Jefferson County Sues Major Banks
Many who read this blog are likely aware of the Jefferson County, Alabama debacle that is unfolding. In a nutshell, Jefferson County residents have been bamboozled into a nearly 400% increase in sewer rates over the last decade while being saddled with nearly $12,000 in sewer-related debt for every citizen in the county. I believe Jefferson County is now officially in default and flirting with bankruptcy.
A class action lawsuit was filed today alleging fourteen civil charges including negligence, conspiracy and fraud. Named in the suit are Goldman Sachs, JP Morgan, Bank of America , Bear Stearns, Lehman and others. A copy of the 44 page suit can be viewed here.
I expect we will see more suits similar to this one before this cycle is over.
A class action lawsuit was filed today alleging fourteen civil charges including negligence, conspiracy and fraud. Named in the suit are Goldman Sachs, JP Morgan, Bank of America , Bear Stearns, Lehman and others. A copy of the 44 page suit can be viewed here.
I expect we will see more suits similar to this one before this cycle is over.
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