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Intero Real Estate Professionals Earn Top Honors in RealTrends Rankings

CUPERTINO, Calif.–(BUSINESS WIRE)–Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., is pleased to announce recognition of its top 143 individual agents and 27 teams who made the 2022 RealTrends rankings.

The annual reports are a state-by-state ranking of the top 1.5% of 1.6 million real estate professionals in the country (America’s Best) and a summary of the top 1,000 independent real estate agents and teams in the United States (RealTrends + Tom Ferry The Thousand).

For The Thousand, three individual agents were recognized in the top 250 Individuals by Sales Volume list, including Eric Fischer-Colbrie (#247), Jordan Mott (#224), and Sean Chen (#180). In addition, two teams from the brokerage made the top 250 Medium Teams by Sales Volume—the Troyer Group (#13) and the top 250 Large Teams by Sales Volume—the Tse Group (#3).

“I am immensely proud of all 143 of our agents and the 27 teams who made the RealTrends rankings and their commitment to excellence,” said Brian Crane, CEO of Intero. “Every year Intero agents demonstrate growth and success in their businesses; this growth reflects their hard work and the Intero culture of training, mentorship and excellence.”

America’s Best Real Estate Professionals includes those named in The Thousand plus the next level of top producer. Top-producing agents must have closed at least 50 transaction sides or $20M in closed sales volume and teams must have closed 75 transaction sides or $30M in closed sales volume in 2021. The complete lists of America’s Best and The Thousand can be found on RealTrends’ website, www.realtrends.com.

Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America Inc., serves Northern California and Nevada with 23 offices throughout the greater Silicon Valley, San Francisco, Calaveras County, Western Nevada, and the Greater Lake Tahoe Region. The Intero Franchise network comprises 35 affiliates located in California, Nevada, Tennessee, and Texas. The company is headquartered in the heart of California’s Silicon Valley.

Find more information about Intero at www.intero.com. Find more information about HomeServices of America at www.homeservices.com.

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How a Religious Sect Landed Google in a Lawsuit

OREGON HOUSE, Calif. — In a tiny town in the foothills of the Sierra Nevada, a religious organization called the Fellowship of Friends has established an elaborate, 1,200-acre compound full of art and ornate architecture.

More than 200 miles away from the Fellowship’s base in Oregon House, Calif., the religious sect, which believes a higher consciousness can be achieved by embracing fine arts and culture, has also gained a foothold inside a business unit at Google.

Even in Google’s freewheeling office culture, which encourages employees to speak their own minds and pursue their own projects, the Fellowship’s presence in the business unit was unusual. As many as 12 Fellowship members and close relatives worked for the Google Developer Studio, or GDS, which produces videos showcasing the company’s technologies, according to a lawsuit filed by Kevin Lloyd, a 34-year-old former Google video producer.

critically acclaimed winery; and collected art from across the world, including more than $11 million in Chinese antiques.

Revelations.” Mr. Burton described Apollo as the seed of a new civilization that would emerge after a global apocalypse.

sold its collection of Chinese antiques at auction. In 2015, after its chief winemaker left the organization, its winery ceased production. The Fellowship’s president, Greg Holman, declined to comment for this article.

The Google Developer Studio is run by Peter Lubbers, a longtime member of the Fellowship of Friends. A July 2019 Fellowship directory, obtained by The Times, lists him as a member. Former members confirm that he joined the Fellowship after moving to the United States from the Netherlands.

At Google, he is a director, a role that is usually a rung below vice president in Google management and usually receives annual compensation in the high six figures or low seven figures.

Previously, Mr. Lubbers worked for the staffing company Kelly Services. M. Catherine Jones, Mr. Lloyd’s lawyer, won a similar suit against Kelly Services in 2008 on behalf of Lynn Noyes, who claimed that the company had failed to promote her because she was not a member of the Fellowship. A California court awarded Ms. Noyes $6.5 million in damages.

Ms. Noyes said in an interview that Mr. Lubbers was among a large contingent of Fellowship members from the Netherlands who worked for the company in the late 1990s and early 2000s.

At Kelly Services, Mr. Lubbers worked as a software developer before a stint at Oracle, the Silicon Valley software giant, according to his LinkedIn profile, which was recently deleted. He joined Google in 2012, initially working on a team that promoted Google technology to outside software developers. In 2014, he helped create G.D.S., which produced videos promoting Google developer tools.

