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Tag: settlement

  • Britney Spears ends protracted battle with her father over conservatorship legal fees

    Britney Spears ends protracted battle with her father over conservatorship legal fees

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    Britney Spears and her father Jamie Spears, her former conservator, have settled their protracted legal dispute over the payment of his legal fees and how he managed her finances during her 13-year conservatorship.

    The two parties settled for an undisclosed amount Thursday in Los Angeles County Superior Court after first filing about the issue in December 2021. The settlement helps the 42-year-old pop superstar avoid continued litigation, including a hearing that had been set for May, over her father’s alleged financial misconduct during the controversial legal arrangement.

    The infamous court-ordered guardianship, which was implemented in 2008 after Spears exhibited a spate of erratic behavior, dictated the superstar’s personal and professional life, and controlled her money, for more than a decade. Jamie Spears, 71, served as the conservator of her person and estate for years before resigning as her personal conservator in 2019 over “personal health reasons.” He was removed as a conservator of her estate in September 2021, and the legal arrangement was terminated altogether more than two years ago, but the fallout over accounting issues and legal fees carried on in court until last week.

    “Although the conservatorship was terminated in November 2021, her wish for freedom is now truly complete,” the singer’s attorney, Mathew S. Rosengart, said Monday in a statement to The Times. “As she desired, her freedom now includes that she will no longer need to attend or be involved with court or entangled with legal proceedings in this matter.”

    Rosengart, who changed the trajectory of the Grammy winner’s situation after he was hired as her personal attorney in July 2021, said it has been an “honor and privilege to represent, protect, and defend Britney Spears in that matter.”

    Jamie Spears’ attorney, Alex Weingarten, also confirmed that a settlement had been reached to resolve all outstanding disputes but would not comment on the specifics because the settlement is confidential.

    “At the insistence of counsel for Ms. Spears, the settlement is confidential and I cannot discuss it,” Weingarten said Monday in an email to The Times. “Jamie has nothing to hide and would be happy to disclose everything about every aspect of the conservatorship so that the public knows the actual truth. Jamie loves his daughter very much and has always done everything he can to protect her.”

    Last week, Weingarten told People that Jamie Spears is also “thrilled that this is all behind him,” adding that it is “unfortunate that some irresponsible people in Britney’s life chose to drag this on for as long as it has.”

    Jamie Spears, who had sought court approval for more than $2 million in payments to multiple law firms before officially relinquishing control of his daughter’s finances, also sought fees to be paid to his own attorneys. However, Rosengart objected to the fees, arguing that Britney Spears should not have to pay her father’s legal bills because he had paid himself millions as her conservator, improperly surveilled her and engaged in financial misconduct during his tenure, the New York Times reported.

    Jamie Spears has denied any wrongdoing.

    The “… Baby One More Time” and “Toxic” singer appeared to address the latest legal development on Instagram in a since-deleted post that blasted her parents.

    “My family hurt me !!! There has been no justice and probably never will be !!!” she wrote, according to a screenshot of the Sunday post published by TMZ.

    “The way I was brought up I was always taught the formative of right and wrong but the very two people who brought me up with that method hurt me !!! I am so lucky to be here !!!,” she added.

    Spears, who has long contended that she’s afraid of her father, said she hasn’t told her parents her thoughts face to face. The mother of two also said she misses her home in Louisiana and wishes she could visit but “they took everything.”

    Meanwhile, citing sources with “direct knowledge,” TMZ reported Monday that Spears is in “serious danger” on both the mental and financial fronts, faring far worse than she had been when she was under the control of the conservatorship.

    Rosengart and Weingarten declined to comment on the allegations.

    After the conservatorship ended, the “Mickey Mouse Club” alum wrested back control of her life and narrative and has basked in her newfound freedom, including making moves that have seemingly led to new revenue streams.

    In 2022, the former Las Vegas headliner landed a $15-million book deal that resulted in the publication of her bombshell memoir “The Woman in Me” last fall. The revelatory account — chronicling her early career, romances with Justin Timberlake and Kevin Federline and the conservatorship — was released to much fanfare and impressive sales. It sold more than 1.1 million copies in the United States its first week. In January, Gallery Books, a division of Simon & Schuster, announced that the book had sold more than 2 million copies in the U.S. alone across multiple formats. The audiobook, recited by Oscar winner Michelle Williams, became the fastest selling in the company’s history.

    Hollywood producers, including Brad Pitt, Margot Robbie and Reese Witherspoon, have reportedly also been looking to adapt the book for the big screen.

    Although Spears has largely retreated from her live-performance career, she has been flaunting her freedom and lifestyle on Instagram, posting photos from the various destinations she has traveled to via private jet. She is also presumably enjoying the royalties from her 2022 collaboration with Elton John on “Hold Me Closer,” a reimagining of his 1970s classic “Tiny Dancer.”

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    Nardine Saad

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  • Stockton to pay $6M to family after man suffocates to death while in police custody

    Stockton to pay $6M to family after man suffocates to death while in police custody

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    (FOX40.COM) — The City of Stockton will pay $6M as a part of a settlement to the family of a man who died in police custody in 2020.

