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JPMorgan Escapes Revived Suit Over $3.7B Ponzi Scheme
Law360 (June 30, 2021, 9:41 PM EDT) A Minnesota federal judge tossed a suit accusing JPMorgan Chase & Co. and other financial institutions of failing to curtail Thomas Petters $3.7 billion Ponzi scheme, finding Wednesday that the complainants lacked standing to bring the allegations and had failed to state an actionable claim.
U.S. District Judge Donovan W. Frank dismissed with prejudice the latest version of the suit by Ritchie Special Credit Investments Ltd. and two related entities against JPMorgan, JPMorgan Europe Ltd. and advisory firm Richter Consulting Inc. The Eighth Circuit had partially revived the case in June 2020.
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8th Circ. Revives HVAC Co. s Bid For Asbestos Suit Coverage
Law360 (May 24, 2021, 9:08 PM EDT) The Eighth Circuit revived an air conditioning company s bid to get coverage from Continental Insurance Co. in asbestos litigation, finding that a district court s omission of a single word led to a faulty ruling that needs further consideration.
The appeals court found that a Minnesota district court improperly raised Daikin Applied s burden to prove it is owed a defense from Continental, saying the trial judge left out a key descriptor when deciding whether the HVAC company had shown it should be covered in some 100 asbestos lawsuits.
Dismissal of Wells Fargo 401(k) Self-Dealing Lawsuit Denied
A judge said the plaintiff plausibly pleaded that the defendants committed fiduciary breaches and prohibited transactions by selecting and retaining proprietary funds.
Reported by
A federal district court judge has moved forward a lawsuit alleging that Wells Fargo 401(k) plan fiduciaries should have been able to obtain superior investment products at a very low cost but instead chose proprietary products for their own benefit, increasing fee revenue for the company and providing seed money to newly created Wells Fargo funds.
The lawsuit, filed last March, claims that upon the creation of the Wells Fargo/State Street Target CITs (Target Date CITs) in 2016, the committee defendants added the collective investment trusts (CITs) to the plan even though the funds had no prior performance history or track record which could demonstrate that they were prudent. Despite the lack of a track record, the committee defendants “mapp
Bill Hanna, who died Jan. 11, worked at the newspaper from the mid-1980s until 2016.
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Linda Tyssen / Mesabi Tribune | 6:00 pm, Jan. 15, 2021 ×
Mesabi Daily News Executive Editor Bill Hanna shakes hands with Minnesota Gov. Mark Dayton after Hanna introduced the governor to the Laurentian Chamber of Commerce dinner audience Feb. 8, 2013. The longtime editor died Jan. 11. (Photo courtesy of Mesabi Tribune)
VIRGINIA Chris Knight, publisher of the former Mesabi Daily News and now Mesabi Tribune, is remembering Bill Hanna as a committed journalist who wasn’t afraid to take on any issue in search of the truth. Knight s words are those echoed by many colleagues and friends in remarks to the Mesabi Tribune in the wake of Hanna s death.