Kelly Services declined to comment on the lawsuit.

Under Mr. Lubbers, the group brought in several other members of the Fellowship, including a video producer named Gabe Pannell. A 2015 photo posted to the internet by Mr. Pannell’s father shows Mr. Lubbers and Mr. Pannell with Mr. Burton, who is known as “The Teacher” or “Our Beloved Teacher” within the Fellowship. A caption on the photo, which was also recently deleted, calls Mr. Pannell a “new student.”

Echoing claims made in the lawsuit, Erik Johanson, a senior video producer who has worked for the Google Developer Studio since 2015 through ASG, said the team’s leadership abused the hiring system that brought workers in as contractors.

“They were able to further their own aims very rapidly because they could hire people with far less scrutiny and a far less rigorous on-boarding process than if these people were brought on as full-time employees,” he said. “It meant that no one was looking very closely when all these people were brought on from the foothills of the Sierras.”

Mr. Lloyd said that after applying for his job he had interviewed with Mr. Pannell twice, and that he had reported directly to Mr. Pannell when he joined a 25-person Bay Area video production team inside GDS in 2017. He soon noticed that nearly half this team, including Mr. Lubbers and Mr. Pannell, came from Oregon House.

Google paid to have a state-of-the-art sound system installed in the Oregon House home of one Fellowship member who worked for the team as a sound designer, according to the suit. Mr. Lubbers disputed this claim in a phone interview, saying the equipment was old and would have been thrown out if the team had not sent it to the home.

The sound designer’s daughter also worked for the team as a set designer. Additional Fellowship members and their relatives were hired to staff Google events, including a photographer, a masseuse, Mr. Lubbers’s wife and his son, who worked as a DJ at company parties.

The company frequently served wine from Grant Marie, a winery in Oregon House run by a Fellowship member who previously managed the Fellowship’s winery, according to the suit and a person familiar with the matter, who declined to be identified for fear of reprisal.

“My personal religious beliefs are a deeply held private matter,” Mr. Lubbers said. “In all my years in tech, they have never played a role in hiring. I have always performed my role by bringing in the right talent for the situation — bringing in the right vendors for the jobs.”

He said ASG, not Google, hired contractors for the GDS team, adding that it was fine for him to “encourage people to apply for those roles.” And he said that in recent years, the team has grown to more than 250 people, including part-time employees.

Mr. Pannell said in a phone interview that the team brought in workers from “a circle of trusted friends and families with extremely qualified backgrounds,” including graduates of the University of California, Berkeley.

In 2017 and 2018, according to the suit, Mr. Pannell attended video shoots intoxicated and occasionally threw things at the presenter when he was unhappy with a performance. Mr. Pannell said that he did not remember the incidents and that they did not sound like something he would do. He also acknowledged that he’d had problems with alcohol and had sought help.

After seven months at Google, Mr. Pannell was made a full-time employee, according to the suit. He was later promoted to senior producer and then executive producer, according to his LinkedIn profile, which has also been deleted.

Mr. Lloyd brought much of this to the attention of a manager inside the team, he said. But he was repeatedly told not to pursue the matter because Mr. Lubbers was a powerful figure at Google and because Mr. Lloyd could lose his job, according to his lawsuit. He said he was fired in February 2021 and was not given a reason. Google, Mr. Lubbers and Mr. Pannell said he had been fired for performance issues.

Ms. Jones, Mr. Lloyd’s lawyer, argued that Google’s relationship with ASG allowed members of the Fellowship to join the company without being properly vetted. “This is one of the methods the Fellowship used in the Kelly case,” she said. “They can get through the door without the normal scrutiny.”

Mr. Lloyd is seeking damages for wrongful termination, retaliation, failure to prevent discrimination and the intentional infliction of emotion distress. But he said he worries that, by doing so much business with its members, Google fed money into the Fellowship of Friends.

“Once you become aware of this, you become responsible,” Mr. Lloyd said. “You can’t look away.”

