US Magistrate Judge David Cayer said in his recommendation that the Bank of America's dismissal request of the US Securities and Exchange Commission against the lender is to be rejected as the complainant had presented sufficient proof that the bank knowingly misrepresented and omitted substantial information about its mortgage-backed securities.
Former and current employees of JPMorgan Chase & Co, who claimed that they incurred substantial losses due to the "London Whale" trades, are not allowed by a court judge to move their case forward against their employer.
The US Securities and Exchange Commission has recently settled two cases filed against men who traded shares using confidential information they have overheard from their wives/
US District Judge Paul Oetken of the Manhattan federal court today sided with the jury in siding with complainant billionaire William Koch over fraudulent sale of purportedly vintage wines, but reduced the total award in damages to less than a million dollars.