    Shayne Sutherland died at the hands of the Stockton Police Department in October of 2020 when his breathing was restricted during an arrest. Initial reports from the San Joaquin County Coroner’s Office stated that his death was accidental, however, an independent autopsy revealed that Sutherland died from positional asphyxiation.

    “Things need to change because this is horrible. Nobody ever wants to lose their child, especially in this way,” said Karen Sutherland, Shayne Sutherland’s mother. “Knowing how my son died and suffering and begging for his life and calling out for me.”

    Bodycam footage released by SPD shows part of the interaction between officers and Shayne Sutherland during the fatal incident. His family has fought for change in police policies ever since their loss.

    “We believe that the city of Stockton should adopt the 1995 Department of Justice guidelines which state clearly that when you have an individual handcuffed, you get him up off his stomach as soon as possible, place them in what’s called a recovery position,” said the family’s attorney, James Desimone.

    In response to the death of Shane Sutherland, a SPD spokesperson said “SPD sympathizes and recognizes that any loss of life is a tragedy that has a lasting effect. 

    We are dedicated to educating and training our Officers while collaborating with community partner organizations to best serve the community. We are dedicated to educating and training our Officers while collaborating with community partner organizations to best serve the community.”

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    Veronica Catlin

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  • California will pay millions for safety violations in Sacramento County, Oakland

    California will pay millions for safety violations in Sacramento County, Oakland

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    Millions of taxpayer dollars will go toward settling a lawsuit accusing California of numerous safety violations involving underground storage tanks beneath state buildings, according to Sacramento County court documents.This comes at a time when California state leaders are dealing with a significant budget shortfall.Last month, Sacramento County District Attorney Thien Ho filed a formal complaint in Superior Court accusing the State of failing to follow safety procedures.”THE PEOPLE OF THE STATE OF CALIFORNIA, brings this law enforcement action to protect public health and the environment from harm due to releases of hazardous substances from leaking Underground Storage Tanks (UST’s), including harm to groundwater and surface waters and against harm from indoor air impacts. Plaintiff also brings this action to protect public health and the environment from harm due to the unlawful mismanagement of hazardous waste and hazardous materials,” read a Superior Court filing against the California Department of General Services.Read the full complaint here.The complaint alleges inspections at a number of sites uncovered safety violations between 2018-2023. This included failing to maintain annual inspections or equipment testing, lacking proper permits or improper storage, according to the court filing.Locations of safety violations:State Capitol BuildingDepartment of Justice BuildingThe California MuseumCapitol Annex Swing SpaceViolations were also found in downtown Oakland. The District Attorney there is a co-plaintiff in this complaint.In a separate settlement agreement, the state agreed to pay $2.26 million in civil penalties, $350,00 for training and $55,000 for investigative costs. Read the agreement here.See more coverage of top California stories here | Download our app.

    Millions of taxpayer dollars will go toward settling a lawsuit accusing California of numerous safety violations involving underground storage tanks beneath state buildings, according to Sacramento County court documents.

    This comes at a time when California state leaders are dealing with a significant budget shortfall.

    Last month, Sacramento County District Attorney Thien Ho filed a formal complaint in Superior Court accusing the State of failing to follow safety procedures.

    “THE PEOPLE OF THE STATE OF CALIFORNIA, brings this law enforcement action to protect public health and the environment from harm due to releases of hazardous substances from leaking Underground Storage Tanks (UST’s), including harm to groundwater and surface waters and against harm from indoor air impacts. Plaintiff also brings this action to protect public health and the environment from harm due to the unlawful mismanagement of hazardous waste and hazardous materials,” read a Superior Court filing against the California Department of General Services.

    Read the full complaint here.

    The complaint alleges inspections at a number of sites uncovered safety violations between 2018-2023.

    This included failing to maintain annual inspections or equipment testing, lacking proper permits or improper storage, according to the court filing.

    Locations of safety violations:

    • State Capitol Building
    • Department of Justice Building
    • The California Museum
    • Capitol Annex Swing Space

    Violations were also found in downtown Oakland. The District Attorney there is a co-plaintiff in this complaint.

    In a separate settlement agreement, the state agreed to pay $2.26 million in civil penalties, $350,00 for training and $55,000 for investigative costs.

    Read the agreement here.

    See more coverage of top California stories here | Download our app.

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  • Two Charlotte developers settle long feud over prime piece of land in south Charlotte

    Two Charlotte developers settle long feud over prime piece of land in south Charlotte

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    Providence and Fairview Road traffic pass by a vacant piece of property in Charlotte, which was once the Carmel On Providence apartment homes. The land owner said a developer is interested in the site.

    Providence and Fairview Road traffic pass by a vacant piece of property in Charlotte, which was once the Carmel On Providence apartment homes. The land owner said a developer is interested in the site.

    jsiner@charlotteobserver.com

    After a decade-long stalemate over 11 acres of vacant, overgrown land, two Charlotte developers avoided a courtroom duel and settled Wednesday.

    After tearing down apartments built in the 1970s, development stalled on the lot — which sits at Providence and Fairview roads in south Charlotte — when Daniel Levine and David Miller filed lawsuits against each other in 2019.

    Levine — who owns a collection of properties across Charlotte — now owns 100% of the property across from Strawberry Hill shopping center, he told the Charlotte Business Journal and The Charlotte Ledger Thursday.