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Walton Global und Rockpoint kündigen ein Joint Venture über 300 Mio. USD zum Bau von Mietwohnungen an

SCOTTSDALE, Arizona (USA)–(BUSINESS WIRE)–Walton Global, ein Unternehmen für Immobilieninvestitionen und Grundstücksverwaltung mit einem verwalteten Vermögen von 3,6 Milliarden US-Dolla, hat heute die Gründung eines Joint Ventures mit Rockpoint, einem Private-Equity-Unternehmen für Immobilien mit Sitz in Boston, bekannt gegeben, um die wachsende Nachfrage nach Einfamilienhäusern für Mieter in den Vereinigten Staaten zu decken. Rockpoint plant, bis zu 300 Millionen USD an Eigenkapital in den BTR-Geschäftszweig (Build-to-Rent) von Walton zu investieren, der ein Immobilienvermögen von bis zu 1 Mrd. USD umfassen soll.

Rockpoint verfügt über umfangreiche Erfahrungen auf dem Markt für Einfamilien-Mietimmobilien, einschließlich Build-to-Rent-Projekte und Aufkauf von bestehenden Immobilien, wobei der Schwerpunkt auf qualitativ hochwertigen, gut gelegenen Immobilien in ausgewählten Wachstumsmärkten in den Vereinigten Staaten liegt.

Die BTR-Plattform von Walton wurde 2021 mit dem Ziel ins Leben gerufen, neue Wohnlösungen in Wohn- und Mietmärkten mit hoher Nachfrage anzubieten. Das Joint Venture konzentriert sich zunächst auf Ziele innerhalb der bestehenden Bebauungspläne und des mehr als 81.000 Acres (ca. 32.780 ha) umfassenden Grundstücksportfolios von Walton in den Vereinigten Staaten.

Die Erfahrung von Walton mit Grundstücken und unser großes Netzwerk von Top-Bauunternehmen in Verbindung mit dem institutionellen Wissen, das Rockpoint in den BTR-Bereich einbringt, bringt dieses Joint Venture in eine strategische Position, um im ganzen Land benötigten Wohnraum für Menschen zu schaffen, die sich für Miete statt Eigentum entscheiden“, sagte Bill Doherty, CEO von Walton Global.

Walton hat eine erste Pipeline von etwa 3500 Einheiten in expandierenden Ballungsgebieten wie Atlanta, Austin und Jacksonville, die Teil des Joint Ventures werden sollen. Zur Umsetzung der BTR-Strategie geht das Joint Venture Partnerschaften mit erstklassigen nationalen und regionalen Bauunternehmen ein, um die Siedlungen zu entwickeln.

Über Walton Global

Walton Global ist ein führendes privates Unternehmen im Bereich Grundstücksverwaltung und weltweiten Immobilieninvestitionen, das sich auf die Erforschung, den Erwerb, die Verwaltung, die Planung und die Entwicklung von Grundstücken konzentriert. Mit mehr als 43 Jahren Erfahrung kann Walton eine nachgewiesene Erfolgsbilanz bei der Abwicklung von Grundstücksinvestitionsprojekten in den wachstumsstärksten Metropolregionen Nordamerikas vorweisen. Das Unternehmen verwaltet Vermögenswerte in Höhe von 3,6 Milliarden USD im Auftrag seiner globalen Investoren in 73 Ländern sowie von Bauherren, Entwicklern und Industriepartnern. Walton besitzt und verwaltet mehr als 97.000 Acres (ca. 39.255 ha) Land in den Vereinigten Staaten und Kanada. Die Geschäftsbereiche reichen von Grundstücksinvestitionen vor der Erschließung über die Finanzierung von Bauträgergrundstücken bis hin zu Build-to-Rent. Weitere Informationen finden Sie unter walton.com.

