Free Republic

THE LAWSUIT: A class action securities lawsuit was filed against New York Community Bancorp, Inc. that seeks to recover losses of shareholders who were adversely affected by alleged securities fraud between March 1, 2023 and February 5, 2024. CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company was experiencing higher net charge-offs and deterioration in its office portfolio; (2) as a result, NYCB was reasonably likely to incur higher loan losses; (3) as a result of the foregoing and NYCB's status as Category IV bank, the Company was reasonably likely to increase...

Across the country, deals are starting to pick up, revealing just how far real estate prices have fallen. That’s spurring widespread concern about losses that can ripple across the global financial system — as underscored by the recent turmoil unleashed by New York Community Bancorp, Japan’s Aozora Bank and Germany’s Deutsche Pfandbriefbank as they took steps to brace for bad loans. In Manhattan, brokers have started to market debt backed by a Blackstone-owned office building at a roughly 50% discount. A prime office tower in Los Angeles sold in December for about 45% less than its purchase price a decade...

Letitia James, who ran on a “Get Trump’ ticket, filed a civil action against President Donald Trump’s Organization that was unsealed in New York. According to Yahoo News, she wants Trump and his organization found guilty without a trial: While running his father’s family real estate empire, former President Donald Trump bloated his net worth by a staggering $2 billion, New York Attorney General Letitia James charged in asking a Manhattan judge to rule against the Trumps before their upcoming $250 million civil fraud trial, according to court filings unsealed Wednesday. James asked State Supreme Court Judge Arthur Engoron to...