Showing posts with label redress. Show all posts
Showing posts with label redress. Show all posts

2016-09-30

Holding Wall Street Accountable, Investigating Wells Fargo Bank (video)

Wells Fargo CEO to Forfeit $41 Million:

U.S. House Committee on Financial Services Hearing: “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts”

Thursday, September 29, 2016 (10:00 AM) - U.S. House of Representatives, Committee on Financial Services Hearing: “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts.” The hearing video above starts @18:12. Chair of the Committee is Jeb Hensarling (R-TX). The Committee's Ranking Member is Maxine Waters (D-CA). Other members of the committee are listed here.

Prepared Testimony (pdf) of the witness: John Stumpf, Chairman and Chief Executive Officer of Wells Fargo & Company

Note to ICANN stakeholders and ICANN directors: the above video is a good example of what real oversight of, and holding accountable a corporation and its management, actually looks like. Also note the references to "denial" in a dysfunctional organization culture, and using 'forced' arbitration clauses to make redress almost impossible, and other themes equally applicable to ICANN.

Wells Fargo & Company:
  • Stock exchange: Symbol  |  NYSE: WFC
  • Domain:  WellsFargo.com
  • Area served: Worldwide
  • Global Headquarters: San Francisco, California, United States
  • Slogan:  Together we'll go far
  • Industry:  Banking, Financial services
  • Number of employees: 265,200 (2015) [source]
  • Founders: Henry Wells & William Fargo, March 18, 1852
  • Predecessors include: Crocker National Bank; First Interstate Bancorp; Bank of North America; First Security Corporation; Norwest Corporation; Wachovia
  • Divisions: Wells Fargo Rail (Domain: rail.wellsfargo.com) largest rail car and locomotive leasing company in North America with over 175,000 rail cars and 1,800 locomotives
  • Largest shareholders:  Berkshire Hathaway 9.50%; Vanguard Group 5.71%; State Street 3.70%
  • Additional info via Wikipedia:
    Revenue US$86.057 billion (2015)
    Operating income US$33.84 billion (2015)
    Profit US$22.894 billion (2015)
    Total assets US$1.849 trillion (2016)
    Total equity US$193.891 billion (2015)
Wells Fargo (NYSE: WFC) 3-month chart
Financial Services Committee Memorandum (pdf): "... On September 8, 2016, Wells Fargo entered into consent orders with the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the City of Los Angeles for alleged unsafe and unsound sales practices, unfair and abusive practices, and unlawful, unfair, and fraudulent sales and related business acts and practices. While neither admitting nor denying the allegations as part of the consent orders, Wells Fargo agreed to pay $190 million in collective fines and restitution. The consent orders asserted that Wells Fargo had fired 5,300 employees over a five year period for opening hundreds of thousands of deposit and credit card accounts without customers’ knowledge or consent. This was allegedly caused by the setting of aggressive sales quotas, pressure from managers to meet those quotas, and inadequate monitoring by Wells Fargo ..."


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DISCLAIMER

2016-04-14

Will ICANN File An Interlocutory Appeal in DCA Trust gTLD AFRICA Case?

UPDATE June 16, 2016New gTLD AFRICA Litigation: Defendant ZACR Dismissed as a Party.

UPDATE ICANN filed an appeal on May 11, 2016, of the District Court's Order granting DCA Trust a Preliminary Injunction--Notice of Appeal embedded below:




UPDATE May 6, 2016ICANN has withdrawn its Motion to Dismiss (pdf) "[i]n view of the Court's order on DCA's Motion for Preliminary Injunction" (which DCA won), and Defendant ZACR has now filed its own Motion to Dismiss (pdf) set for hearing on May 31, 2016, at 9:00 am in Los Angeles U.S. District Court.

UPDATE April 17: see News Review: dotAFRICA, Public Interest, Judge Holds ICANN Accountable.

