U.S. Supreme Court Resurrects Investors’ MBS Case Against Dutch Bank

first_img March 30, 2015 1,088 Views ING Mortgage-Backed Securities U.S. Supreme Court 2015-03-30 Brian Honea Previous: DS News Webcast: Tuesday 3/31/2015 Next: RoundPoint Expects Substantial MSR Purchase Growth to Continue in 2015 Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago U.S. Supreme Court Resurrects Investors’ MBS Case Against Dutch Bank  Print This Post Related Articles Tagged with: ING Mortgage-Backed Securities U.S. Supreme Court Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The U.S. Supreme Court on Monday overturned a decision by an appeals court and granted a writ of certiorari to investors of ING Group, allowing them to continue with their class action suit against ING that accuses the Dutch bank of withholding information about the riskiness of its mortgage-backed securities in the run-up to the financial crisis, according to media reports.ING’s investors originally sued the bank in February 2009, accusing the bank of misrepresenting the quality of mortgage-backed securities in June 2007, just a few months before the financial crisis hit. The investors blamed ING for the huge losses they incurred when the housing market crashed in 2008.In September 2010, a judge in the U.S. District Court for the Southern District New York dismissed most of the plaintiffs’ claims in the case, ruling that the statute of limitations expired and that the plaintiffs waited too long to sue, the reports said.The lower court’s decision was later upheld in the Second Circuit Court of Appeals in November 2013, claiming that a “reasonably diligent plaintiff” would not have waited so long to sue in the case, according to reports. The Second Circuit Court also ruled that the plaintiffs failed to plausibly allege that ING knowingly made false statements regarding the mortgage-backed securities when the disclosure was issued in September 2007.The attorneys for the plaintiff, Marshall Freidus, sought a certiorari starting in June 2014 on the basis that the ING case was similar to another one pending in the Supreme Court in which investors sued Omnicare over material misstatements made in investment documents. The Second and Sixth Circuit Courts were divided on how to determine liability for statements made regarding investment documents which turned out later to false. The Supreme Court ruled in that case on March 24, overturning the Sixth Circuit’s decision that held Omnicare executives were liable. But the high court also remanded the claim and ordered the lower court to evaluate opinions based on what a “reasonable” investor can expect.Attorneys representing the plaintiff and defendant did not immediately respond to a request for comment.The case in the U.S. Supreme Court is Marshall Freidus et al. v. ING Groep NV et al., case number 13-1505. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save in Daily Dose, Featured, News, Secondary Market Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / U.S. Supreme Court Resurrects Investors’ MBS Case Against Dutch Bank Subscribelast_img read more