    “Now with 100% ownership of the property, we look forward to unlocking the full potential of this property,” he told the Business Journal.

    Raley Miller Properties and Levine, under the company Golden Triangle 3, made joint development plans for the land more than 10 years ago. They boasted six-story apartments with 100,000 square feet for retail and a new Harris Teeter.

    Grassy cement took their place.

    Providence and Fairview Road traffic pass by a vacant piece of property in Charlotte, which was once the Carmel On Providence apartment homes. The land owner said a developer is interested in the site.
    Providence and Fairview Road traffic pass by a vacant piece of property in Charlotte, which was once the Carmel On Providence apartment homes. The land owner said a developer is interested in the site. JEFF SINER jsiner@charlotteobserver.com

    GT3 first filed suit against Raley Miller Properties and Mallard Creek Associates LLC. RMP filed a countersuit against Levine Properties in September 2019. Neither Levine nor Miller shared the terms of the settlement, which occurred after jury selection in North Carolina’s business court Monday and Tuesday.

    According to court documents, plans crumbled under disagreement over where to get a $60 million term loan. Levine wanted Wells Fargo, but Miller wanted to use what was then BB&T.

    In January, Miller told The Charlotte Observer that a complicated real estate matter meant that a party other than Raley Miller Properties would develop the lot.

    The property, which is in the Foxcroft neighborhood, was once known as Carmel on Providence, a 109-unit apartment complex. Carmel on Providence was built in 1974 and is about 6 miles south of uptown Charlotte.

    The property has an appraised value of $11.7 million, according to Mecklenburg County records.

    Related stories from Charlotte Observer

    Julia Coin covers local and statewide topics — including destructive fires, illegal gambling and the pervasiveness of drugs in schools — as The Charlotte Observer’s breaking news and courts reporter. Michigan-born and Florida-raised, she studied journalism at the University of Florida, where she covered statewide legislation, sexual assault on campus and Hurricane Ian’s destruction.
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  • Realtors agree to change commission rules in a deal that could reduce costs for consumers

    Realtors agree to change commission rules in a deal that could reduce costs for consumers

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    The National Assn. of Realtors on Friday said it will make changes to its commission rules to settle national allegations the requirements stifled competition, a move that may reduce costs for at least some consumers.

    The settlement, which still must receive court approval, could mark a major change in the housing market.

    Today, sellers typically pay a 5% to 6% commission when they sell their homes, with half of that going to the listing agent’s brokerage and half to the buyer agent’s brokerage, and critics of that model say the settlement could upend that practice.

    “This settlement over time will benefit home sellers and buyers greatly, eventually lowering agent commissions by tens of billions of dollars a year and helping align agent compensation and services rendered,” Stephen Brobeck, a senior fellow with the Consumer Federation of America, said in a statement.

    Under an existing Realtor rule, listing agents must make an offer of compensation to the buyer’s broker in order to list homes on NAR-affiliated multiple listing services, or the MLS.

    Though NAR says this offer can be zero dollars, the requirement to post an offer — known in the industry as “cooperative compensation” — has reduced competition and kept commission rates artificially high, according to lawsuits filed against the Realtors. The rule has also caused buyers’ agents to “steer” their clients to homes that offer higher commission rates, the lawsuits allege.

    In a news release, the national trade group said it continues to deny any wrongdoing as it relates to its current commission rule, but to settle the allegations, it will pay $418 million and prohibit offers of compensation to buyers’ brokers on affiliated multiple listing services, which also populate listings on sites such as Zillow and Redfin.

    “NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers,” Nykia Wright, interim chief executive of NAR, said in a statement. “It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.”

    Home sellers could still offer to pay buyers’ broker commissions under the settlement if they communicated it outside the MLS, according to the National Assn. of Realtors.

    But not setting the rules of the game at the outset will inject more competition into the process and open up new ways of payment that should lower costs, according to Robert A. Braun, a partner with Cohen Milstein Sellers & Toll, which is representing home sellers in two of the settling cases.

    Braun said sellers may still choose to pay buyers’ agents something, or buyers may pay their agents directly after negotiating a fee. They may also choose to go without an agent altogether.

    Another option? A buyer agrees to pay a certain price — say $800,000 — only on the condition that the seller then pays the buyer’s agent $24,000, or 3%. “You got a free market,” Braun said.

    Commission rates are a small proportion of a sales price, but they add up. For a home sold at the average Southern California price of $842,997, 6% is $50,580.

    If such changes drive down commissions overall, it could have a big effect on real estate agents who are paid a proportion of the commission sent to their brokerage.

    Higher mortgage rates sent home sales tumbling, reducing pay for agents who are compensated based on the number and price of the deals they transact.

    In California alone, NAR lost 9,723 members from December 2023 to January 2024 — a 4.75% decline.

    Not all agents are worried.

    Michael Khorshidi works mostly with buyers, but sees the new requirements as an opportunity to show the value he brings to clients. Agents who aren’t able to demonstrate their worth will be the ones who lose work, he said.

    “We’re always transitioning,” Khorshidi said. “This is just the latest transition.”

    If the settlement ends up creating a system in which buyers pay their agents directly, it could saddle them with new costs.

    However, Braun argued that buyers would ultimately see reduced costs as well because under the current system, buyer agent commissions get passed along to buyers in the form of higher home prices.

