GIVING BACK

We believe in helping our communities beyond the confines of the courtroom.

Morgan & Morgan Hunger Relief Center Dedication

Morgan & Morgan Hunger Relief Center Dedication

On March 6, 2013, Second Harvest Food Bank of Central Florida’s fight to end hunger took a major step forward with the dedication of the Morgan & Morgan, P.A. Hunger Relief Center. The new, 100,000-square foot facility—more than double the size of its predecessor—is equipped to handle millions of pounds of food the organization had to previously turn away due to a lack of adequate coolers, freezers, and general infrastructure space.

“This is one of the best things we’ve ever done,” Mr. Morgan said of he and his wife Ultima’s generous $2 million donation to the cause. “Other than the four children, this is one of the best things we’ve ever done.”

By the organization’s estimates, the value of the food stored in the Morgan & Morgan, P.A. Hunger Relief Center over the next 20 years will exceed $1.4 billion.

The Second Harvest Food Bank of Central Florida is a private, nonprofit organization spearheading the fight to end hunger by collecting and distributing food to more than 500 nonprofit partner agencies throughout Brevard, Orange, Lake, Seminole, Osceola, and Volusia counties in Central Florida. In addition to gathering and distributing food to those in need, Second Harvest Food Bank strives to raise public awareness on the “invisible problem” of hunger and poverty, as well as develop county-specific solutions to hunger in Central Florida.

If you would like to get involved with or donate to the Second Harvest Food Bank of Central Florida, please visit their website.

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For The People Scholarship

For The People Scholarship

Morgan & Morgan is committed to helping out those students looking to get into law as a career. To help out, we formed the For The People Scholarship. Through this scholarship, we've already helped pay for law school for a first-year law student who was committed to making his or her community a better place.

John Morgan places a big emphasis on giving back to the community, and has built the firm to reflect his values of charity and public service. Many of our firm’s partners holds at least one leadership position in a charitable organization, for example.

We seek to inspire these values of charity and public service beyond our firm, and encourage aspiring lawyers to approach their careers as our attorneys already do.

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Medical Marijuana

Medical Marijuana

In 2013, John Morgan partnered with United for Care in campaigning to legalize medical marijuana on behalf of sick and suffering Floridians. It took nearly four years, two elections, and cost John millions of dollars, but medical marijuana was finally legalized in 2016.

John’s support for medical marijuana is personal; it helped relieve the pain of his father, who had emphysema and esophageal cancer, and his brother, who is paraplegic. Another reason he supports medical marijuana is because of the damage he’s seen caused by the powerful prescription pain medications his clients are often given by a doctor following an injury.

The initial campaign began by writing an initiative and hiring an “army of angels” to collect the nearly 700,000 signatures required to get it on the 2014 ballot. While collecting signatures proved challenging, the initiative eventually qualified for the ballot but faced a consistent and well funded opposition throughout the campaign. In the end, 58 percent of voters were in favor of the initiative, but it required at least 60 percent to pass.

Undeterred, and further inspired by Floridians who urged him to try again, John launched another campaign to legalize medical marijuana. The second time around Florida had no doubts about medical marijuana and the initiative passed with a resounding 71 percent of the vote.

boys town usa

Offers access to foster homes and guidance for at-risk youths.

harbor house

Provides help for abused women and children.

the miami project

Conducts neuromuscular and spinal injury research and testing.

united cerebral palsy

Provides vital therapy and services to children with special needs.

Firm News

Equifax Inc., the American multinational consumer credit reporting agency, maintains credit reports on over 200 million U.S. consumers and sells their information to lenders. The information in these files determines the consumers' credit scores. Their credit scores are among several factors lenders will use when considering loan decisions. This is why it came as such a shock when Equifax announced that over one million of its users' credit scores were incorrectly reported and sent out to lenders all over the United States, resulting in higher interest rates and denied applications. In this blog, we’ll be covering everything you need to know surrounding the “glitch” and where Equifax is going from here.

Millions of Credit Scores Are Inaccurately Reported From Mid-March to Early April

From Early March to Mid-April, Equifax reportedly sent inaccurate scores on individuals applying for credit cards, mortgages, and auto loans to lenders across the country—including banks like Wells Fargo & Co., JPMorgan Chase & Co., and Ally Financial Inc. According to the report, the scores sent were at times off by 20 points or more in either direction. The variations in the scores were enough to drastically alter the interest rates consumers were offered for their loans—in some cases, resulting in applications being rejected altogether.

The credit reporting company disclosed the errors to lenders in May and has said they have since fixed the error, which the company described as a "technology coding issue." According to their findings, the glitch did not alter consumers' credit report information. Sid Singh, president of Equifax's U.S. Information Solutions, said, "We have determined that there was no shift in the vast majority of scores during the three-week timeframe of the issue...For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision." However, this glitch is not the first setback for Equifax, which fell victim to a hack in 2017 that exposed the personal information of roughly 150 million Americans. The trade publication National Mortgage Professional reported on the glitch in late May, reporting that Equifax had informed lenders of faulty credit scores during the period in question. 

