seeking to take homes away
from people with little regard for basic legal requirements or the rule
of law,” Schneiderman said in a statement.
“Our action demonstrates that there is one set of rules for all – no
matter how big or powerful the institution may be – and that those rules
will be enforced vigorously. Only through real accountability for the
illegal and deceptive conduct in the foreclosure crisis will there be
justice for New York’s homeowners,” he said.
More than 70 million MERS loans have been registered in the MERS System,
roughly 30 million of which are active, Schneiderman said. The system
was created in 1995 to get around county fees for recording, “avoid the
hassle and paperwork of publicly recording mortgage transfers” and speed
up the sale and securitization of mortgages, he said.
The attorney general said the use of MERS has led
to filing improper foreclosure proceedings in the state, compromised the
the integrity of the judicial process, and caused confusion and
uncertainty over property ownership interests, according to the lawsuit.
In New York, MERS has filed more than 13,000 foreclosure actions against
homeowners in which it is listed as the plaintiff, the lawsuit said. In
many cases, it has no legal authority to foreclose and did not own or
hold the promissory note, although it said otherwise in court papers, it
said. Mortgage assignments frequently were “robosigned” by people who
did not review property-ownership records.
The attorney general is seeking injunctive relief,
damages for harmed homeowners and civil penalties, and it is requesting
a court order requiring the defendants to “cure any title defects and
clear any improper liens resulting from their fraudulent and deceptive
acts and practices.”
Monday, June 18, 2012
JP Morgan Chase Hit with Class-Action ERISA Lawsuit.....
The following article is brought to you by Gordon Gibb at LawyersAndSettlements.Com.
New York, NY: In this ERISA plan, the goal is to have losses restored—that’s the idea behind a class-action lawsuit filed April 4 in the United States District Court for the Southern District of New York against financial powerhouse JP Morgan Chase & Co. (JP Morgan).
The ERISA lawsuit was filed on behalf of retirement investors who participated in the “Stable Value Fund.” Much like an employee of a firm would participate in an employee stock plan as a means to save toward retirement, a participant with the Stable Value Fund would seek to grow their funds through a prudent investment.
The allegation, however, is that the Stable Value Fund may not have been prudent, stable or that much of a value.
The ERISA investment lawsuit alleges that JP Morgan used the Fund to offload high-risk mortgage assets known as Alternative Private Placement Commercial Mortgages, or APPCMs. The latter assets were allegedly not rated by any third-party credit-rating agency, and risks associated with the assets were transferred to the Fund.
It is also alleged by plaintiffs in the class-action ERISA lawsuit that the defendant rated the assets internally, in an effort to afford the APPCMs a more conservative rating than the actual risks associated with the mortgage assets warranted.
In so doing, it is alleged that JP Morgan and those involved in administering the Fund violated their fiduciary duties under ERISA. The Employee Retirement Income Security Act of 1974 regulates activity around any employee stock plan or other ERISA benefits an investor comes to depend on later in life to help fund a retirement.
Under ERISA rules, entities and individuals charged with managing an ERISA pension fund and other assets on behalf of investors have a fiduciary duty to act in the best interests of the investor, and not the company.
Lawyers representing the plaintiffs allege in comments published in Market News Publishing (4/4/12) that administrators of the Stable Value Fund took advantage of their fiduciary position to benefit JP Morgan.
The class-action ERISA lawsuit seeks a complete restoration of all losses incurred through the alleged misuse of ERISA plan assets.
New York, NY: In this ERISA plan, the goal is to have losses restored—that’s the idea behind a class-action lawsuit filed April 4 in the United States District Court for the Southern District of New York against financial powerhouse JP Morgan Chase & Co. (JP Morgan).
The ERISA lawsuit was filed on behalf of retirement investors who participated in the “Stable Value Fund.” Much like an employee of a firm would participate in an employee stock plan as a means to save toward retirement, a participant with the Stable Value Fund would seek to grow their funds through a prudent investment.
The allegation, however, is that the Stable Value Fund may not have been prudent, stable or that much of a value.