    That doesn’t mean sellers make a conscious decision to set their home prices higher because they need to pay a buyer’s agent. Rather, Braun said it means fewer homes make financial sense to sell because some homeowners don’t have enough equity to pay two commissions.

    If buyers paid their own agent, more homeowners could afford to sell, increasing supply and helping put downward pressure on price, Braun said.

    “Going forward, there is a significant likelihood home prices will be lower than they otherwise would be,” he said.

    Michael Copeland, a real estate agent in Palm Springs, doesn’t think the agreement will alter the market too dramatically.

    To bring in buyers, sellers may still be incentivized to cover both commissions — just as they do today.

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    Andrew Khouri, Jack Flemming

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  • Binance reaches $4.3b settlement in US plea deal agreement

    Binance reaches $4.3b settlement in US plea deal agreement

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    Binance Holdings Ltd. has been ordered to pay $4.3 billion for a plea deal approved by District Judge Richard Jones, marking one of the heftiest criminal penalties in U.S. history.

    The settlement follows Binance, the world’s largest crypto exchange, and its founder, Changpeng Zhao, pleading guilty to charges of anti-money laundering and sanctions violations, including transactions with Hamas and other terrorist groups.

    The agreement, announced in Seattle, also mandates up to five years of compliance monitoring by an independent firm, yet to be appointed, potentially by New York-based law firm Sullivan & Cromwell.

    “This really is a case where the ethics of the company were compromised by greed,” Judge Jones said, emphasizing the deliberate misconduct led by senior executives.

    With “hundreds of millions of dollars of collateral consequences,” prosecutors highlighted the role of Binance in leaving the financial system susceptible to exploitation.

    “We’re also proud of the compliance enhancements” that have been implemented over the past several years, expressed Josh Eaton, Binance’s deputy general counsel, to the judge. He emphasized that the company accepts full responsibility for its past and why the company is where it is.

    Judge Jones pointed out Binance’s calculated decisions to disregard U.S. laws despite being aware of their applicability, underlining the sentence’s aim to deter similar future conduct by Binance and other entities and protect customers.

    Zhao is set for sentencing in April, facing no more than 18 months in prison as per the plea agreement, which also required him to step down as CEO of Binance and pay a $50 million fine.


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    Bralon Hill

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  • Is your student still struggling with pandemic setbacks? A state legal settlement offers help

    Is your student still struggling with pandemic setbacks? A state legal settlement offers help

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    A landmark settlement announced Thursday sets new accountability rules for how California public schools spend $2 billion to help students recover from pandemic learning setbacks: Educators must rely on proven academic strategies and track progress, which will be publicly disclosed — and if parents are not satisfied, they can file complaints.

    The agreement brings an end to sweeping litigation that dates to the fall of 2020, when students were learning remotely from home, with campuses closed because of safety concerns. The lawsuit was silent on the merit of school-based COVID-19 safety measures and campus shutdowns. But it argued that students fell behind during online schooling and the state was not doing enough to remedy the harm.

    Officials including Gov. Gavin Newsom and State Supt. of Public Instruction Tony Thurmond have repeatedly defended California’s efforts as thoughtful and generous. They pointed to billions of dollars in state aid for computers and COVID safety measures as well as early access to vaccines for teachers and other school workers.

    In the settlement, the state admits no wrongdoing. State officials were not immediately available for comment as the settlement was announced.

    The agreement comes as a report, released Wednesday, added to the body of research about the depth of harm to students in California and throughout the nation, starting from the pandemic’s outset in about March of 2020. The latest research indicates that recovery is lagging.

    Students in seventeen states, including California, remain more than a third of a grade level behind 2019 levels in math. Students in 14 states remain more than a third of a grade level behind in reading. While California’s English language arts scores were high enough to avoid this list, its scores actually got worse from 2022 to 2023, despite students’ being back on campus, stated the report, titled the Education Recovery Scorecard.

    Overall, academic recovery in California had “barely begun” as of spring 2023, according to this ongoing research, a collaboration between the Center for Education Policy Research at Harvard University and The Educational Opportunity Project at Stanford University.

    Moreover, the academic setbacks were larger in high-poverty districts such as San Bernardino, Bakersfield, Fresno and Long Beach, where achievement fell by more than two-thirds of a grade level in math and more than a third of a grade level in reading, the report said.

    “Educational outcomes are more unequal now than in 2019,” said Stanford Professor Sean Reardon. “If California state and local education policymakers don’t act soon and decisively, that inequality is likely to become permanent.”

    “No one wants to see poor kids footing the bill for the pandemic, but that is the path California is on,” said Harvard Professor Thomas Kane. “With federal relief dollars drying up, state leaders must ensure the remaining dollars are used for Summer 2024 and for tutoring and after-school next year.”

    Thursday’s settlement is part of ongoing efforts to help students recover.

    The state funding is not new. These dollars were previously set aside, as part of the 2023-24 budget, for pandemic recovery. School districts have left portions of these funds unspent, taking advantage of a multiyear timeline for making use of the money, said the attorneys who sued the state. The settlement overlays a detailed structure for how this money must be used moving forward — with the intent of reaching more of the students most in need — and with more safeguards.

