Morgan Stanley facing discrimination lawsuit
NEW YORK (AP) — Morgan Stanley is being accused of discriminating against black homeowners and violating federal civil rights laws by providing strong incentives to a subprime lender to originate mortgages that were likely to go unrepaid.
The lawsuit, which seeks class-action status, was filed Monday by the American Civil Liberties Union and others on behalf of five Detroit residents and Michigan Legal Services. It was filed in U.S. District Court in New York.
“We believe these allegations are completely without merit and plan to defend ourselves vigorously,” Morgan Stanley said in a statement.
The five homeowners in the lawsuit received their loans from subprime lender New Century Mortgage Corp., which has since collapsed.
The lawsuit claims Morgan Stanley pushed New Century to issue certain types of loans with no concern about risk, because it made its profit at the outset when the investment bank bundled the loans into securities and sold them.
“With this lawsuit, real victims of the subprime lending scandal are stepping forward to hold investment banks like Morgan Stanley accountable for the devastation the banks wrought in their lives and in our economy,” ACLU Executive Director Anthony D. Romero said in a statement.
Clark Hill’s Lavender elected to board of directors for NALS
Clark Hill Detroit Office Manager Sandy J. Lavender, CHRS has been elected to the Board of Directors of NALS…the association for legal professionals, for the 2013-2014 year. She will serve as the Region 3 Director, which encompasses Illinois, Indiana, Kentucky, Michigan, Ohio and West Virginia. Lavender will be formally installed as a national board member and Region 3 Director at NALS’ Professional Development and Educational Conference in Tulsa, Okla., in March 2013.
As Region 3 Director, Lavender will be the liaison between NALS and members within her region. She is responsible for coordinating all regional educational programs and other regional activities, as well as communication through the appropriate state and chapter leaders. Lavender previously served as president of NALS of Michigan for the 2011-2012 year and will serve as the immediate past president until April 2013.
Four Wayne County judges set to retire
Wayne County will lose four long-standing, well-respected judges due to retirement at the end of the year: Judges Prentis Edwards, Thomas E. Jackson, Michael Sapala and Carole Youngblood.
The retirement party held in their honor is scheduled for Friday, Nov. 16 at the International Banquet Center in Greek Town, 8th Floor Ballroom from 5 p.m. – 8 p.m.
For more information regarding sponsorship, participation or ticket sales, contact Atty. Bill Winters at freezewinters@aol.com or 313 510 3316 or Atty. Susan Reed at sfreed@rocketmail.com or 313 468 0990.
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