The ERISA investment lawsuit alleges that JP Morgan used the Fund to offload high-risk mortgage assets known as Alternative Private Placement Commercial Mortgages, or APPCMs. The latter assets were allegedly not rated by any third-party credit-rating agency, and risks associated with the assets were transferred to the Fund.
It is also alleged by plaintiffs in the class-action ERISA lawsuit that the defendant rated the assets internally, in an effort to afford the APPCMs a more conservative rating than the actual risks associated with the mortgage assets warranted.
In so doing, it is alleged that JP Morgan and those involved in administering the Fund violated their fiduciary duties under ERISA. The Employee Retirement Income Security Act of 1974 regulates activity around any employee stock plan or other ERISA benefits an investor comes to depend on later in life to help fund a retirement.
Under ERISA rules, entities and individuals charged with managing an ERISA pension fund and other assets on behalf of investors have a fiduciary duty to act in the best interests of the investor, and not the company.
Lawyers representing the plaintiffs allege in comments published in Market News Publishing (4/4/12) that administrators of the Stable Value Fund took advantage of their fiduciary position to benefit JP Morgan.
The class-action ERISA lawsuit seeks a complete restoration of all losses incurred through the alleged misuse of ERISA plan assets.
Eat Sh*T and GO Bankrupt Seems to Be the Gerneral Consensus, But I STILL LOVE YOU #JPMC SO MUCH!!!
Imagine That, One Of My Few And Far Between Personal Blogs, Instead Of Just A News Feed. BUT FOLKS THIS IS IMPORTANT!
All State Cases Against JPMorgan Chase Bank With Regards To The HAMP Program Have Been Consolidated And Were Transferred To Federal Court In Boston, Massachusetts On October 12, 2011. States That Are Currently Listed With Plantiffs Are: California, Massachusetts, Minnesota, Florida, New Jersey, Virginia & Washington.
You can find this case HERE
I contacted the lead council on this MDL Case# 2290, Mr. Gary Klein in Massachusetts, and left a message to contact me and let me know if others can join as named plantiffs, and I also sent an email of the same. Mr. Klein’s phone and email – 617-357-5500 at Ext. 15, and Klein@kkcllp.com.
I urge anyone in the above mentioned States to contact Mr. Klein if they are interested in being named as a plantiff. I am also trying to find out if other States can join, because I am in North Carolina. As soon as I get more information I will post it.
Other Important Links:
You can find a list of pending MDL’s HERE
You can find a list of current MDL’s in the District of Massachusetts HERE
All State Cases Against JPMorgan Chase Bank With Regards To The HAMP Program Have Been Consolidated And Were Transferred To Federal Court In Boston, Massachusetts On October 12, 2011. States That Are Currently Listed With Plantiffs Are: California, Massachusetts, Minnesota, Florida, New Jersey, Virginia & Washington.
You can find this case HERE
I contacted the lead council on this MDL Case# 2290, Mr. Gary Klein in Massachusetts, and left a message to contact me and let me know if others can join as named plantiffs, and I also sent an email of the same. Mr. Klein’s phone and email – 617-357-5500 at Ext. 15, and Klein@kkcllp.com.
I urge anyone in the above mentioned States to contact Mr. Klein if they are interested in being named as a plantiff. I am also trying to find out if other States can join, because I am in North Carolina. As soon as I get more information I will post it.