Über Rockpoint

Rockpoint ist ein Private-Equity-Unternehmen für Immobilien mit Hauptsitz in Boston und weiteren Niederlassungen in San Francisco und Dallas. Rockpoint verfolgt bei seinen Investitionen einen Ansatz der Fundamentalwertanalyse und konzentriert sich auf ausgewählte Produkttypen in den wichtigsten Märkten in den Vereinigten Staaten. Rockpoint verfolgt mit seinen opportunistischen sowie Wachstums- und Ertragsinvestitionsprogrammen eine konsistente Strategie mit ausgeprägten Renditeprofilen. Rockpoint konzentriert sich auf Vermögenswerte mit einem langfristigen intrinsischen Wert zu attraktiven Preisen im Verhältnis zu den stabilisierten Cashflows und unter besonderer Berücksichtigung von Wertsteigerungsmöglichkeiten und komplexen Situationen. Seit 1994 haben die Mitbegründer von Rockpoint zusammen mit weiteren Beteiligten 19 Investmentvehikel und damit zusammenhängende Co-Investmentvehikel über Rockpoint und ein Vorgängerunternehmen gesponsert und Kapitalzusagen in Höhe von rund 29 Milliarden USD erhalten. Bis zum 31. März 2022 hat das Investmentteam von Rockpoint zusammen mit weiteren Beteiligten in 483 Transaktionen mit einer Gesamt-Spitzenkapitalisierung von ca. 76 Mrd. USD (einschließlich des Eigenkapitals der Fonds, des Eigenkapitals der Co-Investoren und des Fremdkapitals) investiert bzw. sich zu Investitionen verpflichtet. Weitere Informationen über Rockpoint finden Sie unter www.rockpoint.com.

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Google Sidelines Engineer Who Claims Its A.I. Is Sentient

SAN FRANCISCO — Google placed an engineer on paid leave recently after dismissing his claim that its artificial intelligence is sentient, surfacing yet another fracas about the company’s most advanced technology.

Blake Lemoine, a senior software engineer in Google’s Responsible A.I. organization, said in an interview that he was put on leave Monday. The company’s human resources department said he had violated Google’s confidentiality policy. The day before his suspension, Mr. Lemoine said, he handed over documents to a U.S. senator’s office, claiming they provided evidence that Google and its technology engaged in religious discrimination.

Google said that its systems imitated conversational exchanges and could riff on different topics, but did not have consciousness. “Our team — including ethicists and technologists — has reviewed Blake’s concerns per our A.I. Principles and have informed him that the evidence does not support his claims,” Brian Gabriel, a Google spokesman, said in a statement. “Some in the broader A.I. community are considering the long-term possibility of sentient or general A.I., but it doesn’t make sense to do so by anthropomorphizing today’s conversational models, which are not sentient.” The Washington Post first reported Mr. Lemoine’s suspension.

fired a researcher who had sought to publicly disagree with two of his colleagues’ published work. And the dismissals of two A.I. ethics researchers, Timnit Gebru and Margaret Mitchell, after they criticized Google language models, have continued to cast a shadow on the group.

neural network, which is a mathematical system that learns skills by analyzing large amounts of data. By pinpointing patterns in thousands of cat photos, for example, it can learn to recognize a cat.

Over the past several years, Google and other leading companies have designed neural networks that learned from enormous amounts of prose, including unpublished books and Wikipedia articles by the thousands. These “large language models” can be applied to many tasks. They can summarize articles, answer questions, generate tweets and even write blog posts.

But they are extremely flawed. Sometimes they generate perfect prose. Sometimes they generate nonsense. The systems are very good at recreating patterns they have seen in the past, but they cannot reason like a human.

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Walton Global annonce un accord de financement de terrains à bâtir de 100 millions USD avec Fortress Investment Group

SCOTTSDALE, Arizona–(BUSINESS WIRE)–Walton Global, une société d’investissement immobilier et de gestion d’actifs fonciers, comptant 3,6 milliards USD sous gestion, est heureuse d’annoncer la clôture d’un dispositif de 100 millions USD fourni par des sociétés affiliées à des fonds gérés par Fortress Investment Group LLC. Les fonds seront alloués à la ligne d’activité de financement des terrains à bâtir (builder land financing, BLF) de Walton pour acquérir des propriétés dans des zones à forte croissance afin de soutenir la demande de logements à travers les États-Unis.

