I don’t know where I stand on investors bankrolling lawsuits. On one hand, it provides a path to justice for those without the means to use our court system, which can be very expensive. On the other hand, they frequently exploit those very people by taking advantage of their situation to charge exorbitant interest. One thing is for sure: it is an industry that begs for regulation to ensure fair play.
No surprise here, but Bank of America is once again involved in shady dealings, this time surrounding the Lehman Brothers bankruptcy. The Bank seized $500 million just after Lehman filed for Chapter 11, but Judge James Peck ruled that seizure was unauthorized and impermissible. Creditors to the failed institution can thank Judge Peck for adding $500 million to the pot of attainable funds after the collapse.
Assisted by David Martin