    In addition, there are new rules to hold schools and school districts accountable, including making the spending plans and their results more transparent to parents and the public.

    “This settlement has some strong accountability measures that should help ensure students get the resources they need,” said attorney Chelsea Kehrer of Morrison Foerster, which filed the suit in tandem with the public-interest law firm Public Counsel.

    The settlement will rely on a process that already exists but remains obscure outside education circles. It’s called the Local Control and Accountability Plan. These plans were part of reforms, led by then-Gov. Jerry Brown, that poured more resources into schools and students with high needs — including Black and Latino students, those from low-income families and students learning English.

    Broadly speaking, that’s also the intent of the settlement. Schools must explain how their recovery spending will contribute directly to a positive outcome, such as higher test scores or improved attendance.

    Settlement rules also require school districts to use the money to help the most hard-hit or poorly performing schools or student groups.

    A new federal report lends support for providing better oversight of school-improvement plans. In its sample, the federal review found that less than half of school-improvement plans had components widely considered necessary to be successful. A good plan is supposed to include an examination of needs, assessing where and how resources are unfairly distributed and identifying proven strategies that will be used to help students.

    Because the settlement makes changes to how state money is to be spent, the Legislature‘s approval of the agreement is required.

    Under the settlement, the total funding available must reach at least $2 billion statewide. If it doesn’t, the state must devise a plan to make up the difference, which could require action from the Legislature. If the pieces don’t fall into place, the settlement would unwind.

    So far, however, advocates are confident that at least $2 billion is available in unspent funds for the state’s nearly 1,000 school districts.

    The money is likely to be available because school systems have tried to stretch out the use of pandemic aid for as long as possible as they sound alarms about upcoming budget problems that could result in reduced services and layoffs. Los Angeles Unified, for example, has tracked the deadlines for each tranche of state and federal pandemic aid, spending the money with the earliest deadlines first.

    For a while, so much aid was flowing in that districts were unable to spend it quickly, unable to hire the extra teachers, tutors and mental-health workers who could have helped students. But that surplus period is drawing to a close.

    “If they were waiting for a rainy day, they need to be reminded that California’s most disadvantaged students are in the midst of a thunderstorm,” said Mark Rosenbaum, senior special counsel for strategic litigation at Public Counsel.

    Absent the settlement, this $2 billion still would have been available for pandemic recovery, but with fewer rules on spending, tracking and reporting.

    “At least now, there will be visibility and attention, and the uniform complaint procedure added means that anyone, including parents and caregivers, has a process to call out a district not using the resources in a timely or diligent fashion as mandated by the strategic plan,” Rosenbaum said. “So these are resources that were meant to be used as an urgent crisis dictates, and they now will be.”

    Schools will have four years to spend the money.

    If existing funds are available as expected, the settlement will have little to no effect on the impending state budget negotiations. Gov. Gavin Newsom is trying to close an estimated $38-billion deficit that looms over his proposed budget for the fiscal year that begins on July 1. Total state revenues are expected to surpass $291 billion.

    The original lawsuit focused on harms to students as they were occurring during the period of remote learning.

    The suit cataloged children’s lack of access to digital tools as well as to badly needed academic and social-emotional supports. The suit also alleged that students were harmed by schools that failed to meet required minimum instructional time and to provide adequate training and support to teachers.

    Angela J., a plaintiff named in the complaint and a parent of three elementary-age children in the Oakland Unified School District, said that her twins, who were in the second grade at the onset of the pandemic, received live instruction with a teacher only twice from the time when schools closed in mid-March 2020 to the end of the school year. The students weren’t assigned packets or other materials to make up for the lost time.

    Once in-person learning resumed, the focus of the litigation shifted to the harms that students had suffered and the adequacy of recovery efforts.

    The lawsuit, filed in Alameda County Superior Court on behalf of students and parents, named as defendants the state, the Department of Education, the state Board of Education and Thurmond.

    Community groups that participated in the litigation included the Oakland REACH and L.A.-based Community Coalition.

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    Howard Blume

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  • Shakira Settles Tax Fraud Case On First Day Of Trial By Paying MASSIVE Fine To Avoid Possible Prison Time! – Perez Hilton

    Shakira Settles Tax Fraud Case On First Day Of Trial By Paying MASSIVE Fine To Avoid Possible Prison Time! – Perez Hilton

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    Shakira is avoiding the possibility of prison time in her tax fraud dispute involving the nation of Spain!

    On Monday, the first day of the Colombian-born singer’s tax fraud trial began in Barcelona. But before things could really get going on the allegations that she supposedly skipped out on paying taxes to Spain while living there in the 2010s, everything came to a screeching halt! Because Shakira settled things up ASAP!

    Related: Shakira Fans Roast Gerard Piqué For Falling Into Stage Hole! Oops!!

    Per the BBC, the New York Times, and others, the 46-year-old singer cut a deal with Spanish prosecutors to end the mess and avoid any possible prison time if she were to have been found guilty. According to those outlets, the deal is pretty steep in terms of a payday for Spain: Shakira gets a three-year suspended sentence and a fine equivalent to $7.5 million USD. That’s a LOT of coin!!

