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Federal agency charged with enforcing consumer finance laws
Headline Legal News |
2012/09/12 11:58
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The new federal agency charged with enforcing consumer finance laws is emerging as an ambitious sheriff, taking on companies for deceptive fees and marketing and unmoved by protests that its tactics go too far.
In the 14 months it has existed, the Consumer Financial Protection Bureau has launched dozens of enforcement probes and issued more than 100 subpoenas demanding data, testimony and marketing materials -- sometimes amounting to millions of pages -- from companies that include credit card lenders, for-profit colleges and mortgage servicers.
More than two dozen interviews with agency officials and industry executives offered sweeping insight into the new agency's behind-the-scenes efforts, which have taken the financial industry off guard and have been far more aggressive than previously known.
The number of subpoenas and probes was confirmed by agency, industry and trade group officials who spoke to The Associated Press on condition of anonymity because the subpoenas bar both sides from discussing them.
The bureau's actions have many banks, payday lenders and credit card companies racing to adjust. They're tightening their record-keeping and budgeting for defense lawyers, according to attorneys and trade group executives who work with them. The companies themselves are reluctant to discuss the bureau because they don't want to be seen as criticizing a regulator that is still choosing its battles. |
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Lawyer: LaBelle settles suit over NYC lobby run-in
Legal World News |
2012/09/07 15:45
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R&B diva Patti LaBelle has agreed to pay $100,000 to a Manhattan woman who accused her of hurling curses and water at her and her 18-month-old daughter during a dust-up over parenting in an apartment building lobby.
Roseanna Monk and her husband, Kevin, filed a lawsuit against LaBelle last year.
The couple lives in a Manhattan building where the Grammy Award-winning singer stayed while appearing in the Broadway musical "Fela!"
The couple's lawyer, Sam Davis, tells the New York Post LaBelle settled the case even before being deposed. The Monks will donate the money to a children's cancer charity. LaBelle's publicist declined to comment.
According to the lawsuit, LaBelle chastised Roseanna Monk, threw a bottle of water and launched into an obscenity-filled tirade during the Nov. 11, 2010 argument.
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N.Y. probing equity firms, including Bain
Legal & Political |
2012/09/05 15:44
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New York's attorney general is investigating tax strategies of some of the nation's largest private equity firms, including Bain Capital, founded by Republican presidential nominee Mitt Romney, an official familiar with the probe said Sunday.
Attorney General Eric Schneiderman is examining whether the firms have abused a tax strategy to avoid paying hundreds of millions of dollars in taxes, said the official, who spoke on the condition of anonymity because of the sensitivity of the probe. The practice involves converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.
Some tax experts who spoke to The New York Times, which first reported the investigation Sunday, believed the strategy was potentially illegal, though other experts said it was commonplace and proper.
The Democratic attorney general sent subpoenas to more than a dozen firms, including Kohlberg Kravis Roberts & Company, TPG Capital, Sun Capital Partners, Apollo Global Management, Silver Lake Partners and Bain Capital, according to the official.
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Apple lists 8 Samsung products it wants banned
Legal Business |
2012/08/31 11:24
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Apple Inc. on Monday gave a federal judge a list of eight Samsung Electronics Co. products it wants pulled from shelves and banned from the U.S. market, including popular Galaxy model smartphones.
U.S. District Judge Lucy Koh asked for the list after a jury in San Jose last week slammed Samsung with a $1.05 billion verdict, finding that the South Korean technology giant had "willfully" copied Apple's iPhone and iPad in creating and marketing the products. Samsung plans an appeal.
The products Apple wants out are all smartphones: Galaxy S 4G, Galaxy S2 AT&T, Galaxy S2, Galaxy S2 T-Mobile, Galaxy S2 Epic 4G, Galaxy S Showcase, Droid Charge and Galaxy Prevail.
Koh on June 26 banned the Galaxy Tab 10.1 from the U.S. market after finding it likely violated a "design patent." Samsung is now asking for that ban to be lifted after the jury found the computer tablet didn't infringe that particular patent, but it did find it infringed three Apple's software patents that cover the popular "bounce-back" and pinch-to-zoom features.
The judge has scheduled a Sept. 20 hearing to discuss Apple's demands for the sales bans. She asked Apple on Friday to submit the list of products its wants removed from U.S. stores after Samsung complained that it doesn't have enough time to prepare for the scheduled hearing. |
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Superior court rejects appeal in Pa. double-murder
Law News |
2012/08/29 11:24
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An appeals court has rejected a petition that could have delayed next months' scheduled trial of a man accused of having killed two people and buried them on his northeastern Pennsylvania property a decade ago.
The state Superior Court on Tuesday sided with a Luzerne County judge who said prosecutors were justified in splitting four murder cases linked to 38-year-old Hugo Selenski into two separate trials.
Defense attorneys could appeal to the Pennsylvania Supreme Court.
Selenski is charged in the deaths of Michael Kerkowski and his girlfriend, Tammy Fassett, whose bodies were unearthed in 2003 behind Selenski's Kingston Township home.
Selenski was acquitted in the slayings of two other men whose remains were found there but is serving 32 1/2 to 65 years in a Monroe County home invasion case. |
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