Legal News Articles - Bankruptcy
February 11, 2013. By Lucy Campbell.
Washington, DC The federal government is seeking $5 billion in penalties from rating agency Standard & Poors (S&P) in a civil suit alleging consumer fraud. The lawsuit alleges that S&P defrauded investors by inflating ratings and understating risks associated with mortgage-backed securities.
Read [ S&P Faces Federal Lawsuit over 2008 Financial Crisis
February 3, 2011. By Brenda Craig.
Philadelphia, PA Got to hand it to attorney John Narkin. He's got this foreclosure crisis thing figured out—well, near as anyone can figure it out. The 113-page class-action suit on behalf of distressed homeowners filed by Narkin's firm, BHN Law in Philly, lays out the whole sorry story in amazing detail, complete with links to video clips.
Read [ Attorney Chases Justice in Foreclosure Crisis
December 17, 2010. By Lucy Campbell.
New York, NY The estate of Jeffrey M. Picower, a philanthropist and investor from Palm Beach, has reached a settlement with the Trustee charged with recovering assets from the Madoff bankruptcy, Irving H. Picard, and the United States attorney for the Southern District, Preet Bharara that will see a total of $7.2 billion cash made available to compensate the victims of Bernard Madoff's global ponzi scheme. The announcement comes on the heels of the suicide of 46-year old son Mark Madoff, who hung himself in his New York loft this week.
Read [ Madoff Investor Returns $7.2 Billion to Ponzi Victims
February 3, 2010. By Charles Benson.
Chicago, IL For the East Chicago Community Health Center, filing for bankruptcy may have seemed inevitable. The institution just endured its fifth consecutive year of financial loss, prompting the removal of its founder and CEO, Cornell Brantley, and the resignation of its CFO, Ricardo Perez.
Read [ Filing for Bankruptcy Is the Latest in a String of Financial Losses for Clinic
December 30, 2009. By Charles Benson.
Hollywood, CA In the latest legal fiasco surrounding the famous Hollywood actor, Nicolas Cage, the star of such popular films as National Treasure and Gone in 60 Seconds, is facing a multi-million dollar contract fraud lawsuit stemming from a real estate deal gone sour.
Read [ Actor Nicolas Cage Could Face Two $3 Million Contract Fraud Lawsuits
December 8, 2009. By Charles Benson.
New York, NY The Off Track Betting Corporation, one of the oldest legalized gaming companies in the country, recently announced that it will be seeking bankruptcy protection citing dwindling profits and a need for reorganization.
Read [ New York's Off Track Betting Corporation Files for Bankruptcy
November 16, 2009. By Charles Benson.
Chicago, IL Media conglomerate the Tribune Company, owner of such journalistic stalwarts as the LA Times, the Chicago Tribune and the Sun Sentinel, has announced that it will be canceling its employee stock plan once the company's bankruptcy protection elapses in the next year.
Read [ Tribune cancels employee stock plan
November 7, 2009. By Gordon Gibb.
Washington, DC While it was painful, the recent bankruptcy of General Motors (GM) shows that bankruptcy law can be a viable option in the face of insurvivable bankruptcy debt and other challenges stemming from an injured economy. As with GM, many companies and private individuals have emerged from the pain of bankruptcy stronger, with the help of a personal bankruptcy lawyer. But there are still problems out there and according to the Washington Post regulators shut the doors of more banks November 6th.
Read [ More Banks Close, Bankruptcies Expected to Rise
October 6, 2009. By Gordon Gibb.
Toledo, OH The financial meltdown of 2008 has had a huge impact on bankruptcy. Not surprisingly it's up—way up, as bankruptcy debt stemming from the lingering fiscal crisis of last year sent Americans fleeing to their bankruptcy lawyer with the prospect of bankruptcy debt settlement as the only means to survive such troubled times.
Read [ Bankruptcy Debt Requires a Good Bankruptcy Lawyer