    Still, for Shakira, it was clearly worth it. The prosecution against her is over now, with no chance of being found guilty or going to prison for supposedly failing to pay those income taxes between 2012 and 2014. She had been facing up to eight years in prison on the charge — and as much as a $26 million fine — if found guilty. So, when compared to what might have happened in court, she definitely got off a little easier, we suppose.

    The Hips Don’t Lie singer released a statement about the settlement on Monday, too. Obtained by People and others, the singer claimed in the statement that she chose to settle in the best interests of her children — sons Milan, 9, and Sasha, 7 — who she shares with soccer star ex Gerard Piqué. The sexy singer stated:

    “While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favor, I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight.”

    She went on:

    “I need to move past the stress and emotional toll of the last several years and focus on the things I love — my kids and all the opportunities to come in my career, including my upcoming world tour and my new album, both of which I am extremely excited about. I admire tremendously those who have fought these injustices to the end, but for me, today, winning is getting my time back for my kids and my career.”

    And she also strongly maintained her innocence on the tax fraud allegations:

    “Throughout my career, I have always strived to do what’s right and set a positive example for others. … [Authorities in Spain] pursued a case against me as they have against many professional athletes and other high-profile individuals, draining those people’s energy, time, and tranquility for years at a time.”

    Wow! Those are some strong words about what was supposedly going on behind the scenes! But regardless of whatever really happened a decade ago, it’s all over now. Shakira has settled up, and she’s ready to move on! Thoughts, Perezcious readers??

    [Image via MEGA/WENN]

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    Perez Hilton

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  • People with Wells Fargo stock from 2018-2020 are part of new $1 billion court settlement

    People with Wells Fargo stock from 2018-2020 are part of new $1 billion court settlement

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    FILE — Patrons use ATMs at a Wells Fargo bank in New York, Sept. 7, 2017. Wells Fargo agreed to pay $575 million to resolve investigations by all 50 states and Washington, D.C., that began after federal regulators revealed in September 2016 that employees had for years opened millions of unauthorized bank accounts in customers’ names. (Devin Yalkin/The New York Times)

    Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales scandal

    NYT

    Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales scandal, new court records show.

    The federal suit claimed the bank made “materially false and misleading statements” about its compliance with consent orders it had with federal regulators over previous practices. Wells Fargo has faced regulatory sanctions since the 2016 scandal, when it was discovered the bank opened millions of accounts for customers without their permission.

    A proposed settlement order in the class-action case was filed late Monday, records show. The settlement still needs to be approved by the court.

    Wells Fargo is based in San Francisco but has its largest employee base in Charlotte, with about 27,000 workers here.

    “This agreement resolves a consolidated securities class action lawsuit involving the company and several former executives and a director, who have not been with the company for several years,” the bank said in a statement Tuesday to The Charlotte Observer. “While we disagree with the allegations in this case, we are pleased to have resolved this matter.”

    If approved, the $1-billion deal likely would be the 17th-largest settlement of a shareholder class-action suit, the Wall Street Journal reported.

    One of the court-appointed lead plaintiffs in the case was the Employees’ Retirement System of Rhode Island.

    “Wells Fargo betrayed the trust of Rhode Island pensioners and now is rightly facing consequences because of that,” said Rhode Island General Treasurer James Diossa in a statement. “I am proud that ERSRI stood up for its stakeholders and held Wells Fargo accountable for its misconduct, and for achieving the historic settlement.”

    The settlement class consists of people or entities that purchased common stock in Wells Fargo between Feb. 2, 2018, and March 12, 2020, according to the lawsuit. That means anyone who owned Wells Fargo stock during that time is automatically part of the class-action group, Diossa’s office said.

    Certain groups were excluded from the settlement, the proposed agreement notes, including Wells Fargo officers and directors, and shareholders who request from the court they be excluded from the settlement.

    Claims in the Wells Fargo class-action suit

    The class-action suit was filed in 2020 in federal court for the Southern District of New York. It focused on Wells Fargo’s actions in dealing with 2018 consent orders it had with its regulators.

    The bank misled investors when it claimed it was in compliance with those orders when it “had yet to even submit an acceptable plan or schedule for compliance to the regulators,” according to plaintiffs’ claims in the lawsuit.

    They claimed that Wells Fargo also was “nowhere near” meeting regulators’ requirements that were a precursor to lifting restrictions for the bank, including an asset cap, which the bank remains under. When the pace of the bank’s actions was revealed, including in congressional hearings, the bank’s stock price fell, the suit said.

    In fact, Wells Fargo’s valuation plummeted by more than $54 billion over a two-year period ending in March 2020, Reuters reported.

    Other Wells Fargo settlements and scandals

    The fake sales scandal was the first of a number of activities by Wells Fargo that fell under federal scrutiny.

    And a former top executive is facing prison time. In March, Carrie Tolstedt, the veteran leader of Wells Fargo’s retail banking division, agreed to plead guilty in federal court to obstructing a government examination of the bank’s misconduct.

    Tolstedt faces up to 16 months in prison. In a separate civil settlement, she was banned from working in the banking industry and must pay a $17 million penalty.

    Last December, Wells Fargo agreed to $3.7 billion in fines and restitution in a settlement with regulators to resolve issues related to auto lending, mortgages and consumer deposit accounts.

