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Nevada Supreme Court takes up foreclosure case
Court Line |
2012/01/05 17:39
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The Nevada Supreme Court weighed arguments Wednesday on whether U.S. Bank can foreclose on a Douglas County couple's home despite findings by a mediator that not all required documents were presented during mediation.
Lawyers involved in the case said the court's ruling could have wide repercussions on foreclosures in a state hard-hit by the collapse of the housing market.
Attorneys for Andrew and Lauretta Davis want justices to send the case back to Washoe County District Court for a hearing on whether documents handled by Mortgage Electronic Registration Systems, or MERS, were signed by an authorized officer and whether they properly conveyed the Davis' mortgage from the now-defunct Ownit Mortgage Solutions to U.S. Bank.
The couple's attorneys claim MERS lacked the authority to assign the loan to the bank.
"The certification for this assignment was not produced," attorney Mark Mausert argued before six of the high court's seven justices. Chief Justice Nancy Saitta missed the session but is expected to listen to arguments before a ruling is handed down at a later date.
A lawyer for the lender countered that the arguments raised by the Davis' attorneys go beyond the scope of Nevada's Foreclosure Mediation program, and that disputes over the validity of documents should be addressed in a separate lawsuit. |
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Court hearings resume in Jefferson bankruptcy case
Legal Focuses |
2012/01/05 17:39
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Court hearings in Jefferson County's record-setting bankruptcy filing are scheduled to resume Thursday. The Birmingham News reports that U.S. Bankruptcy Judge Thomas Bennett is expected to consider a variety of motions.
Jefferson County filed the largest municipal bankruptcy in U.S. history last year over more than $4 billion in debt. Most of the debt stems from borrowing to pay for upgrades to the county's sewer system.
This week, a group of Alabama lawmakers, Jefferson County commissioners and health care professionals met privately to discuss ways to address the county's general fund crisis and other matters.
The Birmingham News reports the three-hour meeting at Vestavia Hills City Hall included Commission President David Carrington; Republican state Rep. Paul DeMarco of Homewood; and Republican state Sen. Jabo Waggoner of Vestavia Hills.
Participants said Tuesday's meeting was the latest in a series of behind-the-scenes efforts among commissioners, Jefferson County legislators, business leaders and others to find ways to solve the county's massive general fund woes. |
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Court papers: NYC officer shooting suspect sorry
Legal News |
2012/01/04 17:39
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The man charged with murder in the shooting death of a police officer during a botched break-in apologized and said he didn't mean to fire the gun, according to court papers released Wednesday.
Lamont Pride, 27, and four others have pleaded not guilty in the death of Officer Peter Figoski, who was shot once in the face Dec. 12 as he tried to enter the basement apartment, the scene of a reported burglary. While Pride was being driven in a police car to central booking, he told police he was sorry, according to the papers.
"I didn't mean for this to happen," he said. "I didn't want to kill a cop. It went wrong and I'm sorry. I can't take it back," he said, according to the papers.
Through the stack of messy, hand-written statements gleaned from investigators, the plot emerges as a badly-conceived attempt to rob a drug dealer. Authorities said Pride and the others hatched the plot the day before to rob the apartment. Michael Velez, 21, stayed in the getaway car as the four others went in to the dingy, barely finished apartment at 25 Pine St. Ariel Tejada, 22, and Nelson Morales, 27, pistol-whipped the tenant and beat him while they ransacked the place, authorities charged. |
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Rigrodsky & Long, P.A. Files Securities Fraud Class Action
Attorney News |
2012/01/02 23:20
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Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of IntraLinks Holdings, Inc. between February 17, 2011 and November 10, 2011, inclusive, alleging violations of the Securities Exchange Act of 1934. The case is entitled Thaler v. IntraLinks Holdings, Inc., C.A. No. 11-CV-9528 (S.D.N.Y.). The Complaint names IntraLinks and certain of its officers and directors as defendants.
If you wish to view a copy of the Complaint, discuss this action, or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/news/intralinks-il.
IntraLinks, together with its subsidiaries, provides software-as-a-service (SaaS) solutions for securely managing content, exchanging critical business information, and collaborating within and among organizations worldwide.
The Complaint asserts that during the Class Period, defendants knew, or recklessly disregarded, that the positive statements concerning the Company’s business prospects, as well as the full year guidance provided by Defendants on February 17, 2011, were materially false and misleading because by end of the first quarter of 2011 a large Enterprise customer informed the Company that it was dramatically reducing its use of IntraLinks’ products going forward and that the Company would have to reducing its earnings expectations as a result. Despite their knowledge of the foregoing, however, defendants failed to disclose that their positive statements about the Company’s business prospects, or the financial guidance issued in February 2011, were no longer accurate in light of the reduced use of the Company’s products by the large Enterprise customer.
If you wish to serve as lead plaintiff, you must move the Court no later than February 4, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. |
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Madoff's ex-controller pleads guilty in NYC
Court Line |
2012/01/02 23:20
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The former controller for imprisoned financier Bernard Madoff blamed him Monday for directing her to deceive investors, regulators and the Internal Revenue Service as she pleaded guilty to conspiracy and other charges.
"I did not know that Madoff and others were stealing investors' money," Enrica Cotellessa-Pitz said as she entered the plea in U.S. District Court in Manhattan, becoming the sixth person to plead guilty and admit a role in a fraud that Madoff claimed he carried out alone. "For that, I am terribly sorry."
Cotellessa-Pitz , 53, said she wanted investors and the public to know that she is cooperating fully with prosecutors. Besides conspiracy, she pleaded guilty to falsifying books and records and making false filings with the Securities and Exchange Commission.
The charges carry a potential of up to 50 years in prison for a woman who admitted a major role in the multi-decade fraud that cheated thousands of investors out of the roughly $20 billion they invested with a man whose once-sterling reputation on Wall Street caused many people to feel honored to be allowed to rest their money with his private investment business.
Cotellessa-Pitz said she started working at Bernard L. Madoff Investment Securities LLC in 1978 while she was studying economics in college. She was named controller in late 1998. She said Madoff and others within months were directing her to put false entries in the company's books to make it appear profitable trades were being made and that losses were not incurred. |
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