New York AG Sues Big Banks over Mortgage Database
New York Attorney General Eric Schneiderman has filed suit against Bank of America, JPMorgan Chase and Wells Fargo for deceptive and fraudulent use of a private database known as the Mortgage Electronic Registration System. Schneiderman said, “The mortgage industry created MERS to allow financial institutions to evade county recording fees, avoid the need to publicly record mortgage transfers and facilitate the rapid sale and securitization of mortgages en masse.”
Supreme Court Sides Unanimously With Monsanto in Seed Patent Case
The U.S. Supreme Court has unanimously ruled in favor of Monsanto in a case about the use of its patented seeds. Indiana farmer Vernon Hugh Bowman had been ordered by a lower court to pay more than $84,000 after planting a mix of seeds he bought from a grain elevator. Some of the plants contained Monsantos herbicide-resistant genetic trait known as Roundup Ready, which is found in roughly 90 percent of U.S. soybeans. Monsanto accused Bowman of using their technology without paying for it, and the Supreme Court agreed, finding farmers must pay Monsanto every time they plant its seeds. While the case could have wide implications beyond agriculture, Justice Elena Kagan wrote that Mondays ruling was “limited addressing the situation before us, rather than every one involving a self-replicating product.”
European Firms Commit to Plan for Improving Bangladesh Factory Safety
Several major firms that profit from low wages in Bangladesh have signed onto a plan requiring them to help pay for fire safety and building improvements at factories. Those who backed the plan Monday include Sweden-based H&M, the largest purchaser of Bangladeshi garments; British firms Primark and Tesco; and Spains Inditex, which owns the Zara chain. The legally binding contract requires companies to conduct independent safety inspections, pay for repairs and end dealings with factories that refuse to improve safety. The apparel company PVH, which agreed to sign on last year, is the only U.S. company to embrace the plan. Wal-Mart the second-largest producer of clothing in Bangladesh and the Gap have not signed on.
[Boycott foreign products. Buy local]
Another thermometer breaks at Fukushima
One of the two remaining thermometers at the bottom of the pressure vessel of reactor No. 2 at the Fukushima power plant is broken, Tokyo Electric Power Co. The finding follows the discovery of a broken thermometer in the same unit in February and means only 18 of its 36 temperature sensors are working, magnifying concerns about the utility’s long-term ability to monitor the crippled facility. Tepco said that the sensor’s reading instantaneously jumped 6 degrees to hit 60 around 9 p.m. Saturday. After checking the equipment, engineers found that the electric resistance of the device had greatly increased and concluded it was broken. As of 11 a.m. Sunday, the reading of the only operational thermometer at the bottom of the reactor read 46.7 degrees, which is well below the “cold shutdown” threshold of 100 degrees, when water starts boiling and radioactive materials are released.