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In GSE Bonds Case Torsella Cited As SDNY Judge Rakoff Asks To See Time Sheets

By Matthew Russell Lee, Patreon

SDNY COURTHOUSE, June 9 – Plaintiffs including Pennsylvania Treasurer Joseph M. Torsella sued more than a dozen banks for allegedly fixing the price of housing bonds.

On July 23, 2019 the courtroom of U.S. District Court for the Southern District of New York Judge Jed S. Rakoff was overflowing with bank lawyers and, in a corner by the window in a chair from the jury room, Inner City Press.   

Goldman Sachs' lawyer from Sullivan & Cromwell Richard C. Pepperman II urged Judge Rakoff to adopt the "rule of reason" standard, and repeatedly said that he would bet his daughter's college tuition on this or that proposition.    She's going to have to take out so many loans, Judge Rakoff parried back.    

"If the right candidate wins in 2020, the loans will all be forgiven," Pepperman as progressive, faux or not, replied.  

For the plaintiffs Amanda F. Lawrence of Scott & Scott said that beyond the four trader-chats made part of the complaint she had many more. In one, a Morgan Stanley trader urged avoiding a race to the bottom, seemingly meaning actual competition on price.

  Jump-cut to June 9, 2020 when Judge Rakoff held a fairness proceeding, which Inner City Press covered.  Just before the proceeding banks from Deutsche to Barclay's to First Tennessee affirmed their compliance with 28 U.S.C. Section 1715.   

 Pennsylvania Treasurer Torsella, formerly with the U.S. Mission to the UN, filed a proposed settlement. 

 Judge Rakoff among other things asked to be emailed the time sheets for $178,000.  The case is In re GSE Bonds Antitrust Litigation, 19-cv-01704 (Rakoff).  More on Patreon here.


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