VTrans’ Irene Google map transitions to 511

first_imgThe day after Tropical Storm Irene struck Vermont and severely damaged more than 500 miles of state road and some 200 bridges, the Vermont Agency of Transportation (VTrans) quickly learned that its usual method of conveying information about road and bridge closures via the Internet was not going to be adequate. A new tool was needed, and it was needed fast. Early the next day, the phone rang. Former Vermont State Senator Matt Dunne, who heads up Community Affairs for Google, was on the line. A resident of Windsor County, which was hit particularly hard by the storm, Dunne was reaching out to all states that were impacted by Irene to offer Google’s services ‘ free of charge. VTrans quickly accepted. Within hours of Dunne’s call, VTrans formed an in-house team of IT technicians and GIS mapping gurus to meet ‘ virtually, of course ‘ with Google staff in California. Working through the night, the joint high-tech team coordinated with VTrans’ scouts who were working in the field to identify the specific locations where highway damage had occurred. In the wee hours of the morning, the team developed and then created a GIS database of Vermont bridge closures and roadway damage. By the end of the next day ‘ just the third day following Irene’s devastating blow ‘ Google published the first of what would be many easy-to-use maps depicting real-time road and bridge damage throughout the entire State of Vermont. ‘Part of Google’s mission is to help communities in crisis with information tools,’ Dunne said. ‘We were happy to partner with the Vermont Agency of Transportation in the aftermath of the flooding. We hope this map was helpful to Vermonters in the months following Irene.’ Helpful is an understatement. The new map not only identified which roads ‘ such as Route 9 or Route 100 ‘ that were impacted, but the map was so detailed that it identified the specific locations along each road that were damaged. Each location was then color coded to help the traveling public understand whether that location was closed, or just limited in some capacity.As road conditions changed and once impassible sections were repaired, VTrans staff continually worked with Google to update the map, a new version of which was published twice daily to ensure travelers had virtually up-to-the-minute information on how to navigate the state.  ‘The Vermont Google Map has been a tremendous help to Vermonters and visitors in the aftermath of Irene,’ said Vermont Tourism and Marketing Commissioner Megan Smith. ‘Roads and bridges around the state were repaired in a remarkably short period of time, and the map’s seamless and real-time updates greatly supported our message that Vermont is open for business and that you can get here from there. The updated map was especially helpful to staff at Vermont’s information centers, as well as to our 1-800-Vermont call center in Newport, whose staff counseled hundreds of travelers.’ The tool was so powerful and easy to use that VTrans quickly reworked its Internet homepage to prominently display the color-coded, traveler information tool. ‘The map was the tool we used to tell our story both to Vermonters and to those looking to visit Vermont,’ said VTrans Secretary Brian Searles. ‘Thousands of people used the map to help plan their travels during a time when it was not intuitive on how to get around. Considering the economic constraints that face all state agencies, we are most grateful to Google for providing us such a valuable service.’ The need for such a service, however, has ended. With all but two bridges and nine miles of state roadway open to public travel, VTrans today will cease publishing its Irene-related Google map. The agency beginning Friday, November 18, 2011 also will return the look and feel of its website’s homepage to the way it functioned before the tropical storm struck on August 28, 2011.Information regarding the remaining Irene-related road and bridge closures will be rolled into VTrans’ long-standing 511 travel information website, which also documents all other closures to the Vermont State Highway System. VTrans will continue to publish information related to Irene, including its popular Facebook page that provides timely information regarding Irene-related events. But beginning November 18, the agency will house Irene information in a designated place within its overall website at www.aot.state.vt.us(link is external) rather than presenting storm-related information as the centerpiece to the agency’s homepage. Tropical Storm Irene severely damaged more than 500 miles of state highway, including some 200 state bridges. Today, only 2 bridge locations remains closed, and all but nine miles of state roadway are open to public travel. Road closures remain on Route 12A in Roxbury, Route 106 in Weathersfield and Route 107 between Bethel and Stockbridge. Questions regarding storm-damaged roads and bridges related to Tropical Storm Irene can be answered by calling VTrans’ Irene Storm Center at 1-800-Vermont. People can also visit VTrans’ website at www.aot.state.vt.us(link is external) where they can follow the agency’s progress on both Facebook and Twitter. VTrans. 11.18.2011last_img read more

Indians’ Francisco Lindor pleads with MLB teams to extend netting after foul ball hits little boy

