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Goldman to face mortgage debt class-action lawsuit
Breaking Legal News |
2012/02/03 10:01
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Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.
These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.
Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.
Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.
Goldman spokesman Michael Duvally declined to comment.
The bank is one of many accused by Congress, regulators and others of having fueled the nation's housing crisis and 2008 financial crisis in part by having misled investors about the quality of mortgage debt they sold. |
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Court rules against abortion protester's lawsuit
Court Watch |
2012/02/02 10:01
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A federal appeals court in Philadelphia has ruled that an anti-abortion protester arrested near the Liberty Bell in 2007 can't collect damages from park rangers who detained him.
The three-judge panel on Thursday upheld a lower-court ruling to dismiss 32-year-old Michael Marcavage's lawsuit against two Independence National Historic Park rangers. The Philadelphia Daily News reported on the panel's decision.
The suit stemmed from Marcavage's arrest after he refused to move his protest to another area of the park. A federal magistrate convicted the Lansdowne resident of two misdemeanors.
Marcavage appealed and claimed rangers violated his constitutional rights. In 2010, a federal appeals court threw out the misdemeanor convictions. Then Marcavage filed an amended complaint arguing that park rangers were liable for unspecified damages. The court ruled against him.
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Securities Litigation Attorney - Robert L. Herskovits
Elite Lawyers |
2012/02/01 09:34
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New York FINRA Arbitration & Securities Litigation Attorney
Robert L. Herskovits
Robert concentrates his practice in the areas of securities litigation and regulatory enforcement matters. Robert routinely advises broker/dealers, industry professionals and investors in varied litigation, arbitration and regulatory matters relating to the securities industry. Robert is certified as an arbitrator for FINRA, AAA and the NFA and formerly served as in-house counsel for an NYSE-member broker/dealer.
Prior to forming Herskovits PLLC, Robert was a partner with Gusrae Kaplan Nusbaum PLLC for more than five years.
Robert received a JD from the Benjamin N. Cardozo School of Law and a BA from Syracuse University. Robert is admitted to practice in the State of New York and before various federal courts, including the U.S. District Court, Southern District of New York, U.S. District Court, Eastern District of New York, the U.S. Court of Appeals, 2nd Circuit, and the U.S. Supreme Court.
An active participant in the bar, Robert is the Co-Chair of the Committee for Securities and Exchanges of the New York County Lawyers' Association. Robert's accomplishments were recently recognized by Thomson Reuters' "Super Lawyers", which designated Robert as a 2011 Rising Star in business litigation.
Practice Areas
•Securities Litigation and Arbitration
•Securities Industry Regulatory Defense
•Broker-Dealer Advisory Services
•Securities Industry Employment Litigation
•Commercial Litigation
Address
1065 Avenue of the Americas
27th Floor
New York, New York 10018
Contact:
Tel: (212) 897-5410
Fax: (646) 558-0239
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Bernstein Liebhard LLP Announces Class Action
Class Action |
2012/01/31 10:15
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Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Veolia Environnement S.A. American Depository Shares (“ADSs”) during the period between April 27, 2007 and August 4, 2011, inclusive (the “Class Period”).
The complaint charges Veolia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Veolia operates utility and public transportation businesses. The Company supplies drinking water, provides waste management services, manages and maintains heating and air conditioning systems, and operates rail and road passenger transportation systems.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; (c) that Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States, and for Southern Europe; (d) that the Company’s revenues were being hampered by the renewal of some of its major concession contracts; and (e) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 4, 2011, Veolia announced its half year results, for the period ended June 30, 2011. For the half year, the Company reported consolidated revenue of €16,286.7 million. Moreover, defendants reported operating income of €252.2 million, compared to €1100.7 million in the prior year period, due to “non-recurring write-downs amounting to €686M (principally in Italy, Morocco and the United States).” The Company stated that it would exit certain businesses and certain geographies, including its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States and in Southern Europe. In reaction to these announcements, the price of Veolia ADSs fell $4.66 per share, or over 22%, to close at $16.10 per share, on heavy trading volume.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Veolia ADSs during the Class Period. If you purchased or otherwise acquired Veolia ADSs during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than February 27, 2012.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Veolia shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
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CA Supreme Court reinstates murder conviction
Breaking Legal News |
2012/01/31 10:15
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The California Supreme Court on Monday reinstated a man's second-degree murder conviction for killing a well-known San Diego surfer, overturning a 2010 ruling by a state appeals court that had reduced it to voluntary manslaughter.