Other Important Links:
You can find a list of pending MDL’s HERE
You can find a list of current MDL’s in the District of Massachusetts HERE
10 Responses to "Multi-District Litigation against JPMorgan Chase Bank Regarding The HAMP Program"
JPMorgan Chase Has Their Hands Full with Litigation.(insert violin here)
Chase Home Finance Class Action Lawsuit
JPMorgan Chase hit with class-action lawsuit over $2B in trading losses
The following article is brought to you by Jia Lyn Yang at the WashingtonPost.Com. A class-action lawsuit was filed Tuesday against JPMorgan Chase on behalf of investors accusing the bank of misleading shareholders about the $2 billion in trading losses that have roiled the company this week. Lawyers said the bank did not fully disclose [...]Multi-District Litigation against JPMorgan Chase Bank Regarding The HAMP Program
Imagine That, One Of My Few And Far Between Personal Blogs, Instead Of Just A News Feed. BUT FOLKS THIS IS IMPORTANT! All State Cases Against JPMorgan Chase Bank With Regards To The HAMP Program Have Been Consolidated And Were Transferred To Federal Court In Boston, Massachusetts On October 12, 2011. States That Are Currently [...]JP Morgan Chase Hit with Class-Action ERISA Lawsuit
The following article is brought to you by Gordon Gibb at LawyersAndSettlements.Com. New York, NY: In this ERISA plan, the goal is to have losses restored—that’s the idea behind a class-action lawsuit filed April 4 in the United States District Court for the Southern District of New York against financial powerhouse JP Morgan Chase & [...]Chase, Wells Fargo Mortgage Fee Abuse Class Action Lawsuit
The following article is brought to you by Sarah Pierce at TopClassActions.Com. Wells Fargo and JPMorgan Chase have been hit with a class action lawsuit alleging that the two lending giants cheated hundreds of thousands of borrowers who were late on mortgage payments by charging excessive and abusive default fees. The class action lawsuit claims [...]Schneiderman alleges mortgage fraud in suit against banks
The following article is brought to you by Cara Matthews at Politics On The Hudson Attorney General Eric Schneiderman filed a lawsuit today against Bank of America, J.P. Morgan Chase Bank, Wells Fargo and Virginia-based MERSCORP Inc. and its subsidiary, Mortgage Electronic Registration Systems Inc., charging that a private electronic-mortgage registry system (MERS) they developed [...]Class Action Lawsuit #JPMC #SEC Ut oh!!
If you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, or to join this class action, please contact plaintiff's counsel, William R. Restis, Esq. of Finkelstein & Krinsk at 877-493-5366 or 619-238-1333, or via e-mail at wrr@classactionlaw.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges violations of the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Defendants issued materially false and misleading statements regarding the losses and risk of loss to the Company arising from massive bets on derivative contracts related to credit indexes reflecting interest rates on corporate bonds. These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the Company and billions more in lost market capitalization for JPMorgan shareholders.
As alleged in the lawsuit, JPMorgan's credit index derivative positions were so large that they generated market rumors and press coverage in the weeks leading up to the Company's April 13, 2012 earnings conference call with investors. Specifically, the lawsuit alleges that instead of disclosing the extremely risky nature of JPMorgan's derivative bets, and the actual losses that had been incurred at the time, Defendants falsely characterized the derivative positions as mere "hedging" strategies. JPMorgan's CEO, Defendant James "Jamie" Dimon, went so far as to call press reports about the Company's derivative positions a "complete tempest in a teapot." In truth, the Defendants misrepresented the credit index based derivative positions as hedges to imply that any losses would be offset by gains in other JPMorgan investments, thus implying that they posed no risk to the Company. This was false.
Defendants' public statements were materially false and misleading when made because they failed to disclose, among other things: (a) JPMorgan's positions in the credit index-based derivative products were not for "hedging" purposes or to "offset other exposures" but were in fact trades on the Company's own account intended to generate income because they were not matched to offset other JPMorgan investments; (b) the Company had already incurred significant and material losses in the credit index-based derivatives when the market learned of JPMorgan's positions, and by the April 13, 2012 conference call with investors; and (c) the Company faced potentially tens of billions of losses resulting from the credit index based derivatives, downgraded credit, and loss of reputational capital. As a result of defendants' false statements, JPMorgan's securities traded at artificially inflated prices during the Class Period.
On May 10, 2012, JPMorgan filed an SEC Form 10-Q for the quarter ended March 31, 2012, and after the market close, held a business update conference call with analysts and investors. During the May 10th call, Defendants revealed that the Company had experienced a "slightly more than $2 billion trading loss under synthetic credit positions." As a result of this disclosure, the market price of JPMorgan's common stock fell from $40.74 per share at the market close on Thursday, May 10, 2012, to $36.96 per share on May 11, 2012, falling more than 9% on extraordinary volume of 217 million shares.
