While the FDIC provides protection for the assets of bank customers affected by intervention and/or closure, bank investors and shareholders suffering financial loss must seek legal action to recover for losses, including stock loss.

If members of the Board of Directors engaged in action(s) leading investors to suffer financial loss and/or failed to take action leading stockholders to suffer financial loss, you may have a claim to recover your stock loss. Investors in the following South Carolina banks may have suffered resulting stock losses:

• Bank of Anderson
• Bank of Westminster
• Bank of Meridian
• Community South Bank and Trust
• First Federal of South Carolina
• Independence National Bank
• Plantation Federal Savings Bank
• Williamsburg First National Bank
• First South Bank Corp
• South Carolina Community Bank
• Congaree State Bank
• Carolina First, Greenville
• Tideland Bancshares
• Palmetto Bancshares
• Southern First Bancshares, Inc./Greenville First
• Woodlands Bank
• Beach First Bank
• First National Bank of the South

While the circumstances leading up to federal intervention and/or closure are specific to each bank, the various allegations are serious and include:

• Engaging in certain practices felt to jeopardize the interest of depositors, customers, and shareholders of the bank;
• Practicing unsafe and/or unsound banking practices relating to asset quality, capital adequacy, earnings, management effectiveness and liquidity;
• Dissipation of assets and earnings due to unsafe and unsound practices;
• Business practices which violate applicable law and regulation;
• Operating without effective Board of Directors oversight and effective management supervision to prevent unsafe or unsound banking practices and violations of law and regulations related to the Bank Secrecy Act (BSA)
• Failing to operate safely and soundly in accordance with all applicable laws rules and regulations.

We will be posting further information regarding the underlying allegations and likely effects in the near future. If you own stock in one of the banks listed above, contact the Strom Law Firm, LLC for a free consultation today to discuss the how we may be able to help.

As reported by USA Today, Toyota says it will recall approximately 9,400 vehicles to address potential concerns with the SUV’s Vehicle Stability Control (VSC) which functions to prevent possible rollovers.

Last week, Consumer Reports Magazine issued a don’t-buy warning due to problems engineers encountered during standard emergency-handling tests. Test drivers found the problem during a routine exercise where drivers abruptly lifted off the gas pedal while driving quickly through a sharp turn. The maneuver caused the rear end of the vehicle to slide outside of the turn. It was reported that unlike in other SUV’s previously tested, the Vehicle Stability Control system in the Lexus GX 460 acted too slowly to stop the slide and allowed the vehicle to turn sideways, greatly increasing the chance of a rollover.

In a press release on their website, Toyota Motor Sales announced the recall will involve a software update on the SUV’s Vehicle Stability Control system. Steve St. Angelo, Toyota Chief quality officer for North Carolina stated:

“Our engineers have conducted tests to confirm the VSC performance issues raised by Consumer Reports, and we are confident this VSC software update addresses the concern.”

Toyota executives announced that all Lexus dealerships will have the VSC update by the end of April and Lexus will begin mailing letters to GX 460 owners in early May.

National Highway Traffic Safety Administration (NHTSA) and U.S. Department of Transportation (DOT) statistics have shown:

• Rollover crashes account for 33% of all passenger vehicle fatalities
• More than 10,000 people a year are killed in rollover crashes

• Taller, narrow vehicles are more likely to rollover

• You are 75% less likely to be killed in a rollover if you are wearing your seatbelt

Strom Law Firm is a personal injury and criminal defense law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation, and wills and estates. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia.

According to a WSJ article released Monday, federal criminal investigators tasked with examining what led to the collapse of Countrywide have been calling witnesses before a grand jury as part of their criminal investigation.

This suggests that the investigation of the one-time mortgage giant, which has been continuing for about two years, could be moving closer to a resolution.

While the grand jury began hearing witnesses on the Countrywide case late last year, no one knows what potential crimes are being investigated or who the grand jury is talking to.

While calling witnesses before a grand jury doesn’t mean that charges will be filed, it does appear to signify a pick-up in the tempo of a probe that did not appear to be moving very quickly.

