Wednesday, 1 April 2015
Last updated 39 min ago
Apr 2 2012 | 1:24pm ET
A New York judge has dismissed a lawsuit filed by a Baupost Group entity, its latest legal defeat in its bid to force Bank of America to repurchase more than $1 billion in mortgages.
Supreme Court Justice Barbara Kapnick said that Walnut Place, Baupost's nom de guerre in its battle with BofA, had jumped the gun in filing its lawsuit just days after Bank of New York Mellon, the trustee for holders of the former Countrywide Financial Corp. bonds.
Walnut Place, which owns bonds with a face value of $1.4 billion, had asked BNY Mellon to sue Bank of America to force the bank to live up to the bond's loan repurchase obligations. BNY Mellon said it needed more time to consider the matter, but Walnut Place didn't wait, filing suit against BofA just days later, which Kapnick said was "premature under the circumstances."
The judge also noted that BNY Mellon "did, in fact, act," striking an $8.5 billion settlement deal with BofA. Kapnick is overseeing that settlement, which Walnut Place is challenging; last month, Walnut Place lost its bid to have that case removed from Kapnick's courtroom into federal court.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…