ROCKET COMPANIES

It’s been a Detroit staple for more than two decades. The so-called whaling wall, one of the most well-known murals in the city, keeps getting covered up.

Since last fall, you may have seen a few new faces on the side of a landmark Downtown Detroit building.

CLEVELAND, Ohio -- A Detroit pension fund suing Cleveland Cavaliers owner Dan Gilbert and Rocket Cos. now says the insider trading lawsuit started with a miscommunication, and is withdrawing as a plaintiff. In March, Gilbert sold $500 million of Rocket Cos. stock to the pension fund. Bruce Babiarz, spokesman for the pension fund, said PFRS’s general counsel gave Grant & Eisenhofer permission to look into the sale, while the law firm thought it was given the OK to sue. Allan Ripp, spokesman for Grant & Eisenhofer, said the “law firm is in the process of dismissing them (the pension fund) from the lawsuit as expeditiously as possible. Another law firm, Abraham, Fruchter and Twersky, is representing the trust, Ripp said.

CLEVELAND – A pension fund in Detroit is suing Cleveland Cavaliers owner Dan Gilbert and Rocket Companies in a Delaware court, claiming he had insider information when he sold the fund $500 million in Rocket Companies stock. Parts of the lawsuit released by the court to cleveland.com late Tuesday are redacted, including details of the pension fund’s version of events. The suit claims Gilbert would have been aware of Rocket’s results in real-time, and that those results were discussed at a March 10 company meeting, more than two weeks before he sold the stock to the pension fund. The pension fund accuses Gilbert of avoiding $165 million in losses by selling the stock when he did, and claims he sold it knowing information not yet public. Rock Holdings says the company has been “forthcoming and transparent.” According to the statement, Rocket Mortgages has met or exceeded guidance rangers provided in 2021 earning reports.

The Detroit Police and Fire Pension Fund is suing billionaire businessman Dan Gilbert and alleging insider trading, according to a report.

The Downtown Detroit building with the famous whales mural is getting a new look -- but don’t worry, the whales aren’t going away completely.

“It was very exciting. It was relieving,” Cardella said. “It was a lifesaver. It’s not an overstatement.”

The announcement is likely good news for restaurants and other downtown businesses that saw business plummet during the pandemic.

Quicken Loans will officially have its name changed to Rocket Mortgage this summer.

United Wholesale Mortgage CEO Mat Ishbia said the hardball tactic against Dan Gilbert's firm has gone better than he expected.

Rocket Companies, the parent of Quicken Loans, is off to another highly profitable year.

DETROIT – Four Michigan companies are included on Fortune’s 2021 Best Companies to Work For list. One of the companies, Rocket Companies in Detroit, was ranked No. According to the survey that determined Fortune’s ranking, 97 percent of team members said they feel good about the ways the organization contributes to the community. It is one of three manufacturing companies to make the list and is the only materials science company. About 73 percent of U.S. Dow employees said it was a great place to work, according to a news release.

READ: Local organizations to invest $500M into Detroit, eliminate homeowner property tax debt for thousandsThe funds will start with help for homeowners with overdue property taxes. “No person should have to make the decision of the choice between keeping them home of feeding their family,” Gilbert said. Gilbert and his wife, Jennifer, are pledging half of a billion dollars through the Gilbert Family Foundation and the Rocket Community Fund to make a real impact on the problems people face. “I’d much rather see property taxes paid, interest and penalties waived, fees waived, fees removed and people have the ability to pay their taxes,” Evans said. AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.

One major announcement: Part of the investment will eliminate property tax debt owed by tens of thousands of low-income Detroit homeowners. According to officials, an initial investment of $15 million from the Gilbert Family Foundation will be used to establish the Detroit Tax Relief Fund. Through the fund, an estimated 20,000 low-income homeowners in Detroit will have their property tax debt completely wiped away. The Rocket Community Fund operates under the company. “This impactful announcement comes with a promise of a brighter future and a deepened commitment to Detroit.”AdTo learn more about the organizations’ investment, visit the Gilbert Family Foundation’s website here.

A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Thursday, Aug. 6, 2020, in New York. Shares of Rocket Companies, parent of Quicken Loans, began trading Thursday during the Detroit company's IPO at the NYSE. Quicken is the largest retail mortgage originator in the U.S. (AP Photo/Mark Lennihan)DETROIT – The stock price of Rocket Companies, parent company of Dan Gilbert’s Quicken Loans, shot up more than 70% over the last 24 hours after the company became the newest “meme” stock of Reddit. Rocket reported stronger-than-expected fourth-quarter earnings last Thursday, which impressed some Wall Street analysts. More: GameStop’s saga may be over; its effect on Wall Street isn’t

DETROIT – The fourth Rocket Mortgage Detroit Demo Day is doing something a little different this year to help small businesses thrive in the pandemic. The 17 finalists have been announced for Rocket Mortgage Detroit Demo Day. For the last 3 years, Rocket Mortgage Demo Day has awarded hundreds of thousands of dollars to local small businesses with big plans to expand and make a difference. “Rocket Mortgage Detroit Demo Day is an annual event where we showcase Detroit’s best and brightest entrepreneurs and give them the chance to compete for a million dollars,” said James Chapman. More information can be found on the official Rocket Mortgage Detroit Demo Day website here.

DETROIT – The much talked about Rocket Mortgage initial public offering took flight Thursday and the launch was not as bright as initially intended. ORIGINAL STORY: Quicken Loans IPO debuts at $18 a share, below expectationsRocket founder Dan Gilbert and CEO Jay Farner kicked off the trading day before going on CNBC to discuss the merger in Gilbert’s first national television appearance since his stroke. “We think we are a tech company that happens to do loans. “We’re up to 2,500 technologies to build what you experience.”RELATED: What does Quicken Loans plan to go public mean for city of Detroit? The stock started out at $18 a share and investors bid it up to just under $21 by the close.

Quicken Loans IPO gets lukewarm receptionPublished: August 6, 2020, 6:45 pmThe much talked about Rocket Mortgage initial public offering took flight Thursday and the launch was not as bright as initially intended.

DETROIT – Detroit-based Quicken Loans debuted their IPO on the New York Stock Exchange on Thursday with a lower-than-expected opening share price of $18. Rocket Cos., the parent company of Quicken Loans, will offer public shares for the first time this week, but it will be smaller than originally reported. Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.

WATCH Local 4 News at 114 Fast FactsBe InformedWith positive coronavirus (COVID-19) cases ticking up, Michigan Gov. Mayor Mike Duggan unveiled a plan Tuesday to revitalized the long-abandoned row houses on Porter Street in Southwest Detroit. The row houses are just around the corner from Western International High School. Local 4s Dr. Frank McGeorge took a look at how the chart can be useful and what its limitations are. Cornelius Frederick died last month after being restrained at the Lakeside For Children facility in Kalamazoo.

Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers. What does its plan to go public mean for the city of Detroit? It appears that’s about to change because in an initial public offering, at some point people will be able to buy partial ownership -- shares of stock in Quicken Loans. Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.