The Sumner Redstone Saga continues as ousted Viacom (VIAB) CEO Philippe Dauman filed a lawsuit against the 92-year-old chairman Monday. This suit comes after Redstone suddenly revoked Dauman from the seven-person trust of Redstone's National Amusements, which controls both Viacom and CBS (CBS). It also puts renewed focus on Redstone's mental health and his daughter, Shari's, influence.
Live look at Sumner Redstone outside of the courthouse while his lawyers file a new motion. pic.twitter.com/6HEgySLbmQ¿ Ivan the K¿ (@IvanTheK) May 23, 2016
A federal appeals court ruled Monday that Bank of America (BAC) is not liable for fraud, nor subject to a penalty of more than $1 billion for its actions leading up to the financial crisis of 2007-2008. The Justice Department claimed Countrywide Financial, which was bought by Bank of America in the summer of 2008, defrauded government-sponsored mortgage financiers Fannie Mae and Freddie Mac by selling them thousands of underwritten mortgages. But the Second Circuit Court of Appeals found that the "proof at the trial is insufficient under the mail and wire fraud statutes as a matter of law." Here is what Bob Lang, co-manager of Trifecta Stocks and a Real Money contributor tweeted about the ruling:
unreal....countrywide/bac gets off without fraud charges.¿ Bob Lang (@aztecs99) May 23, 2016
The U.S. housing market is finally recovering after the financial crisis in which millions of Americans lost their homes. But there was one person who was actually "excited" for the housing market cycle to end: Presidential candidate Donald Trump. In an interview with Globe and Mail in 2007, Trump said he was excited for the bubble to burst because of the money he'd make. Some of the latest polls have Trump gaining on Democrat Hillary Clinton.
--Written by Anders Keitz