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NY top court allows private securities claims
Breaking Legal News |
2011/12/20 10:22
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Enforcement by the state attorney general against securities fraud doesn't pre-empt private common-law claims of negligence against investment companies, New York's top court ruled Tuesday.
The Court of Appeals rejected J.P. Morgan Investment Management's argument that New York's Martin Act gives the attorney general exclusive authority over fraudulent securities and investment practices. The court said Assured Guaranty (UK) Ltd. can sue J.P. Morgan.
"We agree with the attorney general that the purpose of the Martin Act is not impaired by private common-law actions that have a legal basis independent of the statute because proceedings by the attorney general and private action have the same goal — combating fraud and deception in securities transactions," Judge Victoria Graffeo wrote.
Assured claimed breach of fiduciary duty and gross negligence, alleging J.P. Morgan invested heavily in risky mortgage-backed securities while committing to a conservative investment policy for reinsurance company Orkney RE II PLC, whose obligations Assured guaranteed. After the market crashed, Assured had to cover Orkney losses.
"Here, the plain text of the Martin Act, while granting the attorney general investigatory and enforcement powers and prescribing various penalties, does not expressly mention or otherwise contemplate the elimination of common-law claims," Graffeo wrote. The unanimous ruling upheld a midlevel court, which had reversed a judge. |
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Court schedules week of health care arguments
Breaking Legal News |
2011/12/19 11:24
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The Supreme Court announced Monday that it will use an unprecedented week's worth of argument time in late March to decide the constitutionality of President Barack Obama's historic health care overhaul before the 2012 presidential elections.
The high court scheduled arguments for March 26th, 27th and 28th over the Patient Protection and Affordable Care Act, which aims to provide health insurance to more than 30 million previously uninsured Americans. The arguments fill the entire court calendar that week with nothing but debate over Obama's signature domestic health care achievement.
With the March dates set, it means a final decision on the massive health care overhaul will likely come before Independence Day in the middle of Obama's re-election campaign. The new law has been vigorously opposed by all of Obama's prospective GOP opponents. Republicans have branded the law unconstitutional since before Obama signed it in a March 2010 ceremony.
In an extraordinary move, the justices are hearing more than five hours of arguments over the health care overhaul. In the modern era, the last time the court increased that time anywhere near this much was in 2003 for consideration of the McCain-Feingold campaign finance overhaul. That case consumed four hours of argument. |
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Pomerantz Law Firm Has Filed a Class Action
Class Action |
2011/12/19 11:23
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Shareholders of Pain Therapeutics, Inc. are reminded of the securities class action lawsuit filed against Pain Therapeutics and certain of its officers. The class action (1-11-CV-1034), filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011 (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests. |
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Calif. company due in court for Colo. fire deaths
Court Watch |
2011/12/19 09:23
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A California specialty painting company is expected to plead guilty in the 2007 deaths of five workers at a Colorado power plant, in the rare prosecution of a company.
RPI Coatings Inc. of Santa Fe Springs, Calif., is expected to plead guilty Monday to five misdemeanor counts of workplace safety violations resulting in death.
During a court hearing earlier this month, Assistant U.S. Attorney Jaime Pena said the company likely would pay a substantial compensation to the victims' survivors as part of a plea deal.
The workers died after a fire broke out inside a pipeline at Xcel Energy's Cabin Creek hydroelectric plant near Georgetown, Colo., about 40 miles west of Denver.
A jury in June acquitted Minneapolis-based Xcel Energy Inc., which owns the power plant, of all criminal charges. The company has paid millions in compensation to the families. |
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Saab files for bankruptcy after Chinese deal fails
Bankruptcy |
2011/12/18 11:23
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Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors.
Saab CEO Victor Muller personally handed in the bankruptcy application to a court in southwestern Sweden, ending his two-year effort to revive the carmaker that over more than six decades has become known for its rounded sedans and quirky design features.
The Dutch entrepreneur told reporters he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a last-ditch financing plan involving a Chinese company.
"That basically was the last nail in the coffin of this beautiful company," Muller said in webcast news conference at the Saab plant in Trollhattan, southwestern Sweden.
The Vanersborg District Court was expected to approve the application later Monday.
"This is the most unwelcome Christmas gift I could have imagined," said Fredrik Almqvist, 36, who has worked at Saab's assembly line for nearly 17 years.
While experts say the company is likely to be chopped up and sold in parts, local officials in the town of Trollhattan, where Saab employs more than 3,000 people, were holding out hope that a new buyer would emerge to salvage the brand.
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Wall St. seeks dismissal of Ala. record bankruptcy
Court Watch |
2011/12/16 09:34
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Wall Street creditors asked a federal judge Thursday to throw out the record bankruptcy filed by Alabama's largest county over more than $4 billion in debt, arguing state law doesn't allow it.
Lenders claimed during a hearing and in court documents that Alabama law permits bankruptcy only for bond debt, and Jefferson County has a different type of debt called warrants. The county and creditors could be thrown back into out-of-court settlement talks if the judge agrees.
The county contends bankers are cherry-picking state law in hopes of getting the case dismissed, and that any government in the state can go bankrupt whether its debt is for bonds or warrants.
The Jefferson County Commission president, David Carrington, testified that municipal bankruptcy was the county's sole option after intense negotiations fell apart.
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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action
Class Action |
2011/12/16 09:33
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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the common stock of The Cooper Companies, Inc. between March 4, 2011 and November 15, 2011, inclusive.
If you purchased the common stock of Cooper during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 27, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Cooper shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
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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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