In the meantime, Countrywide continues to fight legal battles on other fronts, including a suit brought by the SEC as well as the Consolidated Class Action Civil Suit currently pending in California. The Strom Law Firm serves as proposed class counsel in Consolidated Class Action.

The Class Action

The lawsuit, which is filed on behalf of countless borrowers who were allegedly systematically steered into subprime loans regardless of the type of loan they qualified for, claims that Countrywide, and its network of authorized, contracted brokers, have defrauded countless borrowers across the nation through an undisclosed, systematic scheme designed to steer borrowers into subprime loans. The elaborate scheme seeks to maximize profits for the benefit of the Company, to the detriment of the homeowner.

In order to carry out the scheme, Countrywide and its network, failed to disclose the financial consequences tied to each loan, including:

• the monthly payment, which frequently increased to an amount that the homeowner could not pay, and
• negative amortization, which results in the loan amount actually increasing rather than decreasing over time.

The scheme was carried out regardless of whether:

• the borrower would have qualified for a “prime loan” or
• the borrower was unable to meet the financial terms of the subprime mortgage.

The resulting effect of systematically steering borrowers into inappropriate subprime loans with excess charges and inadequately disclosed risks, includes drastic and unexpected increases in required monthly payments that have caused a flood of foreclosures and financial woes among the Class.

Countrywide and its network of authorized, contracted brokers, also pushed dangerous products such as “pay option ARM” loans, wherein borrowers could afford only to make what Countrywide called the “minimum payment,” which was actually less than the interest owed on the loans, thus increasing their outstanding principal every month and triggering an automatic resetting of the payments, resulting in the minimum monthly payments increasing dramatically after only a short amount of time to a level that guaranteed the flood of foreclosures that we are seeing today. By many estimates, as early as 2006, up to 80% of all option ARM borrowers are only making only the minimum payment each month.

The lawsuit, which has not yet been certified as a Class Action, seeks an injunction prohibiting Countrywide from continuing to engage in its predatory lending practices and requests that Countrywide seeks monetary damages including disgorgement of profits received as well as restitution to borrowers harmed.

The SEC Suit

The lawsuit brought by the SEC asserts that the three men, including former CEO Angelo Mozilo, defrauded investors by falsely claiming that Countrywide underwrote low-risk mortgages at a time when the company was getting into increasingly risky parts of the lending business, including so-called “subprime” mortgages made to less creditworthy borrowers.

The SEC additionally accuses Mozilo of insider trading of Countrywide stock. A trial in the case is scheduled for October. All three defendants vehemently deny any wrongdoing and say they plan to fight the SEC charges.

We will keep you updated as these matters progress.

Strom Law Firm is a personal injury and criminal defense law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation, and wills and estates. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia.

As reported by WIS TV, Benedict College President David Swinton pleaded no contest to charges of failing to maintain fire alarms in two of the college dormitories.

In March, the Columbia Fire Department’s Fire Prevention Bureau issued charges after Benedict College could not produce records confirming that annual fire maintenance had been conducted on fire alarms and sprinkler systems inside two dormitories.

The school contracts TriTek, a private firm alarm company, to maintain and test the school’s fire and sprinkler systems.

Deputy Fire Marshall Kent Scott told a judge Monday that “the college completed the required maintenance after the tickets were issued” and that school officials have spent “millions of dollars in an effort to become complaint with the city’s fire codes”.

Inspection reports released to WIS TV in October 2009 revealed more than 500 fire code and fire safety violations at the college, including allegations that nearly every fire alarm and sprinkler system in Benedict’s dorms was not functioning properly.

Other deficiences noted included blocked, broken, and locked emergency exits which could have trapped innocent college students in the event of a fire.

Columbia Municipal Court Judge Dana Turner ordered Benedict President Swinton to pay $722.50 relating to the charges, but suspended the fines, leaving Swinton to pay $200 in Court costs. Benedict’s compliance records will not be known until October, when the City of Columbia Fire Department is set to complete a full annual inspection.