first_imgMeanwhile, Lindor stood outside the batter’s box looking at the crowd and was obviously upset.“As soon as I hit it, I knew it was headed to somebody,” Lindor said, via Cleveland.com. “I hit it hard. I got over on the ball. It stinks. Related News Indians shortstop Francisco Lindor is begging for MLB teams to extend protective netting after his foul ball hit a little boy Sunday.While facing off against the Royals at Progressive Field, Lindor fouled a 92 mph pitch behind the Royals’ dugout and into the crowd in the sixth inning. Immediately afterward, a man was seen sprinting up the stairs with a small child in his arms. Corey Kluber injury update: Indians ace (broken arm) ramps up mound work “I encourage every MLB team to put the nets all the way down (to the foul pole). I know it’s all about the fans’ experience to interact with the players. I completely get that. You want to have that interaction with the players, getting autographs and stuff. But at the end of the day, we want to make sure everybody comes out of the game healthy. We’ve got to do something about it.“Everybody feels bad. If we can put the nets a little farther down, it would be a a lot better.”While the team didn’t release any further information on the incident, Lindor said he tracked down where the child was being treated to make sure he was going to be all right.“He’s in the hospital right now,” Lindor said. “I came over immediately and tried to find out where he was. The paramedics were checking him here.”Once I got out of the game, they let me know that he’s doing OK. He’s doing good. He’s in the hospital getting checked out. He’s talking and answering questions and his eyes look good. That’s a good sign. Hopefully, every test they run on him comes back good. MLB wrap: Dodgers shut out Marlins, complete sweep MLB trade rumors: Padres ‘most serious’ suitor for Trevor Bauer “You don’t want that to happen to anybody, especially a little kid.”According to Lindor, the boy is 3 years old.So far, six MLB teams have extended the protective netting farther down the foul lines since 2018. However, more people have been hit with foul balls beyond the netting, including a little girl at an Astros-Cubs game in May.last_img read more

Steady diet of Murdoch Division competition continues for Leafs

first_imgIt’s almost like a playoff series in October for the Nelson Leafs and the Beaver Valley Nitehawks.The two Murdoch rivals will face off for the fourth time this Kootenay International Junior Hockey League season Friday night in Fruitvale with Nelson holding a 2-1 advantage in the season series thanks to a 3-2 double overtime win last week in the Heritage City.“It certainly provides us a view of what we can expect to compete against to get out of our division,” said Leaf coach Mario DiBella when asked about the early season quirk in the schedule.“I don’t think the team is getting tired of playing BV,” DiBella added.“I think they’re enthusiastic about playing teams they have to beat come playoffs to get out of the Murdoch Division.”Nelson returns home Saturday to face the Castlegar Rebels at 7 p.m. in the NDCC Arena.The Rebels have defeated Nelson twice this season — 3-2 and 5-4 in overtime.Sandhu remains on Injury ListLeaf netminder Jason Sandhu remains on the injury list after suffering a lower body injury four games into the season.The 20-year-old Chilliwack native began to skate again but is not spending much time between the pipes until the body heals.Nelson was able to grab another goalie after then coaching staff acquired Devin Allen from the Melfort Mustangs of the Saskatchewan Junior Hockey League. Allen was instrumental in the Leafs being able to rally from a 2-0 deficit to defeat Beaver Valley in double overtime last week.Thompson on loan to Langley RivermenIn keeping with team philosophy, the Leafs have loaned defenceman Dash Thompson to Langley of the BC Hockey League.“Part of our philosophy is to make sure we’re helping with the development of these players so we wouldn’t hold a player back if we can accommodate the player playing at higher level in an AP position,” DiBella explained.The Rivermen travels to Coquitlam Friday before hosting the Express in a return game Saturday and Trail Smoke Eaters Sunday.Former Leaf Hulston off to SaskatchewanLeafs experienced a brief visit from former center Levi Hulston.DiBella said Hulston, after being released by Langley following a two-game stint, has decided to pursue his Junior A career with Humbolt Broncos of the Saskatchewan Junior Hockey League.“Humbolt pursued Levi all summer so once he was let go by Langley they made their pitch,” DiBella said.“Levi did come to Nelson to practice with us but as a 19-year-old he felt this was his opportunity and I can appreciate that and wish him well.”New players expected soonDiBella said the Leafs are still tweaking the roster as the club enters October.He said the team is expecting a forward and a defenceman into camp as soon as the weekend.”The forwad is very fast with good hands has ability to put puck in the net while the D-man is 6’3″ and gives us the grit I feel we need to help the back end,” DiBella said.last_img read more

