Source: Lohan lawyer probed for tampering

Lindsay Lohan, left, with attorney Mark Heller. Heller is under investigation for suspicion of witness tampering.Santa Monica city attorney asked police to investigate Mark Heller, a source says"I can sum it up in one word: ridiculous," Heller says about probe reportLohan avoided trial by pleading no contest to lying to cops about a car crashLohan hired New York lawyer Heller to replace her longtime lawyer Shawn Holley

Los Angeles (CNN) -- The lawyer who represented Lindsay Lohan in her lying-to-cops case last week is under investigation for suspicion of witness tampering, a source close to the investigation said Monday.

Santa Monica police are investigating New York lawyer Mark Heller on suspicion of asking Lohan's personal assistant, who was in the car with the actress when she was involved in a car crash last June, to lie in his testimony by saying he had control of the Porsche when it crashed into a dump truck, the source said.

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Photos: Celebrity mugshots

"I can sum it up in one word: ridiculous," Heller said when asked for a comment. "What can I tell you?"

Heller was in a Los Angeles courtroom with Lohan, 26, last week when she agreed to enter a no-contest plea on the charges of misdemeanor charges of lying to police, reckless driving and violating her probation for shoplifting conviction.

The judge sentenced Lohan to 90 days in a "locked in" drug rehab facility in lieu of a 90-day jail term. Her probation was also extended by two years.

Her father, Michael Lohan, accused Heller of unethical and criminal conduct in his representation of his daughter after last week's hearing, saying prosecutors were investigating Heller for tampering with "a star witness."

Lindsay Lohan: Keep me on set, it's safer that way

Lohan hired Heller to replace Shawn Holley, the Los Angeles lawyer who represented the actress in dozens of court appearances over the past several years.

She's spent 250 days in five rehab facilities since January 2007, including one long court-ordered stint after a failed drug test.

The actress has appeared in court at least 21 times before four Los Angeles judges who have now found her in violation of probation six times and sentenced her to a total of nine months in jail.

Lohan has spent about two weeks behind bars in six trips to the Los Angeles County jail, served 35 days under house arrest and worked about 67 days of community service at the county morgue.

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NY subpoenas nine life insurance companies: source (Reuters)

NEW YORK (Reuters) – New York's top legal officer has sent subpoenas to nine leading life insurers seeking information about their practices in identifying and paying out policies for deceased customers, according to a person familiar with the matter.

New York Attorney General Eric Schneiderman last month sent subpoenas to units of AXA SA, Genworth Financial Inc, Guardian Life Insurance Co of America, Manulife Financial Corp, Massachusetts Mutual Life Insurance Co, MetLife Inc, New York Life Insurance Co, Prudential Financial Inc, and TIAA-CREF, the source said.

This person requested anonymity because the probe is not public.

The Wall Street Journal first reported the life insurance investigation.

The investigation is looking into whether insurance companies have done enough to identify beneficiaries of life insurance policies once a customer dies, the source told Reuters on Tuesday.

Schneiderman's office is also seeking information about unclaimed policy proceeds that are supposed to be turned over to the state.

A spokesman for Guardian told Reuters that it is reviewing the subpoena and intends to "cooperate fully with the Attorney general.

"We believe our processes are compliant with all relevant regulations and serve the best interests of our participants," said a spokesman for TIAA-CREF. "We're aware of this industry matter and will fully cooperate with any official requests for information."

A Genworth spokesman told the Journal that the company believes it has "compliant and robust practices to determine when claim payments are due and owing, and to adhere to state unclaimed property requirements and regulations."

AXA told the newspaper it would cooperate fully with Schneiderman as well as with other states conducting similar reviews.

None of the other companies could immediately be reached for a comment by Reuters.

Also on Tuesday, New York State Insurance Department said that all life insurers licensed to do business in the state must begin using an official government death list to identify when policyholders have died and death benefits are due to their beneficiaries.

(Additional reporting by Sakthi Prasad and Renju Jose; Editing by Tim Dobbyn)

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New York extends mortgage probe to trustees: source (Reuters)

NEW YORK (Reuters) – New York's top legal officer is seeking information from Deutsche Bank AG and Bank of New York Mellon about their role as trustees for mortgage-backed securities, an expansion of his probe of mortgage practices, said a person familiar with the matter.

New York Attorney General Eric Schneiderman's office is examining whether the banks fulfilled their administrative duties owed to investors set out in agreements that pool mortgages into securities, according to the source.

This person requested anonymity because of a lack of authorization to speak publicly about the probe.

Kevin Heine, a spokesman for Bank of New York Mellon, declined to comment. John Gallagher, a spokesman for Deutsche Bank, also declined to comment.

The New York Times first reported the inquiry into the role of the trustees. The newspaper also said New York's Schneiderman had teamed with Joseph Biden III, his counterpart in Delaware.

Mortgage securitization deals, which bundle loans into securities, have been blamed for helping to fuel the issuance of questionable mortgages to satisfy a buying binge by investors seeking to take advantage of rising real estate prices. After housing prices dropped and the number of homeowners who defaulted on their mortgages rose, those deals came under scrutiny by investors and regulators.

In these deals, the trustee is usually responsible for maintaining documentation about loans provided by the originator and the mortgage servicer.

Roughly 80 percent of mortgage securitization trusts are governed by New York law, which puts Schneiderman's office in a strong position to investigate the deals, according to the person familiar with the probe. The other 20 percent is governed by Delaware law, this person said.

Schneiderman's office may end up working with Biden on the inquiry into the trustees, this person said.

The inquiry into the role of the trustees is part of a larger investigation led by Schneiderman's office, which has sought information about securitization operations from seven banks and requested meetings with their representatives. It has also sent subpoenas to four mortgage-bond insurers.

Schneiderman's inquiry is separate from an investigation led by a group of attorneys general into allegations of shoddy foreclosure practices by banks and servicers.

That investigation resulted in settlement talks between bank regulators, a coalition of 50 state attorneys general, and federal agencies that included the Department of Justice and the Securities and Exchange Commission.

Schneiderman has been participating in those talks, but he publicly has voiced concern about any deal that would prevent additional investigations into mortgage practices at the banks.

(Editing by Steve Orlofsky)

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Dai-ichi Life eyes Y100 bln loss on TEPCO shares: source (Reuters)

TOKYO (Reuters) – Dai-ichi Life Insurance (8750.T) will book a 100 billion yen ($1.2 billion) special loss for the business year ended March 31 after its stake in Tokyo Electric Power (9501.T) plummeted in value, a source told Reuters.

Dai-ichi Life, the utility's biggest shareholder with a 4 percent stake, has seen the value of its holding slump by four fifths as TEPCO struggles to bring its stricken Fukushima nuclear plant under control.

(Reporting by Noriyuki Hirata; Writing by Tim Kelly; Editing by Edwina Gibbs)

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