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Europe worries Wall Street again, and stocks fall
Business |
2012/01/05 09:36
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Stocks are mostly lower in midday trading as worries about Europe's finances outweigh encouraging news about the U.S. job market.
The euro dropped to its lowest level against the dollar in more than a year Thursday, and stocks fell sharply in Italy and Spain.
The Dow Jones industrial average lost 47 points to 12,371. The Standard & Poor's 500 fell 2 points to 1,275. The Nasdaq edged up 4 points. The losses were steeper earlier in the day.
Retailers fell after reporting so-so December revenue. Target, J.C. Penney Co., Sears and Gap were all among the worst performers in the S&P 500, down more than 3 percent.
The discouraging news on Europe and retail sales outweighed a report that the number of people filing for unemployment benefits fell last week.
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Court delays border-crossing pollution rule
Court Watch |
2012/01/04 09:09
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A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind.
More than a dozen electric power companies, municipal power plant operators and states had sought to delay the rules until the litigation plays out. A federal appeals court in Washington approved their request Friday.
The EPA, in a statement, said it was confident that the rule would ultimately be upheld on its merits. But the agency said it was "disappointing" the regulation's health benefits would be delayed, even if temporarily.
Republicans in Congress have attempted to block the rule using legislation, saying it would shutter some older, coal-fired power plants and kill jobs. While those efforts succeeded in the Republican-controlled House, the Senate — with the help of six Republicans — in November rejected an attempt to stay the regulation. And the White House had threatened to veto it. |
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Izard Nobel LLP Announces Class Action Lawsuit
Class Action |
2012/01/03 23:44
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares of Veolia Environnement S.A. between April 27, 2007 and August 4, 2011, inclusive.
The Complaint charges Veolia and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (ii) Veolia lacked adequate internal controls; and (iii) Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the U.S., and for Southern Europe.
On August 4, 2011, Veolia announced its half year results, for the period ended June 30, 2011. The Company reported consolidated revenue of EUR 16,286.7 million and operating income of EUR 252.2 million, compared to EUR 1100.7 million in the prior year period, due to "non-recurring write-downs amounting to EUR 686M." Veolia 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 U.S. and in Southern Europe. On this news, Veolia ADSs fell $4.66 per share.
If you are a member of the class, you may, no later than February 27, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/veolia
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US Supreme Court asked to ponder drug dog's sniff
Breaking Legal News |
2012/01/03 23:31
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Franky the drug dog's supersensitive nose is at the heart of a question being put to the U.S. Supreme Court: Does a police dog's sniff outside a house give officers the right to get a search warrant for illegal drugs, or is the sniff an unconstitutional search?
Florida's highest state court has said Franky's ability to detect marijuana growing inside a Miami-area house from outside a closed front door crossed the constitutional line. The state's attorney general wants the Supreme Court to reverse that ruling.
The justices could decide this month whether to take the case, the latest dispute about whether the use of dogs to find drugs, explosives and other illegal or dangerous substances violates the Fourth Amendment protection against illegal search and seizure.
Many court watchers expect the justices will take up the case.
"The Florida Supreme Court adopted a very broad reading of the Fourth Amendment that is different from that applied by other courts. It's an interpretation that a majority of the U.S. Supreme Court will question," said Tom Goldstein, who publishes the widely read SCOTUSblog website and teaches at the Harvard and Stanford law schools.
The case, Florida v. Jardines, is being closely monitored by law enforcement agencies nationwide, which depend on dogs for a wide range of law enforcement duties. |
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King & Spalding Continues International Arbitration Expansion
Legal Marketing |
2012/01/02 15:25
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The international law firm King & Spalding announced today that international arbitration expert Jan K. Schäfer has joined as a partner in its Frankfurt office.
Schäfer comes to King & Spalding from the Frankfurt office of Allen & Overy, where he focused on complex post-M&A arbitration matters as well as foreign investment, construction and energy-related disputes. He brings deep experience in arbitration under ICC, DIS (German Institute of Arbitration) and ICSID rules in multiple venues as well as ad hoc proceedings under both German and Swiss arbitration law. He regularly sits as chairman, party-appointed and sole arbitrator in ICC and DIS arbitration proceedings, and advocates before the German courts on behalf of clients in commercial litigation and arbitration-related matters.
King & Spalding has significantly expanded its global footprint in international arbitration in recent years. The firm opened an office in Paris, a key hub for international commercial arbitration, in 2009 with the hiring of former Dewey & LeBoeuf partners Eric Schwartz, the former secretary-general of the ICC International Court of Arbitration, and James Castello. Former Shearman & Sterling arbitration partner John Savage joined in 2010 to lead the firm's international arbitration practice in Asia from a new office in Singapore, while Tom Sprange joined from Steptoe & Johnson in 2011 to anchor its London arbitration and litigation practice. Former ICC International Court of Arbitration general counsel Guillermo Aguilar-Alvarez also joined the firm in New York, further strengthening King & Spalding's global bench in both commercial and treaty arbitration.
About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com
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Rigrodsky & Long, P.A. Files Securities Fraud Class Action
Law Center |
2012/01/02 15:25
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Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of IntraLinks Holdings, Inc. between February 17, 2011 and November 10, 2011, inclusive, alleging violations of the Securities Exchange Act of 1934. The case is entitled Thaler v. IntraLinks Holdings, Inc., C.A. No. 11-CV-9528 (S.D.N.Y.). The Complaint names IntraLinks and certain of its officers and directors as defendants.
If you wish to view a copy of the Complaint, discuss this action, or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/news/intralinks-il.
IntraLinks, together with its subsidiaries, provides software-as-a-service (SaaS) solutions for securely managing content, exchanging critical business information, and collaborating within and among organizations worldwide.
The Complaint asserts that during the Class Period, defendants knew, or recklessly disregarded, that the positive statements concerning the Company’s business prospects, as well as the full year guidance provided by Defendants on February 17, 2011, were materially false and misleading because by end of the first quarter of 2011 a large Enterprise customer informed the Company that it was dramatically reducing its use of IntraLinks’ products going forward and that the Company would have to reducing its earnings expectations as a result. Despite their knowledge of the foregoing, however, defendants failed to disclose that their positive statements about the Company’s business prospects, or the financial guidance issued in February 2011, were no longer accurate in light of the reduced use of the Company’s products by the large Enterprise customer.
If you wish to serve as lead plaintiff, you must move the Court no later than February 4, 2012. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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DA asks Wis. Supreme Court to reopen union lawsuit
Law Center |
2012/01/02 15:25
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A prosecutor asked the Wisconsin Supreme Court on Friday to reopen his lawsuit challenging Gov. Scott Walker's contentious collective bargaining law, contending a justice who voted to dismiss the suit earlier this year got free legal help from the firm defending the law.
Dane County District Attorney Ismael Ozanne argued in filings with the court that it should vacate its decision because Justice Michael Gableman never disclosed his arrangement with the Michael Best and Friedrich law firm. Wisconsin's ethics code prohibits state officials from accepting free gifts, and the judicial ethics code bars judges from accepting gifts from anyone likely to appear before them.
Ozanne asked the court to reinstate a circuit judge's earlier ruling declaring the law void and disqualify Gableman from participating in further proceedings if he won't recuse himself.
Gableman's attorney, Viet Dinh, didn't immediately return a message late Friday afternoon. He told the Milwaukee Journal Sentinel this week that he doesn't believe the free legal services amounted to a gift. A message left at Michael Best and Friedrich's Madison office wasn't immediately returned. |
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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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