The City of Philadelphia is suing Wells Fargo for predatory lending tactics. The city is alleging that between 2004 and 2014, the bank gave riskier high-interest loans to minorities who qualified for better rates. This practice is in violation of the Fair Housing Act of 1968, and the city’s lawsuit alleges that the use of this practice caused economic damage to minority neighborhoods and the city as a whole.
An investigation by the City of Philadelphia turned up data that indicates black and Hispanic borrowers were nearly two times as likely to get higher risk loans as white borrowers with equal or similar credit scores, according to legal professional and litigation attorney Karl Heideck. Heideck also indicated that because of this practice, homes in minority neighborhoods were 4.7 times more likely to foreclose than homes in white neighborhoods.
Philadelphia filed its lawsuit in the U.S. District Court for the Eastern District of Pennsylvania on May 15, just two weeks after the U.S. Supreme Court ruled that cities can sue banks for predatory loan practices aimed at minorities. The lawsuit alleges that Wells Fargo’s discriminatory practices hurt the city because of the foreclosures it caused, and the subsequent lower property values and increased crime rates.
Through a spokesperson, Wells Fargo has released a statement that denies the allegations and claims that they use “responsible and fair lending practices,” according to Karl Heideck.
Karl Heideck is a contract attorney who practices law in the Greater Philadelphia Area. Karl received his Bachelor of Arts from Swarthmore College with honors in English Language and Literature. He received his Doctorate from Temple University’s James E. Beasley School of Law.
Karl Heideck worked as a project attorney at Pepper Hamilton, LLP, and as an associate at Conrad O’Brien. As an attorney at Grant & Eisenhower PA, Karl currently focuses on civil litigation and compliance and risk management.
The Dodd- Frank Wall Street Reform and Consumer Protection Act was enacted in 2010. The act is considered to be the most comprehensive renovation in the United States financials regulation since the Great Depression. The Dodd-Frank reforms have made various achievements in its efforts to make changes in the United States, but the most significant improvements it made was the whistleblower program. The program offers employment protection as well as financial enticements for those individuals who would wish to report possible financial frauds to the Security and Exchange Commission (SEC).
Labaton Sucharow was the first law firm to provide Whistle Blower services for the purpose of their protection as well as advocating for SEC Whistleblower. The whistleblower upon reporting any financial fraud is paid an amount of about 10-30% of the money collected from a successful enforcement of the action if the corruption was exceeding $ 1million. In the case where the threshold is met the whistleblower can be paid an additional amount. The Dodd-Fran k Act also protects the employee from being sacked by their employers after reporting corruption in their organization. An employee can also report a fraud case anonymously if their attorneys represent them.
SEC Whistleblower Attorney is there to assist a whistleblower when they have already collected information about suspected corruption issues. The attorney takes the information and does their investigations to represent a proper report to the Security Exchange Commission on behave of the whistleblower. Once the claims are filed by the lawyer to the Security Exchange Commission, the layer should always be present to answer to the corruption charges on behave of the whistleblower whom should remain anonymous. The lawyer has the mandate of making sure the whistleblower has been paid his dues after the case has gone through. The attorney is only paid the percentage of the whistleblower’s amount.
SEC whistleblower lawyer should provide free initial consultation to listen to the corruption story of the whistleblower. The attorney has the responsibility of informing the whistleblower the rules and the regulations they have to follow while reporting any corruption dealings. After the whistleblower has known what is require of them, the lawyer goes ahead to file the case in different government agencies. The Attorneys are also supposed to help the whistleblowers file their payments to the required government agencies to help them maximize their payment. The lawyers should always stand by the whistleblowers until the end of the corruption case.
Brazil is a country of lawyers. A survey conducted by the national council of justice put the country third in the world regarding the number of law agents in countries around the world. Only India and the United States had more lawyers than Brazil. There is one clear reason for this: Brazil has more law schools than the rest of the world put together. While there are 1100 graduation courses in law in the remainder of the world, Brazil has 1210. This high number of law schools is the main reason Brazil has an enormous number of lawyers. Currently, the number of litigators approved by the Brazilian Bar examination exceeds one million. However, some statistics suggest that this figure is more than three million if the Brazilian Bar passed all the students who have taken law in the country. The ministry of education in Brazil conducts inspections to ensure law schools meet the necessary requirements of law in the country and boost the number of students approved to practice law in the country. Some of the best Brazilian law school include the Federal University of Minas Gerais in the City of Mineas Gerais, Law School of Sao Paulo in Sao Paulo and the Federal University of Rio Grande do Sul.
One of the most renowned lawyers in Brazil is Ricardo Tosto. Tosto graduated from the University of Presbiteriana Mackenzie. He is a prominent member of the Brazilian Bar Association and the Law Firms and Partnerships Research Centre. Ricardo Tosto has more than two decades of experience in business law and is the founding partner of Leite, Tosto e Barros Advogados. Tosto is a specialist in Civil and commercial litigation. He is also one of the founding members of the Brazilian Institute for Electoral and Party Law Research. His expertise includes international law, corporate restructuring, electoral legislation and credit recovery.
Ricardo Tosto has vast experience in leadership too. He was also at the helm of São Paulo OAB Commission for Modernization of the Judiciary. Apart from practicing law, Tosto is a successful author. He has published several articles in several popular journals in Brazil. Mr. Tosto co-authored O Processo de Tiradentes. He also delivers speeches related to law in several conferences around the world.
Are you looking for a talented lawyer in Brazil? Want to retain the services of a good business or corporate litigation attorney?
If you are facing a lawsuit or other legal matter, it is extremely important to get a good lawyer. Having a competent lawyer by your side will give you peace of mind in knowing that an expert is there to guide you.
There are several situations that can require the services of a litigation lawyer. If an investor gets into a dispute with an investment broker, for example, the investor can pursue business litigation. If a breach of contract occurs in a business dealing, a business litigation lawyer will be required to resolve the matter.
Not all litigation lawyers are created equal. Some litigation lawyers have more experience and have better resources than others. For the best result, you will want to choose someone who is well versed in the area of law you are dealing with.
There are a great deal of business and corporate litigation attorneys in Brazil, but you ought to do your research properly for you to select one that best suits your requirements. In addition, you have to be sure the law firm or lawyer you are thinking of, works in the proper district.
Ricardo Tosto de Oliveira Carvalho is well known in Brazil and around the world. He is a great lawyer who specializes in business and corporate litigation. He has handled a wide variety of cases for clients, including very difficult and complicated matters. He has earned a great reputation as a powerful litigator and is well respected by his peers and his clients.
Ricardo Tosto takes the time to understand his clients’ industry and business needs, and then develop a strategy to address the issue appropriately. Ricardo Tosto is a seasoned litigator with more than 22 years of experience in representing business people, multinational companies, big corporations, entrepreneurs and high-profile individuals. Ricardo Tosto has successfully handled cases involving breach of contract, placement of commercial general liability, business disputes and conflicts and other legal matters.