Judge rejects 'totally implausible' kickbacks accusation leveled by state vs mortgage reinsurer, lenders
Calling the allegations “totally implausible,” a Chicago federal judge has tossed a lawsuit brought by the state of Illinois against Bank of America and a mortgage insurance company, which had accused the lender and insurer of working in a scheme to maximize their own profits by dumping high default risk onto another mortgage insurer, leaving borrowers unaware their mortgage insurance premiums were higher than they should be.
Cook County’s lawsuits against three of the country’s biggest banks over claims of predatory discriminatory lending targeted at minorities have been put on hold as the U.S. Supreme Court prepares to weigh in on an appeal brought by two of the banks, challenging the ability of local municipal governments, like Cook County, to sue under federal law.
Interest rate swaps class action vs big banks could draw in 'tens of thousands' of public bodies with billions at stake
Two Mississippi and Alabama hospitals and the county that includes the cities of Biloxi and Gulfport, Miss., have squared off in Chicago federal court with many of the country’s biggest financial institutions over so-called interest rate swaps — an issue now impacting governments and other public bodies throughout the country, including Chicago’s public schools system.
Appeals panel: OK for bank, ad agency to settle for zero dollars, thwart accountant's countersuit vs bank in embezzlement suit
An Illinois appeals panel has backed a Cook County judge’s ruling that Bank of America and a Chicago advertising agency didn’t pull a fast one on a Skokie accountant, by reaching a zero-dollar settlement in a $1 million embezzlement lawsuit, saving the ad agency untold sums in legal fees and shielding the bank from the accountant’s countersuit.
Judge clears nationwide lawsuit to proceed vs Rustoleum over 'latent defects' in Restore deck products
A federal judge has given the green light to a class action against the makers of Rustoleum, saying, to this point, the plaintiffs in the nationwide warranty and consumer fraud litigation over “latent defects” in the Restore deck restoration product have produced enough evidence and legal precedent to move forward with their case.
Families of victims of a fiery oil-fueled train derailment and explosion that claimed 47 lives in a town on the eastern edge of Canada’s Quebec Province will need to press their wrongful death claims in federal court, after lawyers for Canadian Pacific Railway and other corporate defendants asked to transfer cases from local to federal jurisdiction.