Mark Begor, Equifax's chief executive, also publicly acknowledged the error at a June investor conference. Begor said it was a coding issue that had affected legacy applications, which resulted in "some scores going out that had incorrect data." He also stated that the company had solved the problem and takes issues with its data quality seriously. When referring to the glitch, Begor said, "The impact is going to be quite small...not something meaningful to Equifax." However, the glitch could land Atlanta-based Equifax in more hot water with its regulator.

Equifax Claims Lenders Were Not Majorly Affected

According to people familiar with the matter, it affected many lenders across multiple consumer loan products, not just mortgages. The percentage of inaccurate scores provided to lenders varied. One primary bank reported that 18% of applicants during the three weeks had faulty scores—with their scores on average swinging up by 8 points. According to another report, Equifax informed one large auto lender that about 10% of applicants during the three weeks had faulty scores. Several thousand individuals saw a swing of 25 points or more on their credit score. In a small number of cases, applicants went from having no credit score to a score in the 700s. 

Lenders are requesting more information from Equifax and are trying to figure out what to do for those applicants who were initially denied credit or those who were given a higher interest rate than they deserved. According to one source, some banks and loan companies are currently considering repricing loans and allowing previously rejected applicants to reapply. However, the task seems to be more complicated, thanks partly to the interest-rate increases. Equifax has been working closely with lenders and providing them with updated scores, Singh said in the statement. "We do not take this issue lightly," he added. 

What's Going to Happen Next?

Even though the initial glitch has been fixed, the Atlanta-based company could still be in trouble with its regulator, the Consumer Financial Protection Bureau. The Wall Street Journal reported that under its director, Rohit Chopra, the agency is now investigating how the three leading credit-reporting companies —Equifax, TransUnion, and Experian PLC—handle consumer disputes. One industry estimate shows that mortgage lenders roughly sought 2.5 million credit scores during the three weeks. Some industry officials said that mortgage lenders typically view credit scores from each of the three credit-reporting companies; therefore, the glitch's effects on those mortgages may have been blunted.

According to another report, Fannie Mae and Freddie Mac, who guarantee roughly half of the U.S. mortgage market, likely purchased a relatively small portion of loans at inaccurate prices due to incorrectly reported credit scores. Industry officials said that the mortgage lenders could now owe the government-controlled companies additional money if the borrowers received higher credit scores during the glitch. Then in other cases, Fannie and Freddie could be on the line to owe lenders refunds if the scores were too low. For now, however, the Federal Housing Finance Agency, which oversees Fannie and Freddie, is working with the mortgage giant to fully assess the scope of the loans affected by the glitch. 

If you believe your credit score was affected due to the Equifax glitch, we may be able to help. For more information, please complete our free, no-obligation case evaluation form, and one of our attorneys will be in touch.

Wed, 08/03/2022 - 13:16

A statement was recently released on the Japanese Nintendo’s website warning any fans who are using old hardware to stop all immediate use due to security issues. 

The statement confirmed that using the breached hardware leaves consumers open to potentially being “illegally accessed from the outside, or that the connected terminal may be infected with a computer virus, etc.”

The best way to protect yourself from facing any serious problem is to prohibit all use of any of the affected models. To understand further how you can protect yourself, we have provided additional information below on the particular hardware that has been impacted and what to do if you have been compromised. 

What Hardware Has Been Affected?

While you might be concerned that using any old Nintendo hardware could leave you vulnerable, this is not necessarily the case. Nintendo’s clearly confirmed that frequent use of any old Nintendo hardware containing the Nintendo Wi-Fi USB Connector (NTR-010) and the Nintendo Wi-Fi Network Adapter (WAP-001) that were released in 2005 and 2008 is where security issues could arise, leaving their users exposed. 

How Can An Attorney Help? 

If you have been using the compromised Nintendo hardware and, as a result of this, have suffered from a security breach, it can feel like a daunting situation, particularly if you have been financially impacted due to illegal access or a computer virus. 

Nintendo, like any organization, has a responsibility to protect its customers from such risks and unfortunately, where this does not happen, it can have a considerable impact on every aspect of your and your family’s life, including your finances and wellbeing.  

When you work together with our team of specialist attorneys at Morgan & Morgan, you can be assured of receiving a personalized service, with our solicitors taking the time to carefully understand your situation. This enables us to provide clear advice on your available options and how we can assist you. We always make certain that this is tailored exactly to your circumstances, ensuring you receive the best possible outcome. 

Get Assistance From The Morgan & Morgan Specialists 

At Morgan & Morgan, our attorneys recognize the sheer worry and concern of having your sensitive details compromised due to an organization. Should you be in a position where you have been impacted by the Nintendo hardware security issues, it’s crucial to seek immediate legal advice and support from professionals. 