« C’est une transaction extrêmement importante pour Walton tandis que nous continuons à soutenir nos partenaires constructeurs de résidences pour faire face à la pénurie de logements, qu’il faudra des années pour corriger », a déclaré Bill Doherty, PDG de Walton Global. « C’est une joie pour nous que de travailler avec Fortress, une entreprise qui possède des décennies d’expérience du marché immobilier américain et une compréhension approfondie des grandes dynamiques qui sous-tendent la demande de logements, laquelle devrait, selon nous, rester élevée en dépit du ralentissement économique potentiel. Nos efforts vont se poursuivre pour promouvoir le logement abordable pour les consommateurs, tout en continuant à générer des bilans et des marges solides pour notre réseau de constructeurs de résidences. »

Walton travaille activement à l’identification d’acquisitions potentielles de terrains en collaboration avec un important constructeur de résidences depuis le début des discussions avec Fortress.

La première acquisition d’infrastructures de Walton qui utilisera le dispositif de Fortress a été clôturée en mai 2022. Le projet de 9,5 millions USD, baptisé La Playa, est un développement situé à Hayward, en Californie, dans le comté d’Alameda de la région de la baie de San Francisco, qui vise le développement de 47 nouvelles résidences.

Walton prévoit de déployer le capital restant dans les mois à venir, avec environ sept acquisitions ciblées sur des marchés à forte croissance identifiés, notamment dans les régions de Phoenix et Seattle. Le montant du dispositif pourrait également augmenter pour atteindre 150 millions USD, mais ce montant sera déterminé au fur et à mesure que des propriétés supplémentaires seront identifiées.

Le programme BLF de Walton offre des solutions aux besoins d’inventaire des terrains en acquérant des propriétés identifiées par des constructeurs et des promoteurs, et en concluant simultanément des conventions d’option avec eux pour l’achat par phases de futurs lots. Les investisseurs reçoivent des flux de trésorerie lorsque chaque convention d’option est exercée ou lorsque les résidences sont vendues, ce qui peut se produire dans un délai de 6 à 24 mois.

La stratégie utilisée pour le dispositif avec Fortress est semblable à celle du fonds Builder Identified Land Target (BILT) de Walton lancé au début de 2022, qui est actuellement proposé aux courtiers, aux conseillers en placement agréés, aux investisseurs institutionnels et aux investisseurs spécialisés dans les family offices.

M. Doherty a ajouté : « Nous nous réjouissons à l’idée de créer de nombreuses nouvelles communautés dans les années à venir en collaboration avec Fortress et avec les meilleurs constructeurs nationaux et régionaux pour placer ces capitaux dans des endroits qui feront la différence. »

À propos de Walton Global

Walton Global est une société privée de premier plan mondiale axée sur la gestion d’actifs fonciers et l’investissement immobilier qui concentre ses activités sur la recherche, l’acquisition, l’administration, la planification et le développement de terrains. Avec plus de 43 ans d’expérience, Walton a fait ses preuves dans l’administration de projets d’investissement foncier dans certaines des zones métropolitaines à la croissance la plus rapide en Amérique du Nord. La société gère et administre 3,6 milliards USD d’actifs pour le compte de ses investisseurs mondiaux répartis dans 73 pays, de constructeurs, de promoteurs et de partenaires de l’industrie. Walton compte plus de 97 000 acres de terrains en propriété, sous gestion et sous administration aux États-Unis et au Canada, et est présente dans divers secteurs d’activité comme les investissements fonciers de pré-développement axés sur la sortie (« exit-focused »), les programmes de financement foncier et la construction de logements spécifiquement destinés à la location (« le build-to-rent »). Pour en savoir plus, rendez-vous sur walton.com.

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Redfin Reports Historic Housing Shortage Shows Signs of Letting Up as Sales Decline

SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) —The housing market turned a corner in April as the inventory crunch showed signs of easing, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The 9% year-over-year decline in homes for sale was the smallest since March 2020 and the first single-digit drop since the start of the pandemic.

While inventory remained at a record low, it fell at a relatively slow pace because soaring mortgage rates tempered homebuyer demand. Home sales slid 8%, the biggest drop since June 2020, which allowed white-hot home-price growth to cool slightly. The median home-sale price rose 16% to $424,000, a slowdown from March’s 17% gain.

“When market conditions are changing it becomes more difficult for homebuyers and sellers to see eye-to-eye on pricing,” said Redfin deputy chief economist Taylor Marr. “Many sellers are still seeking sky-high prices for their homes even though rising mortgage rates have limited homebuyer budgets. As a result, buyers are backing off, which is causing home sales to fall and the housing shortage to ease. As demand continues to soften, more sellers will likely be forced to drop their prices in order to get offers. The good news is that this should finally bring more balance to the market.”