[original post below]
"... Here, the public has an interest in the fair and transparent application process that grants gTLD rights. ICANN regulates the internet – a global system that dramatically impacts daily life in today’s society. The IRP Declaration recognizes that ICANN’s function is “special, unique, and publicly important” and ICANN itself “is the steward of a highly valuable and important international resources.” (Bekele Decl.¶ 23.110, Ex. 1, ECF No. 17.) .... the Court finds “serious questions” going toward DCA’s likelihood of success on the merits and a balance of hardships that tips sharply in DCA’s favor ... Additionally, the Court finds that both the likelihood of irreparable injury and the public interest favors the injunction. As such, the Court GRANTS a preliminary injunction barring ICANN from delegating the rights to .Africa until this case is resolved ..."--Judge Klausner, U.S. District Court, April 12, 2016, DotConnectAfrica Trust vs ICANN & ZA Central Registry, infra, embedded below (emphasis added).
In a U.S. District Court ruling that may have far reaching impacts beyond just the Plaintiff's case, new gTLD .AFRICA applicant, DotConnectAfrica Trust (DCA Trust), won its motion for preliminary injunction, as indicated above (read the full decision embedded below).

Will ICANN now file an interlocutory appeal from the Court's ruling?

One legal commentator on Standards of Appellate Review (pdf) has written:
"An appellate court reviews a preliminary injunction primarily for “abuse of discretion.” It will (and should) be predisposed to affirm the trial judge; getting a reversal will be difficult. Most trial courts will at least pay lip service to the usual factors for entering a preliminary injunction. This avoids reversal for simple legal error, and showing abuse in the weighing of those factors can be close to impossible.  The problem is more than just a likely loss, however. A hasty decision to take an interlocutory appeal that you then lose can hurt in the ultimate resolution of the merits. The fact that the standard of review is abuse of discretion reflects an appellate judgment that some decisions are best left to the trial court. Still, declaring the law is what appellate courts principally do; so, when they review the “possibility of success” criterion in injunction appeals, they often announce in controlling dicta the rules for later proceedings. See West Publishing Co. v. Mead Data Central, Inc. 799 F.2d 1219 (8th Cir. 1986)." (emphasis added)
In this case, ICANN and its counsel, Jones Day, may very well decide to file an interlocutory appeal. Obviously ICANN needs controlling legal precedent to prevent parties from seeking redress in the Courts after they have knowingly given up their "rights to sue" in new gTLD applications, registry agreements, etc. This case may also have a bearing on ICANN's suitability to serve as steward of the IANA functions and coordinate the global internet DNS, and may even affect the current IANA transition process now underway. In any event, this ruling is not dispositive of all issues in the case--ICANN has a pending motion to dismiss DCA Trust's case (pdf)--stay tuned.

Complete copy of Court's Ruling* (yellow highlighting added):

*DCA Trust issued a press release dated April 12, 2016, with link to the document embedded above. As of April 13, 2016, 2:50 pm PDT, ICANN still had not posted the decision on its webpage of all documents filed in this case, nor made any reference to the ruling on the ICANN website.

See also on Domain MondoNew gTLD AFRICA: DotConnectAfrica Trust vs ICANN, End of the Line?




DISCLAIMER

2014-11-14

ICANN Exists for Itself and Insiders, to Exploit Domain Name Registrants

(Note: This is a follow-on to yesterday's ICANN FY15 Budget, New gTLD Domain Names #FAIL)

The first thing one should know and understand about ICANN is that ICANN is lacking in integrity--ICANN even lies about itself--

Resources - ICANN: ICANN "is a not-for-profit partnership of people from all over the world" -- this statement about ICANN on ICANN's website is FALSE. ICANN is not a partnership. ICANN is a California non-profit corporation with no membership, no partners, no stockholders, nothing, other than a Board of Directors which owes its fiduciary duties to the corporation, not  to a "partnership of people from all over the world." There is no legal "ownership" or "membership" or "governance" or "oversight" of ICANN by any "global internet community," or "multistakeholders," or any other concoction of the phrase "not-for-profit partnership of people from all over the world." 

ICANN, the California non-profit corporation, was formed at the instance of the U.S. government, to essentially be responsible for three things:

a) the technical coordination necessary for operation of the internet--the IANA functions--which are executed by Verisign (on a no-fee contract), the global technical community (people who do not work for ICANN), and a small staff of not more than 10 people employed by ICANN who perform mostly "clerk" functions;

b) policy-making regarding the domain name system (DNS); and

c) governance of domain name registry operators, registrars, and registrants.