To learn more about how our Morgan & Morgan lawyers can assist you in claiming compensation, please don’t hesitate to contact us today or fill out our case-evaluation form to determine whether you are eligible to receive compensation. 

Mon, 08/01/2022 - 15:26

It emerged in the past couple of weeks that JP Morgan has been using “spoof” trades in the market in order to cheat traders and make more profits, as per the New York Post.

But what does that mean for JP Morgan, what exactly is “spoofing” and how has it affected people? Below you learn more about spoofing and what you can do if you’ve been affected.

JPMorgan’s Fraudulent Background

The chances are that you’ve heard of JPMorgan, seeing as though they are the largest bank in America. Founded in the year 2000, but with a history that traces back to the 18th Century, JPMorgan now operates worldwide, and its revenue is in the hundreds of billions.

So why the need to operate scams such as this one? Perhaps greed knows no bounds.

It isn’t the first time JPMorgan has come under investigation from a legal standpoint, with charges of securities fraud dating back as far as 2002. Caught up in multiple fraudulent dealings involving Enron Corp, the company was ordered to pay out over $2 billion in fines and legal settlements by the Securities and Exchange Commission.

More recently, under a closely linked investigation in 2020, three of their top executives were convicted of fraud and ordered to pay $1 billion in fines, but the story rumbles on with new developments that came to light in the past couple of weeks.

What Happened?

Former trader and employee of JPMorgan John Edmonds is the man who’s come forward with new information about the company. As a whistleblower, Edmonds alleges that he was taught how to support the company’s culture of systematic fraud and stated “everyone at the time did it,” which alludes to just how prominent the illegal activity is.

He said learning how to spoof trades at his desk was “expected,” and he feared for his job if he didn’t comply.

“Spoofing” refers to a type of market manipulation when a trader places a highly visible order to influence the price of the shares — in this case, it was the precious metal gold — and when the share price rockets, the initial order is canceled. The trader then places a new order that takes advantage of the price change.

According to Edmonds, this rife activity was going on for all of 20 years, so you can imagine just how many millions may have been made in profits during this time.

Such huge information coming from an ex-employee at JPMorgan could have huge implications across the country, especially for those who have accounts that have been affected. 

How “Spoofing” Works

One real-life example of spoofing was given in an article for the New York Post when the investigation first began.

According to the investigation, an order was placed on May 27, 2008, to sell seven silver futures contracts for $17.575. Just 12 seconds later, a fake order to purchase 91 silver futures contracts at a cheaper price was made, making it look like the price of the metal was going down.

This made the initial deal look even better because of the falling price.

The real deal was then accepted, leaving the bank at a profit when the fake deal did not go through.

With this kind of thing happening potentially every day, across multiple desks and for years on end, there’s no way of telling just how much money may have been made from such a deeply-rooted, systemic scheme.

That being said, you can guarantee the profits will have been millions, if not billions, of dollars — all fraudulently gained from unsuspecting traders.

While scams and fraudulent activity come in many forms, with such a huge operation from one of the largest operating banks in the world, it would have been near impossible to uncover this corruption from the outside, and any number of people could have been affected in the general public.

Who’s Being Investigated at JPMorgan?

There have been three high-profile executives named specifically in the investigation so far. Former global head of precious metals trading desk Michael Nowak, precious metal trader Gregg Smith, and hedge fund salesman Jeffrey Ruffo have been charged by the Justice Department with racketing and conspiracy charges and will face trial.

John Edmonds was the first person in the company’s department to plead guilty to the crimes and has now started to work alongside the investigation in order to bring his former employers down.

What’s Next for JPMorgan?

You can bet your bottom dollar that this won’t be the last news story breaking about the giant bank. While the investigation continues, it’s clear that a number of high-profile executives at the company could be in serious legal trouble.

One has to wonder just how many other commodities or departments have also been engaging in fraudulent activities such as spoofing, as this case only relates specifically to the gold traders at the company.

As we’ve mentioned, the bank is no stranger to controversy and being dragged through the courts, as well as coming under fire for their investment in new fossil fuels as recently as 2019. The latest scandal once again shows that JPMorgan will do seemingly anything they can as long as it means that they can profit from it.

The future of JPMorgan remains to be seen, as the bank has weathered many legal storms in the past and continues to operate at huge financial gains.

Have You Been Affected? Contact Morgan & Morgan Today

Have you held an account with JPMorgan that may have been affected by the spoof trades? Let us know! We recognize the terrible impact this can have on various parts of your life, from your bank account to any mental well-being issues it can cause for you and those around you.

Our Morgan & Morgan attorneys have years of collective expertise and experience, and we’re ready to support you to get the justice you deserve.

Contact us today for a free, no-obligation case evaluation to get started.

Mon, 07/25/2022 - 14:10
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