Should I sand between coats of Rustoleum? – Youtube Spray Paint Artist Costume Boys
No, the paint will dry more than sand between coats. Sanding between coats may affect the finish on a finished item.
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By Bill Van Auken
NEW YORK (Reuters) – A federal judge on Monday dismissed a lawsuit brought by a group of Wall Street traders who claimed they had been denied adequate compensation for years after their former Wall Street firms were taken over by private-equity firms.
U.S. District Judge Jed Rakoff issued a sharply worded order agreeing with a settlement between the Justice Department, the Bank of New York Mellon Corp and Bankers Association that does not include any admission of liability, even though four of the traders sought to recover double damages.
According to the settlement, the plaintiffs are entitled to receive $45 million in compensation, and both sides have agreed not to seek more than $15 million in damages from each other.
Lawyers for the plaintiffs declined to respond to queries about the settlement and whether they would appeal.
Rakoff’s ruling came three months after a similar case brought by the Financial Industry Regulatory Authority went to trial in U.S. District Court in New York.
Both cases involved an attempt by the former New York Bankers Association to gain control of Bankers Trust, the Wall Street firm formerly run by Alan Greenspan, and, over the years, the group has spent millions of dollars buying financial instruments that it could then resell to firms in private equity.
In the Bankers group’s suit, plaintiffs charged the BBA, which replaced the New York Bankers, misled them about Bankers Trust’s financial condition and its plans for the firm. They are seeking about $60 million in damages and are seeking a jury trial.
The BBA countered that the investors and brokers who had made a lot of money in the financial crises and whose funds were lost in the crisis had suffered real losses and were owed money.
“This lawsuit is about lost opportunities for money, not compensation,” said attorney Robert Schulman, who represents shareholders in one of the cases.
“I don’t have a hard-and-fast rule on whether somebody was entitled to seek double damages, but it’s definitely fair that the money that was paid should have been recovered,” he added.
One of the lawyers involved in the case, Marcia Stewart, said the parties agreed to the terms “because that’s the settlement they needed
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