The state's highest court said it disagreed with the decision by the 4th District Court of Appeals that cited insufficient evidence of implied malice by Seth Cravens when he delivered the single fatal punch to 24-year-old Emery Kauanui in 2007.
Cravens was found guilty in November 2009 of second-degree murder and sentenced to 20 year to life in prison. The court ruling Monday means he will continue to serve that sentence.
If the voluntary manslaughter conviction had stuck, he could have faced a maximum of 16 years in prison.
Nicknamed the "Flying Hawaiian," Kauanui was a fixture at San Diego's Windansea Beach, where his favorite surf break is now called "Emery's Left."
Prosecutors said Cravens and four other men had gone to the La Jolla house of the surfer's mother to retaliate after Kauanui accidentally spilled beer on one of the men earlier in the evening at a bar.
After a group attack on Kauanui, Cravens delivered the punch to his head that prosecutors said fractured his skull. He fell then died at a hospital four days later. |
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Attorney: Texas redistricting talks have stalled
Court Watch |
2012/01/30 10:14
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Negotiations between minority groups and Texas officials in a lengthy clash over new political districts appeared stalled Monday as both sides prepared to argue in Washington over whether the Republican-drawn maps violate the federal Voting Rights Act.
An attorney for the League of United Latin American Citizens, one of nine groups suing to block the maps, said negotiations to create temporary maps so Texas could salvage an April 3 primary date hit an impasse over the weekend. Both sides have another week to work out a deal, but Luis Vera, LULAC's general counsel, said he was not optimistic.
"It just doesn't seem feasible," he said.
A federal court in San Antonio last week gave the sides until Feb. 6 to draw up the temporary maps that would remain in place through November's election. If they don't, Texas' primaries will be pushed back for a second time. They were originally scheduled for March.
Lauren Bean, a spokeswoman for the Texas attorney general's office, said her office was not commenting on the negotiations.
Vera said a major obstacle is that the state isn't involving all parties in the negotiations. Gary Bledsoe, president of the Texas NAACP that is among the nine plaintiffs, said the state was mainly negotiating with the Mexican American Legal Defense and Education Fund and the Mexican American Legislative Caucus. |
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NY court: Judge can't block $18B Chevron judgment
Class Action |
2012/01/27 09:08
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A judge overstepped his authority when he tried to ban enforcement around the world of an $18 billion judgment against Chevron Inc. for environmental damage in Ecuador, a federal appeals court said Thursday.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals explained why it lifted the ban last year and blocked a judge from staging a trial to decide if the judgment was obtained fairly.
It said the judge has authority to block collection if Ecuadorean plaintiffs move against Chevron in New York, but law does not give him authority "to dictate to the entire world which judgments are entitled to respect and which countries' courts are to be treated as international pariahs."
The judgment came last February after nearly two decades of litigation that stemmed from the poisoning of land in the Ecuadorean rainforest while the oil company Texaco was operating an oil consortium from 1972 to 1990 in the Amazon. Texaco became a wholly owned subsidiary of Chevron in 2001.
Chevron obtained an order from U.S. District Judge Lewis A. Kaplan in March blocking Ecuadorean plaintiffs from trying to collect the $18 billion until he could stage a trial to determine whether the judgment was fraudulently obtained.
The Ecuadorean plaintiffs appealed Kaplan's ruling to the 2nd Circuit. The appeals court heard oral arguments and then issued an order in September lifting Kaplan's block on collection efforts. On Thursday, it went a step further, tossing out the portion of Chevron's challenge to the judgment that sought to block its enforcement anywhere in the world. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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