According to the National Fire Protection Association (NFPA), the estimated number of fires in campus housing has increased dramatically in recent years. NFPA cites the following startling statistics on dormitory fire-related civilian deaths and property damage:

• Between 2003-2006, U.S. fire departments responded to an estimated average of 3,570 structure fires in dormitories, fraternities, sororities, and barracks. These fires caused an annual average of 7 civilian deaths, 54 civilian fire injuries, and $29.4 million in direct property damage.

• Between 2003-2006, cooking equipment was involved in 75% of the reported dormitory fires; this includes confined or contained fires.

• Structure fires in dormitories, fraternities, sororities, and barracks are more common during the evening hours between 5-11 p.m., as well as on weekends.

• Only 5% of fires in these properties began in the bedroom, but these fires accounted for 62% of the civilian deaths and one-quarter (26%) of the civilian injuries.

Strom Law Firm is a personal injury law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, cases including burn injury and death cases, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation and wills and estates.

As reported by WYFF News 4, Jeffrey Goff Sr., 56, was killed in a Chevrolet rollover accident that occurred on Due West Highway known as S.C. 185 in Anderson County . The single car accident occurred shortly before 1 A.M. early Tuesday morning.

The 1995 Chevrolet Blazer was traveling eastbound when 26 year old Jeffrey Goff, Jr. lost control of the SUV. The SUV reportedly was driven off the right side of the road before returning to the road and flipping several times.

Two passengers were ejected from inside the vehicle during the roll over resulting in one death and Mr. Goff, Jr. being airlifted to the hospital with serious injuries.

Bobby Brown, 27, of Anderson, was taken by ambulance and is not believed to have sustained life-threatening injuries.

The state patrol is investigating the accident.

SUVS, including the Chevy Blazer, are a popular mode of transportation in today’s society. Many consumers drive an SUV intending to provide protection to themselves as well as their family in the event of an accident.

Despite placing our trust in these vehicles, studies have shown that the Chevy Blazer ranks among SUVs with the highest risk of rollover and increased risk of death or serious injury.

The problem with SUVs including the Blazer is that they have a high center of gravity and narrow track width which can make the auto unstable on the road and more likely to flip, even during a normal response where a driver is forced to change lanes quickly, swerve or otherwise respond to a road condition.

Manufacturers, including General Motors should be responsible for manufacturing vehicles, including SUVs equipped to respond to driving conditions including returning to the road after leaving the surface without threat of a roll over.

In the event of an accident, including a roll over, the Blazer is not equipped with roll over bars, roof crush protection, or even an adequate safety system. The image above, displays the crushed roof of the Blazer which could have contributed to, or even caused, the injuries sustained in the accident presenting the question of whether the injuries and death sustained in the accident could have been avoided.

Our thoughts are with the Goff family and the Brown family.

Strom Law Firm is a personal injury and criminal defense law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation, and wills and estates. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia.

Richland County EMS deputy chief, George Rice Jr., said the collision at Elmwood and Main streets injured at least seven people.

The patients, who were all passengers on the bus, were reported as being in good condition.

Traffic is reported to be flowing around the accident scene.

Strom Law Firm is a personal injury and criminal defense law firm centrally located in Columbia, South Carolina. Our firm proudly handles personal injury, criminal defense, defective products, class actions, pharmaceutical liability, toxic torts, medical malpractice, nursing home neglect, workers compensation, social security, veteran’s benefits, qui tam, predatory lending, tax investigations, business litigation, and wills and estates. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia.

Mr. Cassidy has been formally charged with committing a lewd act on a minor younger than 16 and contributing to the delinquency of a minor.

Investigators say that the student, who was not a member of the girl’s basketball team, met Cassidy through an online social networking site and had been communicating with him for about a month. Reports indicate that Mr. Cassidy misrepresented himself on the social networking site with a false name and false picture to attract attention from a 15-year-old girl at the school. Mr. Cassidy also sent her text messages.

The incident allegedly took place on January 26, 2010 in a classroom at Camden High School. Authorities claim that Mr. Cassidy eventually revealed who he was and he sent the student a message, asking her to leave a class that she was in and to come to his room during a free period he had, which is where the acts occurred.