Finkelstein & Krinsk is a national law firm representing institutional investors and consumers in complex class action cases. The firm is responsible for many landmark decisions, recovering billions for shareholders and consumers since 1987.
...continued #Lawsuit #JPMC Lawsuits piling up
press release
May 17, 2012, 9:15 p.m. EDT
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against JPMorgan Chase & Co.
BENSALEM, Pa., May 17, 2012 (BUSINESS WIRE) --
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of all purchasers of the common stock of JPMorgan
Chase & Co. ("JPMorgan" or the "Company")
JPM
-1.29%
between April 13,
2012 and May 11, 2012, inclusive (the "Class Period").
JPMorgan is a financial holding company that provides various financial
services worldwide. On May 10, 2012 the Company revealed that JPMorgan
had sustained a multibillion dollar trading loss as a result of a risky
strategy to hedge the Company's credit exposure. In response to this
disclosure, JPMorgan's stock price declined from $40.74 per share to a
closing price of $36.96 per share on extremely heavy trading volume.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased JPMorgan common stock between April 13, 2012 and May 11,
2012, you have certain rights, and have until July 13, 2012 to move for
lead plaintiff status. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. If you
wish to discuss this action or have any questions concerning this Notice
or your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at
http://www.howardsmithlaw.com .
SOURCE: Law Offices of Howard G. Smith
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Copyright Business Wire 2012
#JPMC Lawsuit after Lawsuit after Lawsuit...
MURRAY FRANK LLP Files Class Action Suit Against JPMorgan Chase & Co.
* Reuters is not responsible for the content in this press release.
MURRAY FRANK LLP Files Class Action Suit Against JPMorgan Chase & Co.
MURRAY FRANK LLP announces that it has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of purchasers common stock in JPMorgan Chase & Co. (“JPMorgan” or the “Company”) between April 13, 2012 and May 10, 2012, inclusive (the “Class Period”).
The lawsuit alleges violations of the Securities Exchange Act of 1934 (the “Exchange Act”) that occurred when the Defendants issued materially false and misleading statements regarding the losses and risk of loss to the Company arising from massive bets on derivative contracts related to credit indexes reflecting interest rates on corporate bonds. These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the Company and billions more in lost market capitalization for JPMorgan shareholders.
As alleged in the lawsuit, JPMorgan’s credit index derivative positions were so large that they generated market rumors and press coverage in the weeks leading up to the Company’s April 13, 2012 earnings conference call with investors. Specifically, the lawsuit alleges that instead of disclosing the extremely risky nature of JPMorgan’s derivative bets, and the actual losses that had been incurred at the time, Defendants falsely characterized the derivative positions as mere “hedging” strategies. JPMorgan’s CEO, Defendant James “Jamie” Dimon, went so far as to call press reports about the Company’s derivative positions a “complete tempest in a teapot.”
Defendants’ public statements were materially false and misleading when made because they failed to disclose, among other things: (a) JPMorgan’s positions in the credit index-based derivative products were not for “hedging” purposes or to “offset other exposures” but were in fact trades on the Company’s own account intended to generate income because they were not matched to offset other JPMorgan investments; (b) the Company had already incurred significant and material losses in the credit index-based derivatives when the market learned of JPMorgan’s positions, and by the April 13, 2012 conference call with investors; and (c) the Company faced potentially tens of billions of losses resulting from the credit index based derivatives, downgraded credit, and loss of reputational capital. As a result of defendants’ false statements, JPMorgan’s securities traded at artificially inflated prices during the Class Period.
On May 10, 2012, JPMorgan filed an SEC Form 10-Q for the quarter ended March 31, 2012, and after the market close, held a business update conference call with analysts and investors. During the May 10th call, Defendants revealed that the Company had experienced a “slightly more than $2 billion trading loss under synthetic credit positions.” As a result of this disclosure, the market price of JPMorgan’s common stock fell from $40.74 per share at the market close on Thursday, May 10, 2012, to $36.96 per share on May 11, 2012, falling more than 9% on extraordinary volume of 217 million shares.