    The Consumer Financial Protection Bureau ordered Wells Fargo to pay a $1.7 billion fine, and refund more than $2 billion to customers for “widespread mismanagement” of those types of accounts. The bank was going to be required in a new consent order to pay the fine, pay back customers and stop charging surprise overdraft fees, among other things.

    In September 2022, the bank reached a $145 million settlement with the U.S. Labor Department following an investigation into concerns over the the bank’s contributions to its 401(k) plan.

    And in 2018, Wells Fargo was charged a combined $1 billion by the CFPB and the Office of the Comptroller of the Currency for auto-lending and mortgage practices that hurt consumers.

    This story was originally published May 16, 2023, 8:16 AM.

    Related stories from Charlotte Observer

    Award-winning journalist Adam Bell has worked for The Charlotte Observer since 1999 in a variety of reporting and editing roles. He currently is the business editor and the arts editor. The Philly native and U.Va. grad also is a big fan of cheesesteaks and showtunes.
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  • Trump Organization Settles Lawsuit With Protesters Alleging Assault—Here’s Where Other Cases Involving Ex-President’s Business Stand

    Trump Organization Settles Lawsuit With Protesters Alleging Assault—Here’s Where Other Cases Involving Ex-President’s Business Stand

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    Topline

    Former President Donald Trump and the Trump Organization settled a lawsuit Wednesday with protesters who alleged security guards at Trump Tower assaulted them in 2015, attorneys in the case said, though a number of lawsuits involving Trump and his company are still ongoing.

    Key Facts

    Attorneys in the Trump Tower case did not disclose the terms of the settlement, which was signed on the third day of jury selection as the civil case went to trial in New York state court, but plaintiffs’ attorney Ben Dictor said in a statement the “matter has been resolved to the satisfaction of all parties,” multiple outlets report.

    Protesters who demonstrated in 2015 against Trump’s attacks on Mexican immigrants sued Trump, his business and campaign, alleging Trump’s head of security Keith Schiller struck protester Efrain Galicia in the head as the two struggled over Schiller trying to take away a sign that read “Trump: Make America Racist Again.”

    The case went to trial the same week as the Manhattan district attorney’s criminal case against the Trump Organization for alleged tax fraud, as prosecutors allege the company paid executives through gifts and other “off the books” compensation to get out of paying taxes on that income (the case does not directly implicate Trump).

    A separate civil lawsuit is pending in New York Supreme Court from New York Attorney General Letitia James, which accuses Trump and his business, family members and associates of fraudulently inflating the stated value of their assets for financial gain.

    As that lawsuit moves forward, James has asked the court to order an independent monitor to oversee the company’s activities and prohibit the Trump Organization from transferring assets or submitting financial statements that don’t “adequately disclose” how they were valued.

    Trump, his children and his company are also facing a class action lawsuit filed in 2018 alleging they promoted the scam multi-level marketing company ACN—which the New York Times reported paid Trump $8.8 million over the course of 10 years—a case that seeks monetary damages and accuses the Trumps of racketeering, unfair competition, deceptive trade practices, negligent misrepresentation and dissemination of untrue and misleading business statements.

    Attorneys told the court in early October that discovery in the case has been completed ahead of a trial, and Trump was slated to have been deposed in the case by October 31 (attorneys will file a report by Friday informing the court if that has taken place).

    Key Background

    The Trump Tower protesters, who described themselves as “human rights activists of Mexican origin,” first filed their lawsuit in September 2015, soon after the encounter with Trump’s security chief Keith Schiller took place. The lawsuit accuses Schiller of hitting Galicia “with a closed fist on the head with such force that it caused Galicia to stumble backwards” and sought monetary damages along with an injunction that would bar security from interfering with the advocates’ protesting. Trump was deposed in the case after leaving office, in which a transcript shows he called the protesters “troublemakers” and alleged he was unaware of the protests at the time, also arguing that Schiller “did nothing wrong.” Though Trump did not directly engage with the protesters, the plaintiffs alleged the then-candidate should have known the security guard would have behaved in a “negligent or reckless manner,” the Associated Press reports, and attorneys sought to depose Trump to see if he was at all responsible for Schiller’s conduct.

    Crucial Quote

    “The parties all agree that the plaintiffs in the action, and all people, have a right to engage in peaceful protest on public sidewalks,” attorneys from both sides of the protesters’ case said in a joint statement Wednesday.

    What To Watch For

    The Manhattan District Attorney’s criminal trial against the Trump Organization is now on hold until next week, after the Trump Organization’s controller Jeffrey McConney, a witness in the case, tested positive for Covid-19. Opening arguments in the trial first got underway on Monday, and the trial is expected to last five to six weeks in total, New York State Judge Juan Merchan said ahead of jury selection. The Trump Organization faces up to $1.6 million in fines if convicted in that case, and legal experts note it could also make creditors and business partners less likely to work with them. Former Trump Organization Chief Financial Officer Allen Weisselberg has already pleaded guilty in the case and will serve up to 15 months in prison. The Trump Organization and Trump family face the threat of harsher punishments in James’ civil lawsuit, which asks the court for such relief as having the company’s business certificates canceled in New York, Trump and his children being barred from leading New York businesses and a $250 million fine. James said she has also referred evidence of alleged criminal activity to the Justice Department and Internal Revenue Service for further investigation.

