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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