Reports indicate that police have taken Mr. Cassidy’s computer and phones for evidence and there is a chance that he could face more charges.

Sean Cassidy is innocent until proven guilty.

The criminal defense attorneys at the Strom Law Firm, L.L.C. include a former United States Attorney, a former public defender, a former Assistant Attorney General and Richland County Assistant Solicitor, as well as a tax lawyer familiar with IRS criminal investigations. The Strom Law Firm aggressively defends individuals on all criminal charges in all State and Federal Courts in South Carolina as well as the Federal Courts in Georgia. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia.

The indictments allege that the following individuals operated an unlawful animal fighting venture and an illegal gambling business. Authorities also say they conspired to violate the Animal Welfare Act by staging or participating in cockfighting contests.

The following individuals were indicted on charges in Lexington County:

Nancy Elizabeth Dial, 52, of North
Sheri M. Hutto, 48, of Pelion
Wayne Hugh Hutto, 60, of Pelion
Michael Monroe Grooms, 54, of Gilbert
Michael T. Rodgers, 57, of Kingstree
Leslie Wayne Peeler, 41, of Gaffney
Jeffrey Brian Gibert, 38, of Ninety Six
Gerald Benfield, 57, of York
Johnny Junior Harrison, 35, of Aiken
John Carlton Thurman Hoover, 39, of Pelion
Coy Dale Robinson, 31, of Blackstock
Scott Edward Lawson, 41, of Laurens
Jimmie Jesse Hicks, 23, of Swansea
George William Kelly, 44, of Kershaw

The following individuals were indicted on charges in Williamsburg County:

Roy Wilson Braddock, 51, of Hollywood
Mary Durden Braddock, 55, of Hollywood
Jonathan Leviner, 38, of Sumter
David Earl Davis, 45, of Andrews
Buster Dale Moore, 61, of Andrews
Wade Timmons Mcgee, 34, of Scranton
Charles E. Allbritton, 66, of Mt. Pleasant

The maximum penalty for conspiracy, operating an unlawful animal fighting venture and operating an illegal gambling business is up to five years in prison and $250,000 in fines on each charge.

The charges set forth in the indictments are accusations and all charged are presumed innocent until proven guilty.

Being charged a violation of the Animal Welfare Act is serious and can lead to serious consequences. The criminal defense attorneys at Strom Law Firm, L.L.C. include a former United States Attorney, a former public defender, a former Assistant Attorney General and Richland County Assistant Solicitor, as well as a tax lawyer familiar with IRS criminal investigations. The Strom Law Firm aggressively defends individuals on all criminal charges in all State and Federal Courts in South Carolina as well as the Federal Courts in Georgia. Our lawyers proudly edit the Columbia, South Carolina Injury Board as well as the Strom Law Blog as a pro bono effort to provide the public valuable information. Our lawyers are licensed in: South Carolina, New York, and Georgia

Tenenbaum is the former South Carolina schools superintendent, serving from 1998 to 2007. She ran for the US Senate in 2004. Tenenbaum has been an advocate for children and families throughout her career.

President Obama stated that a “top priority of [his] administration is to ensure that products the American people depend on are safe.” He is confident that under new leadership, the agency will “achieve high standards of product safety that the American people deserve.”

Obama will also revitalize the CPSC by increasing the budget to $107 million, a 71% increase from the 2007 fiscal year. He will increase the number of commissioners from three to five. The President also announced Tuesday his intent to nominate Robert Alder, a professor of Legal Studies at the University of North Carolina at Chapel Hill’s Kenan-Flager Business school whose research has focused on consumer protection and product liability, for Commissioner when the additional seats are added.

Current Chair of the CPSC, Nancy Nord, was appointed by former President Bush in 2005. Members of Congress and other political figures have asked President Obama to encourage Nord to resign from her position. During Nord’s term as Chair, there have been a record number of recalls after unsafe products were released into the marketplace. Some of these recalled products included toys and cribs that were dangerous to young children. Her current term is set to expire in October of 2012.