    Chief Critic

    Trump and the Trump Organization have broadly denied wrongdoing in the cases against them, denouncing James’ lawsuit as a politically motivated attack and arguing in the company’s Manhattan criminal trial that Weisselberg acted alone and the company should not be held liable for his actions. Trump also described the protesters’ lawsuit against him as “just one more example of baseless harassment of your favorite President” after he was deposed in the case in October 2021. The Trumps and their business allege in the ACN case that the plaintiffs did not adequately make their claims and the court does not have jurisdiction to hear the case.

    Surprising Fact

    Trump was supposed to be deposed in the ACN case on September 30, but it was ultimately delayed because Hurricane Ian struck Florida, where Trump was located at the time and where the deposition was scheduled to take place. The attorneys representing the plaintiffs told the court they did not feel it was safe to travel to the state, but Trump’s attorneys traveled to Florida for the deposition ahead of the hurricane and were unwilling to move the location despite the impending storm.

    Tangent

    Trump faces numerous other lawsuits and investigations on top of those that target his business. The ex-president’s other legal issues include two investigations from the Justice Department into his handling of White House documents and efforts to overturn the election; an investigation in Fulton County, Georgia, into his attempts to overturn that state’s election; a defamation case brought by writer E. Jean Carroll, who accused him of rape; and multiple lawsuits from lawmakers and police offers seeking to hold him liable for the January 6 attack.

    Further Reading

    Tracking Trump: A Rundown Of All The Lawsuits And Investigations Involving The Former President (Forbes)

    Protestors who sued Donald Trump and accused him of siccing his security on them outside Trump Tower have settled their case against the former president (Insider)

    Trump Organization’s Criminal Trial For Tax Fraud Starts—Here Are The Consequences It Could Face (Forbes)

    New York Seeks Injunction Against Trump To Stop Alleged Ongoing Fraud (Forbes)

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    Alison Durkee, Forbes Staff

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  • Wells Fargo reaches $145M settlement with feds over claims it ‘misused’ 401(k) plan

    Wells Fargo reaches $145M settlement with feds over claims it ‘misused’ 401(k) plan

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    Wells Fargo reached a settlement with the Department of Labor on Monday on a federal investigation into its 401(k) plan.

    Wells Fargo reached a settlement with the Department of Labor on Monday on a federal investigation into its 401(k) plan.

    jkomer@charlotteobserver.com

    Wells Fargo has reached a $145 million settlement with the U.S. Department of Labor following an investigation into concerns over the the bank’s contributions to its 401(k) plan.

    From 2013 through 2018, Wells Fargo overcharged 401(k) funds for company stock purchased for the plan, according to the Labor Department. The bank denied the allegations, and said it hasn’t conducted the transactions in question since 2018.

    It’s the latest financial hit to the bank following a number of regulatory investigations into its activities.

    Under the settlement announced Monday, Wells Fargo will pay approximately $131.8 million to eligible current and former 401(k) plan participants. The bank also agreed to pay a $13.2 million penalty.

    “Our investigation found those responsible for Wells Fargo’s 401(k) plan paid more than fair market value for employer stock and, by doing so, betrayed the trust of the plan’s current and future retirees,” Labor Secretary Marty Walsh said in a news release.

    The result, he said, was that retirement assets were “misused” and benefit plans suffered.

    “The company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions,” the bank said in its news release. But it added that resolving the matter was “in the best interest of the company.”

    As part of the settlement, the bank agreed to redeem certain preferred securities held by its 401(k) plan in exchange for shares of the company’s common stock.

    In February, Wells Fargo disclosed in a securities filing that the Labor Department, along with other federal agencies, was looking into its 401(k) plan.

    Wells Fargo is based in San Francisco but has its largest employment hub in Charlotte, with more than 27,000 workers here.

    A series of concerns about Wells Fargo

    Wells Fargo has faced a number of disputes with regulators and lawmakers in the last year, continuing a streak of negative publicity that has plagued the bank since its 2016 fake accounts scandal surfaced. In that case, bank employees created millions of accounts for customers without their knowledge.

    In March, a Bloomberg investigation found that Wells Fargo approved fewer than half of Black homeowners’ mortgage refinancing applications in 2020, compared with 72% of white applicants. That led to 11 senators calling for a review of the bank’s mortgage refinancing processes.

    U.S. Sen. Sherrod Brown, D-Ohio, decried the bank’s “history of consumer abuses and gross mismanagement” in public comments in May.

    Brown’s criticism was spurred by a New York Times report stating the bank had a number of “fake” interviews with female applicants or job candidates of color. The bank revamped its hiring guidelines in response to the backlash.

    That same month, the bank’s broker-dealer business, Wells Fargo Advisors, settled with the Securities and Exchange Commission for $7 million on charges related to anti-money laundering law violations.

    And nearly a year ago, the bank was fined $250 million by the Office of the Comptroller of the Currency for failing to properly compensate customers affected by the bank’s prior “unsafe or unsound” home lending practices.

    This story was originally published September 12, 2022 11:43 AM.

    Related stories from Charlotte Observer

    Hannah Lang covers banking, finance and economic equity for The Charlotte Observer. Her work has appeared in The Wall Street Journal, the Triangle Business Journal and the Greensboro News & Record. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

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