LRA Should Expand Tax Horizon

first_imgLate last year, Boima Kamara, Minister of Finance and Development Planning (MFDP) admitted on a local radio talk show that the country has plunged into recession. He noted the weakness and undervalue of the Liberian dollar, high prices of basic local commodities and the drop in international trade as upshot of the collapse. However, he was optimistic that policies and strategies being devised by his Ministry and relevant agencies would obviously change the course. I believed him! While I emphasize the dirge of Liberians currently facing increase in taxes on commodities such as water, alcoholic beverages, etc., as part of government’s tactics to mitigate the economic down trend, let me opine that these policy measures are genuinely intended to stabilize the Liberian economy. When customs and international trade are challenged by geo-economic, technological, social and political factors, domestic taxation is the way to go. This is why I think the Liberia Revenue Authority (LRA) should expand its tax horizon and revenue scouting into other sectors, Power and Electricity for instance. After 26 years of darkness, Liberia cut the ribbon of a revitalized Hydro Dam in Mount Coffee, Montserrado County on December 15, 2016. Speaking on behalf of the Liberian government, Minister of Information, Culture and Tourism (MICAT) Eugene Nagbe, expounded that the refurbished Hydro Plant was a fulfillment of President Ellen Johnson Sirleaf’s commitment to Liberia’s development agenda festooned in her campaign promises of 2005 and 2011. Though some say the “Small Light Today Big Light Tomorrow” realization is tardy, many Liberians are gleeful but cautiously hopeful or perhaps cynical that power generated from ‘the Hydro’ will be aptly managed by the Liberia Electricity Corporation (LEC). This is so because of their past problematic experiences with the LEC. But the LEC quagmire will be left for another day!As a consequence of the weedy institutionalized, ineptly regulated and unethically distributed power supply across Liberia, ordinary Liberians with capital have since engaged in private power and electricity sales. What is quite captivating is that these transactions are typically illegal. Contrary to Liberia’s revenue regime which requires that a 10% tax is levied on payment for the acquisition of an investment asset in Liberia, these private citizens purchase huge generators in their communities, supplying neighbors with electricity or what has come to be known as “Community Current” at costs often ranging from US$ 40 to US$ 50 per ampere. Goods and Services Tax (GST) is habitually unpaid in these instances thus contravening provisions of the Revenue Code of Liberia which further requires that Service Tax payable on a supply of taxable services is to be accounted for by the registered service provider making the supply. While the code says, “registered service providers,” most of the “community current” providers are not registered. Low grade electrical appliances and cheap wires bought from local vendors are often stretched from one generator house to the other, mostly across homes in densely populated communities and are usually installed by unlicensed, unprofessional and unsophisticated individuals. The hazards associated with these illegal practices are usually unheeded due to ‘necessity’ or ‘love’ for electricity. Besides, it has become a generally accepted Liberian reality that for many years, LEC power supply has not reached ordinary communities. So why waste time waiting anyway? Arguably, millions and thousands of United States and Liberian dollars are generated annually by these illegal, unregistered and unregulated power and electricity suppliers with no regards to relevant government institutions such as the Liberia Business Registry (LBR), LRA and LEC. This begs the question. Does anybody seriously think or believe that private citizens who are involved in power sales in different communities in Monrovia or Liberia at large pay taxes to the Liberian government? Since the generators owned by these private citizens are solely for economic purposes evident by the sale of power in communities, it is required by the laws of Liberia that such individuals duly register those equipment with the LBR as legal businesses and obtain Tax Payer Identification Numbers (TIN) from the LRA so as to place them into the tax net and enable them pay their fair share of taxes. LEC should devise ways, means and strategies to regulate these power and electricity suppliers. It is high time LBR, LEC and LRA team up with the view to derive a Memorandum of Understanding (MoU) that will regulate private citizens supplying power and electricity, as well as enforce compliance with relevant commerce and tax laws that will see them pay their fair share of taxes. This could be a wet spot for domestic revenue generation that would aid in soothing our crumbling economy and also serve as a measure to avert the potential undermining of our revitalized Hydro. Or there will be no day that some Liberians will see light, whether big or small! Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more