At a typical ICANN meeting, you will find (besides ICANN staff, officers, and directors) people who largely fall into one of the following categories: a) the technical (IANA functions) community; b) the domain name industry--which dominates and has largely captured ICANN--registry operators, registrars, service providers, and their attorneys, lobbyists, et al, many of whom are trying "to game the system" for their own profit-making ends so they can exploit domain name registrants, financially and otherwise; and small contingents of c) government representatives; d) members of civil society/academia; and e) business and trademark "stakeholders."

ICANN's failure to have, within its organizational structure, equal and identifiable representation for the interests of domain name registrants has been disastrous--just look at the failure of ICANN to govern the outrageous conduct of new gTLD registry operators enabled by ICANN in its new registry and registrar agreements--see, e.g.For Domain Name Registrants, ICANN Is Useless and ICANN Fails to Prohibit Warehousing OR Speculation in Domain Names by new gTLD Registry Operators and Registrars and ICANN, New gTLD Domain Name Renewal Fees, Price Gouging. The whole organizational structure of ICANN, and its registrar and registry agreements, enable, intentionally or not, the exploitation (financially and otherwise) of domain name registrants by, primarily, the domain name industry, and secondarily, by ICANN itself as a recipient of fees collected from the registrants, directly and indirectly, by registrars and registry operators ("follow the money"). Furthermore, ICANN has failed to prevent the loss of domain names by UDRP abuses, or domain name thefts, or provide swift remedies for recovery of stolen domains, which ICANN could very easily do if it really cared about domain name registrants.

Protection of the public interest and domain name registrants from abusive ICANN practices and policies and registry and registrar malfeasance, to some degree, used to be provided by way of US government oversight, which unfortunately, has pretty much been AWOL in recent years, although as recently as two years ago, the US government essentially found ICANN to be unfit:
"The Commerce Department said it had canceled a request for proposals to run the so-called Internet Assigned Numbers Authority [IANA] because none of the bids [including ICANN's] met its requirements: “the need for structural separation of policy-making from implementation, a robust companywide conflict of interest policy, provisions reflecting heightened respect for local country laws and a series of consultation and reporting requirements to increase transparency and accountability to the international community.” (emphasis added; source: NYTimes.com)
Right now, ICANN presumably has benefit of a "government contractor" immunity because it operates via a contract granted it by the US government. Once that contract is gone (September 2015?), will domain name registrants be able to resort to class actions and other litigation under U.S. federal and California state laws, against ICANN and its "contractors"--the registry operators and registrars? If so, besides being a windfall for class action law firms and the U.S.plaintiffs' bar, it may be a way to give domain name registrants some protection and remedies now lacking. Recommended reading: ICANN and Antitrust by A. Michael Froomkin and Mark A. Lemley (pdf).

Final note: It does not appear that any oversight of ICANN nor other effective means of redress will emerge from the current "ICANN-convened-and-controlled" IANA Transition or Enhancing ICANN Accountability processes, as a means for domain name registrants to seek effective redress for wrongful actions or omissions of ICANN or its registry operators and registrars.




2014-06-26

GNSO Calls for Independent Accountability Body to Oversee ICANN

On the final day of ICANN 50 meeting in London, the GNSO (Generic Names Supporting Organization) issued a call for independent oversight of ICANN, and received extended applause from those present:

Call for independent accountability body to oversee ICANN - Blog - World Trademark Review: "In a rare instance of consensus amongst the Generic Names Supporting Organisation’s (GNSO) various stakeholder groups, the leaders of the body’s committee today called for the creation of an independent accountability mechanism that “provides meaningful review and adequate redress for those harmed by ICANN action or inaction in contravention of an agreed upon compact with the community”...
"We need an independent accountability structure that holds the ICANN Board, staff and various stakeholder groups accountable under ICANN's governing documents, serves as an ultimate review of Board/staff decisions, and through the creation of precedent, creates prospective guidance for the board, the staff, and the entire community...."
(read more at the World Trademark Review)





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