In The News Today – August 7, 2014

In a decision made public on Wednesday, U.S. District Judge Otis Wright said that per a federal law governing the wind-down of failed banks, the City of Los Angeles could not hold JPMorgan responsible for the lending practices of its subsidiary, Washington Mutual Inc., over the city’s allegations regarding the company’s sale of mortgages in minority communities. (New York Times)

The Second Circuit Court of Appeals has reinstated a $500 million settlement to be paid by Travelers Insurance to three groups of asbestos plaintiffs. Travelers was the primary insurer for the Johns-Manville Corporation, which was the largest supplier of asbestos-containing products before asbestos use was regulated by OSHA. (Legal Newsline)