Market Summary

April 2022

Month-Over-Month

Year-Over-Year

Median sale price

$424,400

3.1%

15.5%

Homes sold, seasonally-adjusted

570,700

-1.8%

-8%

Pending sales, seasonally-adjusted

514,900

-2.1%

-7.2%

New listings, seasonally-adjusted

593,500

0.1%

-7.4%

All homes for sale, seasonally-adjusted

1,351,900

-1.3%

-9.3%

Median days on market

18

-3

-2

Months of supply

1.3

0.1

0

Share of homes sold above list

58.8%

4.6 pts

9.9 pts

Median off-market Redfin Estimate

$415,000

1.4%

22.1%

Average sale-to-list ratio

103.2%

0.7 pts

1.6 pts

Average 30-year fixed mortgage rate

4.98%

+0.81 pts

+1.92 pts

† – “pts” = percentage-point change

Median sale prices increased from a year earlier in all of the 88 largest metro areas Redfin tracks. The largest price increases were in Las Vegas (+29%), West Palm Beach, FL (+29%) and Fort Worth, TX (+28%).

Home sales fell from the prior year in 87 of the 88 largest metro areas Redfin tracks. The biggest declines were in West Palm Beach, FL (-30%), Anaheim, CA (-26%) and Bridgeport, CT (-25%). The only metro where sales increased was Allentown, PA (+1%).

78 of the 88 largest metros tracked by Redfin posted year-over-year decreases in the number of seasonally adjusted active listings of homes for sale. The biggest declines were in Allentown, PA (-50%), Greensboro, NC (-40%) and Bridgeport, CT (-35%). The metro areas with the largest increases were Elgin, IL (+33%), Chicago (+15%) and Detroit (+10%).

New listings fell from a year ago in 78 of the 88 largest metro areas. The largest declines were in Allentown, PA (-58%), Greensboro, NC (-45%) and Lake County, IL (-29%). New listings rose the most in McAllen, TX (+13%), Oklahoma City (+6%) and Detroit (+4%).

Home sales that closed in April (which mostly went under contract in March) spent less time on the market and sold for further above list price than a year ago.

The typical home that sold in April went under contract in 18 days—six days faster than a year earlier—and the shortest time on market ever for April.

Fifty-nine percent of homes sold above list price, up 10 percentage points from a year earlier, and the highest level on record in Redfin’s data, which goes back through 2013.

The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to a record 103.2% in April, up from 101.5% a year earlier. In other words, the average home sold for 3.2% above its asking price.

Other April Highlights

Competition

Sales

Inventory

Redfin Estimate

To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-turned-corner-in-april/

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

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Wells Fargo wins dismissal of shareholder lawsuit over commercial lending

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May 6 (Reuters) – A federal judge on Friday dismissed class-action claims that Wells Fargo & Co (WFC.N), the fourth-largest U.S. bank, misled or defrauded shareholders about its commercial loans.

U.S. District Judge William Alsup in San Francisco said shareholders failed to adequately allege that Wells Fargo unjustifiably inflated the quality of its loans, understated loss reserves or misstated its lending practices.

Shareholders claimed to have lost billions of dollars in Wells Fargo stock as the San Francisco-based bank in 2020 gradually revealed the “previously unknown level of risk” in its commercial loans.

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The proposed class covers shareholders in the three years ending Oct. 13, 2020, a period when Wells Fargo’s share price fell 54%.

But the judge concluded that Wells Fargo had underwriting standards that “proved largely accurate or conservative, not inflationary,” and did not mislead shareholders about the size of loans relative to the value of borrowers’ businesses.

Because he found no false or misleading statements, Alsup did not address whether Wells Fargo intended to defraud anyone.

He said the shareholders, led by the Employees’ Retirement System of the State of Hawaii, could file an amended complaint to address deficiencies in their case.

Lawyers for the shareholders did not immediately respond to requests for comment. Wells Fargo and its lawyers did not immediately respond to similar requests.

Since 2018, Wells Fargo has operated under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight. The Fed also capped the bank’s assets at $1.95 trillion.

