Bank of America and GMAC restarted foreclosure processing this week, even as attorney generals of several states opened up investigations into their documents and procedures. Indeed, according to an article in The Wall Street Journal, the major lenders have resumed...
Business Law Professionals
Commercial Litigation
Bank of America Announces Moratorium on Foreclosures Across Nation
Bank of America announced Friday that they are expanding their moratorium on foreclosure processing to all 50 states. Last week, the country's largest bank said that they were halting foreclosures indefinitely in the 23 states where lenders need court approval to...
Problems Found With Banks’ Handling of Foreclosures
Last week, Bank of America announced that it was halting all foreclosures in 23 states where lenders need court approval to repossess a property. Issues with foreclosure documents had come to light and the country's largest bank decided to step back from...
Commercial Casualty Insurance Company Puts End to a Drawn-out Lawsuit
An insurance brokerage firm consented to paying $4.75 million this week to the state of Ohio in order to settle an antitrust commercial litigation case. Marsh & McLennan Companies (MMC) faced bid-rigging and kickback scheme allegations from the State Attorney...
HP Claims Former CEO Jeopardizes Confidentiality by Accepting New Role at Oracle
Hewlett-Packard has sued its former chief executive officer Mark Hurd for breach of contract; more specifically for violating a confidentiality agreement. A confidentiality agreement is a contract entered by two parties who want to ensure information shared between...
Continental CEO Defends Merger Plan in Trial
The chief executive of Continental Airlines, Jeff Smisek, testified in a federal court Tuesday in defense of the company's merger plan with United. Federal antitrust regulators approved the $8 billion merger plan late last week, but the companies still face...
More Commercial Property Owners Choosing to Default on Mortgages, Part 2
As reported in the previous post, an increasing amount of commercial property owners are choosing to default on their mortgages as a strategic business decision. This is because the value of many commercial properties has plummeted, resulting in a large gap between...
More Commercial Property Owners Choosing to Default on Mortgages, Part 1
Owning a business requires making myriad tough and strategic decisions. An article appearing recently in The Wall Street Journal reports that more and more commercial property owners are making difficult decisions regarding...
Americans with Disabilities Act Became Law 20 Years Ago Monday
It was 20 years ago Monday, July 26, that President George H.W. Bush signed the Americans with Disabilities Act into law. When he signed the monumental law, he borrowed a line from Ronald Reagan's Berlin Wall speech, saying, "Let the shameful walls of exclusion...
Feinberg Says Businesses Did Not Break Law With Payouts
The Wall Street Journal reports today that Kenneth Feinberg, the U.S. "pay czar," has announced that the 17 financial firms that he investigated as the Obama administration's special master for compensation used poor judgment but did not break any laws when they gave...
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