BofA Asks Judge to Turn Down Homeowner Class Action and 2 More Heavily Traded Stocks to Follow
Bank of America Corp. (NYSE:BAC): Current price $14.96
The No. 2 domestic lender has requested that United States District Judge Rya Zobel in Boston turn aside homeowners’ effort to sue the bank regarding its failure to alter mortgage loans as a class-action case. On Thursday, BofA urged Zobel to deny the borrowers’ request to push the case as a group, which would afford them extra leverage in the litigation. Bank of America, based in Charlotte, North Carolina, is being sued by homeowners who allege the company did not comply with the government’s Home Affordable Modification Program, targeted at modifying mortgage loans.
Hertz Corp. (NYSE:HTZ): Current price $24.86
Hertz announced its Adrenaline Collection, a line of high-performance sports cars, will be extended to Australia with the Toyota 86. After the success of the Adrenaline Collection in the United States, Hertz is initially debuting 30 Toyota 86 vehicles to its airport and city locations in Sydney, Melbourne, and Brisbane.
Alcatel-Lucent SA (NYSE:ALU): Current price $2.51
The telecommunications equipment and services provider reportedly wants to lower the rate on around $2.1 billion of loans it obtained in January. Morgan Stanley, Credit Suisse Group AG, and Deutsche Bank AG are supposedly arranging the deal and will host a lender call Friday at 11 a.m. in New York. In June, Alcatel-Lucent said it would sell $1.3 billion worth of assets and reduce costs by another $1.3 billion to stem losses, as well as focus on businesses including ultra-high speed Internet. It is now is seeking to extend maturities on its debt, according to a company statement released Wednesday.
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