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December 3 – A Japanese labor union is pushing for a wage increase exceeding the record rise set in the previous round of negotiations during its annual talks, the latest sign that wage growth momentum is holding. According to a plan finalized Wednesday by the Japan Metalworkers Union Federation, the organization is demanding a minimum increase of 12,000 yen ($77) in monthly base wages during negotiations that will continue until March. This is the same initial target set by the organization a year ago, when negotiations ultimately resulted in an agreement for a 10,169 yen increase this year, the highest since base wage targets were first set in 1998. Wage trends are being closely watched by markets as Bank of Japan Governor Kazuo Ueda has repeatedly emphasized the need to confirm the “initial momentum” in wage negotiations ahead of the central bank’s policy decision on December 19. There are signs that robust wage growth is translating into demand-driven price increases, supporting the rationale for the Bank of Japan to raise interest rates at that time.On Wednesday, December 3, the German DAX 30 index opened 60.62 points higher, or 0.26%, at 23,770.49; the UK FTSE 100 index opened 5.20 points lower, or 0.05%, at 9,696.60; the French CAC 40 index opened 2.20 points higher, or 0.03%, at 8,076.81; the Euro Stoxx 50 index opened 20.23 points higher, or 0.36%, at 5,706.40; the Spanish IBEX 35 index opened 143.40 points higher, or 0.87%, at 16,609.40; and the Italian FTSE MIB index opened 108.17 points higher, or 0.25%, at 43,463.00.December 3rd - The dollar fell after Trump strongly hinted that Hassett was a potential candidate for the next Federal Reserve Chair, and investors turned cautious ahead of US jobs data releases. Trump stated that he might announce his Fed Chair nominee early next year and is considering Hassett, who is expected to favor lower interest rates. Meanwhile, the ADP private employment report is scheduled for release tonight. Due to the recent government shutdown, there will be no more official jobs data before the Fed makes its December decision, making this report more important than usual. Data from the London Stock Exchange Group shows that the market is currently betting on an 84% probability of an interest rate cut this month.German Foreign Minister: As long as we stand together, we can find a solution for the frozen assets.German Foreign Minister: We take Belgium’s concerns about the use of Russian assets very seriously.

Wells Fargo basically wins two cases over mortgage losses

Charlie Brooks

Jul 13, 2022 10:51

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Wells Fargo & Co (NYSE:WFC) won the dismissal of one lawsuit and a portion of another claiming the fourth-largest bank neglected to monitor toxic mortgage-backed securities, which were a primary cause of the 2008 global financial crisis.


In a 68-page order, U.S. District Judge Katherine Polk Failla of the Southern District of New York rejected a complaint filed by investors led by Ireland's Phoenix Light SF Ltd, noting that the legal problems addressed had previously been handled in past action.


The judge also found that Commerzbank AG (OTC:CRZBY) was prevented from pursuing certain claims against Wells Fargo in San Francisco because the German lender lacked standing or filed too late.


Commerzbank (ETR:CBKG) was given permission to sue Wells Fargo after revealing that servicers for 17 trusts had liquidated 3,377 loans using defective documentation rather than letting sellers acquire them. Other claims were also retained.


Plaintiffs' counsel did not immediately react to queries for comment. Wells Fargo did not react immediately to comparable questions.


The lawsuits claimed hundreds of millions of dollars in damages in connection with Wells Fargo's function as loan trustee.


They are part of a series of cases brought over the preceding decade and a half to hold lenders and trustees liable for the collapsing value of once-safe residential mortgage-backed securities.


Trustees were commonly sued for failing to push sellers to buy back troubled loans, failing to alert investors of defaults, and failing to exercise reasonable standards of care.


Wells Fargo previously paid two investor class actions and a National Credit Union Administration lawsuit over illegal mortgages.


It agreed to pay a $2.09 billion civil judgment in August 2018 to settle US Department of Justice claims that it knowingly produced and promoted residential mortgage loans that misrepresented income and were of lesser quality than it had indicated.


Phoenix Light SF Ltd et al v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 14-10102; and Commerzbank AG v Wells Fargo Bank NA, U.S. District Court, Southern District of New York, No. 15-10033.


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