Tennessee will participate in the $25 billion agreement with the nation's five largest mortgage servicers, according to Attorney General Bob Cooper. The agreement arises from an investigation into unacceptable nationwide mortgage servicing and foreclosure practices. The servicers participating in this agreement, which was announced today, are Bank of America, J.P. Morgan Chase, Citi, GMAC/Ally Financial, and Wells Fargo.

Once approved by the court, the agreement will provide an estimated $146 million in relief to Tennessee homeowners and addresses future mortgage loan servicing practices...read the mortgage servicers release or the release in Spanish.

Tennessee Attorney General Bob Cooper and Piedmont Natural Gas Company, Inc. (“Piedmont”) have reached an agreement that reduces Piedmont’s pending request for a rate increase by almost 30%, saving Tennessee ratepayers $4.8 million. The agreement was approved at a hearing today by the Tennessee Regulatory Authority (“TRA”). In September of 2011, Piedmont asked the TRA to approve a general rate increase of $16.7 million. This request was Piedmont’s first such request since 2003 and was a proposed increase to the rates Piedmont charges its customers for the delivery of natural gas.

The Attorney General’s Consumer Advocate and Protection Division intervened on behalf of ratepayers and reviewed the supporting materials submitted by Piedmont as well as additional financial information it obtained from Piedmont related to the request. The Attorney General’s Office subsequently filed testimony and other documents indicating Piedmont was due, after 8 years, a rate increase of no more than $9.9 million, or more than 40% less than Piedmont’s request. After negotiations, the Attorney General and Piedmont agreed on an increase of $11.9 million or almost 30% less than Piedmont’s original request...read the Piedmont release.

Consumers who have filed complaints against a Nashville man, suspended for practicing law without a license, may be eligible for restitution, Tennessee Attorney General Bob Cooper and Gary Cordell, director of the Division of Consumer Affairs announced today.

Michael H. Sneed of Nashville, who has been found liable for the unauthorized practice of law and violations of the Tennessee Consumer Protection Act, has been ordered by the Davidson County Circuit Court to pay $18,372 to eligible consumers who used his services. The Tennessee Supreme Court ordered Sneed suspended from the practice of law on Feb. 24, 2009 for 18 months. He was later found to have continued representing multiple consumers acting as an attorney during his suspension...read the Michael Sneed release.

Tennessee Attorney General Bob Cooper and 26 other state attorneys general announced a $34.25 million agreement with GE Funding Capital Market Services, Inc. ("GEFCMS") as part of an ongoing nationwide investigation of alleged anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

As part of the multistate agreement, GEFCMS has agreed to pay $30 million in restitution to affected state agencies, municipalities, school districts and not-for-profit entities nationwide that entered into municipal derivative contracts with GEFCMS between 1999 and 2005. In addition, GEFCMS agreed to pay a $1.25 million civil penalty and $3 million in fees and costs of the investigation to the participating states. Tennessee entities will receive approximately $742,776. Eligible Tennessee entities include the Memphis Shelby County Airport Authority, Metropolitan Health and Educational Facilities Board and the Knox County Health Education & Housing Facilities Board...read the GE Funding release.

Tennessee Attorney General Bob Cooper and 26 other attorneys general announced a $58.75 million agreement with Wachovia Bank N.A. and Wells Fargo Bank, N.A. as part of an ongoing nationwide investigation of alleged anticompetitive and fraudulent conduct in the municipal bond derivatives industry.

As part of the multistate agreement, Wachovia has agreed to pay $54.5 million in restitution to affected state agencies, municipalities, school districts and not-for-profit entities nationwide that entered into municipal derivative contracts with Wachovia between 1998 and 2004. In addition, Wachovia agreed to pay a $1.25 million civil penalty and $3 million in fees and costs of the investigation to the participating states. It has not yet been determined how much Tennessee and the other states will receive from the agreement...read the Wachovia release.