Compiled by the El Reportero’s staff
A man who borrowed a gun for protection after he and his family experienced random violence in a San Francisco housing project was acquitted thursday after a jury determined his actions were necessary.
Jurors deliberated finding Johnny Stone, 23, not guilty of one misdemeanor count of carrying a concealed weapon. The jury hung on a second misdemeanor charge, carrying a loaded weapon. A third charge, possession of nunchaku, was dismissed by the judge after finding there wasn’t sufficient evidence for that charge to go to jury.
Stone, of Reno, was arrested Sept. 9, 2009 while visiting family members in the Sunnydale public housing projects. Stone had reason to be fearful in the high-crime area, said his attorney, Deputy Public Defender Ariel Boyce-Smith. He had been robbed on a previous visit and his cousin had been shot in the ankle on the same block.
“The defense was one of necessity,” Boyce-Smith said. “It was clear Mr. Stone took the gun for protection.
Wells Fargo to pay $125 million to settle mortgage-backed securities case
Wells Fargo & Co. (WFC) agreed to pay $125 million to settle accusations by investors that the bank misled them about the risks of mortgagebacked securities it sold.
The plaintiffs in the consolidated group case, or class action, include the General Retirement System of Detroit, New Orleans Employees’ Retirement System and other public pensions, according to the proposed settlement filed yesterday in federal court in San Jose, California.
Wells Fargo, the largest U.S. home lender, and several investment banks that underwrote the securities were sued in 2009 over alleged violations of securities laws in connection with sales of $36 billion in mortgage pass-through certificates in 2005 and 2006.
The securities were backed by pools of mortgage loans that Wells Fargo or its affiliates originated or purchased. In 28 offerings, the bank misrepresented the quality of the loans, failing to disclose that it hadn’t followed appropriate underwriting standards and loans were made based on inflated appraisals, investors said in a complaint.
“The proposed settlement agreement is a negotiated resolution as to all named defendants and is intended to avoid the distraction and expense of litigation,” Ancel Martinez, a Wells Fargo spokesman, said in a telephone interview.
“Bank of America Corp. (BAC) agreed on June 29 to pay $8.5 billion to resolve investor claims over sales of bonds backed by home loans by Countrywide Financial Corp., which it had acquired in 2008. The settlement covers 530 mortgage trusts with an original loan balance of $424 billion, the bank said.
