JPMorgan, Goldman Sachs Claim Currency Suits Fall Short

Case Title

Haverhill Retirement System v. Barclays Bank PLC et al

Case Number

1:13-cv-07789

Court

New York Southern

Nature of Suit

Anti-Trust

Judge

Lorna G. Schofield

Law360, Los Angeles (May 30, 2014, 10:42 PM ET) — A group of financial institutions accused of manipulating foreign exchange rates asked a New York federal judge on Friday to throw out the charges, saying the complaints don’t specifically allege any concerted efforts by the banks to restrain trade.

Nearly a dozen banks teamed up in a bid to dismiss the investor suits, which claim they worked together to manipulate the massive currency market to their own advantage. The banks say the investors haven’t adequately alleged that the banks entered into an agreement in restraint of…

BREAKING NEWS: Newark Votes, Approves Use of Eminent Domain to Fight Foreclosures–First Domino Falls

Newark, New Jersey has become the first city in the country to officially approve a controversial plan that uses eminent domain to fight foreclosures and neighborhood blight. 

Newark’s new mayor, Ras Baraka, introduced the resolution and the Newark Municipal Council, which passed it unanimously, according to a press release issued today by New Jersey Communities United (unitednj.org), which describes itself as a progressive grassroots community organization committed to building power for low and moderate income people, predominantly in Newark.

According to the release…

“Newark Council Unanimously Approves Resolution Supporting Local Principal Reduction Program for Families Facing Foreclosure
Mayor-Elect Ras Baraka Leading Fight Against Foreclosure Crisis in Newark”

The program would allow homeowners trapped in certain type of mortgage, known as a Private Label Security or PLS Loans, to voluntarily participate in a program where the City purchases…