If you are a member of the class described above, you may move the Court, not later than July 13, 2012, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased JPMorgan securities and wish to discuss this litigation, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact us.
MURRAY FRANK LLP
Bridget V. Hamill
800-497-8076
212-682-1818
investigations@murrayfrank.com
www.murrayfrank.com
Subscribe to:
Posts (Atom)
Eight months later I find out that it was not a modification and the eight month I have been pay for went no where. I called/email the VA, Congress, Senator, Florida rep, President Obama, Oprah, and God. Chase gave me the excuse that they are there to help me, in one day I received three calls from Chase to tell me that my house will be going to foreclosure. One call told me to file again and another to ask what my intensions were.
One, they stated that I missed a form.
Two, I made to much money.
Three, I owed too much; mind you I do not have credit cards, just normal bills.
Four, run around fax, e-mailing, and phones calls.
I retained a Attorney they can’t understand and feel they can’t help so I am out of that money. In April I lost my job again do to the economy.
When we served we knew that chance were we would not come home but, we did what asked no questions. We know how to fight but, here we lose our American dream and no one cares. Where is the Help Mr. President your government is killing us and leaving us homeless? How do I tell my kids 3, 11, 13 years old they will have no where to live and father serve was for nothing.
Lets sue the crap out of them…….JP Morgan eat shit and go bankrupt.
to work around July. I called chase immediately due to my income dropping 28 percent . In an 18 month I faxed easily 3000 sheets of paper and spent hundreds of hours on the phone . In May of 2010 i was finally give a 3 month trial payment of around 1/2 my current payment . I saw what kind of under-handed jerks they were and made sure to save the other 1/2 of the payment every month . After 3 month i was told to continue to pay the reduced payment .On the 6th month i was notified of foreclosure due to missing 3 payment . I called and was told that i needed to make 3 payment (half of 6 is 3 !! ) because i was denied the modification. I said fine , i’ve been saving the half payment you didn’t want for 5 months , they said where did it come from . they wouldn’t accept it !!!!! I finally got to a rep who understand that the money in my bank account was the result of sending 5 half payment and was the other half . They accepted it . A week later i got a letter saying i qualified for modification and in June of 2010 the fun began again . They started with the trail payments and i demanded that i be able to make full payment instead , they actually agreed . when asked to fax paper work such as full tax returns ( 80+pages ) , i sent everything in triplicate as a base . I would send documents every chance i got . my employer would let me use the fax machine when ever i wanted , so i bombed chase with documents every day to ever fax number they gave . Beware they will give you the wrong fax number on purpose . beware they will make the modification so frustrating in order for you to give up so they will not lose money on your loan. i also called them every night after work , plus weekends to talk about progress in my mod . I would talk and talk and talk keeping them busy on me for a few hours . keep in mind customer service can not tell you they have to go . They began knowing me by name . they were losing money because of me . November 2011 i was sent paperwork via fedex for the new loan !!!! we filled it out and called to ask if the signatures needed to be notarized , they said no !!! they lied on purpose , so we would send it in and they could deny it !! we had the paper work notarized anyway , i knew their game after dealing with them so long , and talking on the phone to just about every agent they had for a 6 month period . i was squeezing information out of them and they didn’t even know it . Begrudgingly they modified my loan , but not without one last plot at revenge . They sent me my first bill and it was 300 less per month , i was happy . the second month the bill was almost as high as the original ?????/ what , i called and they said they needed to pay taxes and insurance and to set up escarole . so my account was negative over $1000 . they broke the amount up into 6 payments to be added on to each month . I went on the internet and payed via website the escarole deficit . month 3 my payment have returned to normal . So far things have been ok , they still try subtle little things to annoy you and scare you . example : they send 2 mortgage bills every month a few day apart . They call on the 2nd and 3rd of every month inquiring about payment (i pay on around the 5th since it isn’t late until the 16th ) .they have even called before it was due to ask if i’m going to pay it this month ? what assholes !! i’m willing to help anyone in this mess if you need help or advice .. i’ll do my best to let you in on their dirty tricks . email : glablazuu@aol.com