The bank has faced much criticism over its practices since 2016, including for opening accounts without customer permission and charging borrowers for auto insurance they did not need.

The case is Employees’ Retirement System of the State of Hawaii v. Wells Fargo & Co, U.S. District Court, Northern District of California, No. 20-07674.

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Reporting by Jonathan Stempel in New York; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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How Roe Shaped the World of Work for Women

When Barbara Schwartz looks back at her younger days working as a Broadway stagehand, she remembers the electricity of it: the harried dancers slipping into their costumes backstage, the props people shoving past with flashlights between their teeth.

She was able to throw herself into that high-pressure career, she said, because of a choice she made in 1976. She got an abortion at a clinic she found in the Yellow Pages. It was three years after the Roe v. Wade ruling established the constitutional right to an abortion; to Ms. Schwartz, the world seemed full of new professional opportunities for women. She got a credit card in her own name, became one of the first women to make it into the local stagehand union and joined the throngs backstage at shows including “Cats” and “Miss Saigon.”

Ms. Schwartz, 69, is now retired. She is spending her retirement years escorting women to the doors of an abortion clinic on the border of Virginia and Tennessee. She was drawn to this volunteer work, she said, because to her, the promise from her 20s has dimmed — the result of laws that have chipped away at abortion access, with a leaked draft Supreme Court ruling this past week revealing that Roe is likely to be overturned.

“This is my giant pay it forward,” Ms. Schwartz said.

That is how Ginny Jelatis, 67, thinks about it too. She was of high school senior age the year Roe v. Wade was decided; she began serving as a clinic escort after retiring from her work as a history professor in 2016.

43 percent in 1970 to 57.4 percent in 2019. Many different factors drove women into the work force in greater numbers in those years, but scholars argue that abortion access was an important one.

poll in 2021 found that 59 percent of Americans said they believed abortion should be legal in all or most cases, and 39 percent said it should be illegal in all or most cases. Recent Pew data indicates that women are slightly more likely than men to say abortion should be legal in all cases, and younger people, between the ages of 18 and 29, are far more likely than older adults to say abortion should be legal in some or all cases.

Justice Harry A. Blackmun, a modest Midwestern Republican and a defender of the right to abortion, wrote the majority opinion.

Recent research has tried to understand the role abortion access plays in women’s employment. Most notable is the Turnaway Study, conducted at the University of California, San Francisco. Researchers followed two groups of women — a group that wanted and got abortions, and another that wanted abortions and were unable to obtain them — for five years and found that those unable to get abortions had worse economic outcomes. Almost two-thirds of those who did not have an abortion they had sought out were living in poverty six months later, compared with 45 percent of those who got the procedure.

patchwork of state laws on abortion access, with 13 states set to ban abortion immediately or very quickly after the court’s ruling. There is likely a correlation between the regions of the country where it is most difficult to get an abortion, and those with the fewest child care and parental leave options, according to an analysis of research findings from the financial site WalletHub.

For older women who felt they were able to attain financial stability because of the decision to have an abortion, there is resonance in sharing their stories with the younger women they meet at clinics today.

“The older folks I work with can remember that dread of, ‘My God, what if it happens to me?’” said Ms. Deiermann, who spent most of her career working in reproductive health advocacy.

Many clinic volunteers, like Ms. Deiermann, remember when their classmates and friends got illegal abortions. Telling those stories feels more urgent than ever.

Karen Kelley, 67, a retired labor and delivery nurse in Idaho, who volunteers at an abortion clinic there, spent her childhood aligned with her Roman Catholic family’s anti-abortion views. Then she found herself pregnant in her early 20s, without an income to support a baby. Realizing that motherhood could “derail all her hopes,” she chose to terminate that pregnancy, about six years after Roe.

That’s a memory Ms. Kelley conveys to the women she escorts to the clinic’s steps. “If I’m asked, I’m always honest that I understand how they’re feeling because I had an abortion and they have every right to make the decision,” she said.

And some older women said that the position they’re in now — retired, with savings and stability — is something they trace back to Roe.

“It gave us a chance to decide to marry and have a family later,” said Eileen Ehlers, 74, a retired high school English teacher and a mother.

What Roe gave her, she said, is something she can now pour back into volunteering: “We have time.”

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