Today's Date: 4/6/125 | 5:10 P.M. Add To Favorites
Appeal Filed in Kucinich Debate Lawsuit
Court Watch | 2008/01/16 09:00
The Nevada Supreme Court said Tuesday MSNBC can exclude Democratic presidential hopeful Dennis Kucinich from a candidate debate.

Lawyers for NBC Universal Inc., had asked the high court to overturn a lower court order that the cable TV news network include the Ohio congressman or pull the plug on broadcasting the debate Tuesday night with Hillary Rodham Clinton, Barack Obama and John Edwards.

An hour before the debate, the state Supreme Court's unanimous order said that blocking the debate unless Kucinich got to participate would be "an unconstitutional prior restraint" on the news network's First Amendment rights. The justices also said the lower court exceeded its jurisdiction by ordering Kucinich's participation even though he first requested and was denied relief from the Federal Communications Commission.

"It's a matter of being on stage and answering questions. That's the issue," lawyer Bill McGaha argued for Kucinich during a hearing before four justices in Las Vegas. Three other justices participated by closed-circuit video conference from Carson City.

Donald Campbell, a Las Vegas lawyer representing NBC Universal, accused Kucinich of trying to make a jurisdictional "end run" around the FCC and federal courts by suing in Nevada state court to be added to the debate.

FCC broadcast rules do not apply to cable TV networks, Campbell said, adding that forcing MSNBC to add Kucinich or not broadcast the debate amounted to prior restraint and would be a "clear and unequivocal" violation of First Amendment press freedom.

"Mr. Kucinich's claim ... undermines the wide journalistic freedoms enjoyed by news organizations under the First Amendment," Campbell said in his appeal.

Campbell said MSNBC decided to go with the top three candidates after the Iowa and New Hampshire primaries. Kucinich drew less than 2 percent of the Democratic vote in the New Hampshire primary, after attracting little support in the Iowa caucuses.



Court limits investor suits against 3rd parties
Breaking Legal News | 2008/01/16 07:02
In a case born of the accounting scandals that rocked the nation in the first half of the decade the Supreme Court Tuesday limited the ability of defrauded investors to sue accountants, bankers and lawyers who may have helped a company commit the fraud.

The 5-3 decision represents a victory for corporate America, the business lobby and the Bush administration, all of which urged the court to insulate those third parties from so-called "scheme liability," which attempts to reach outside companies who may have contributed to the stock fraud.

"The Supreme Court today handed down a major victory for the U.S. economy and investor welfare," said Stephen Shapiro, the Chicago lawyer who argued the defendants.

The ruling is likely to have a major impact on class-action lawsuits arising from the implosions of Enron Corp. and HealthSouth Corp., among others, making it less likely that those suits will survive. It brought a torrent of criticism from investor advocates and some on Capitol Hill, including Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee.

The decision, Dodd said, will "protect wrongdoers from the consequences of their actions."

The case involved investors who sued Scientific-Atlanta Inc. and Motorola Inc., vendors for cable company Charter Communications Inc., alleging that the vendors were part of a scheme to misrepresent Charter's revenue and pump up its stock price. When the accounting errors were revealed the stock price plummeted.

The dispute was one some observers labeled the "Roe vs. Wade" of securities law, with more than 30 friend-of-the-court briefs filed. When the case was accepted by the court, speculation mounted on the Bush administration's position. In an unusual move, the White House ignored the advice of the Securities and Exchange Commission, accepting instead the Justice Department's recommendation to side with such groups as the U.S Chamber of Commerce and the National Association of Manufacturers.

Justice Anthony Kennedy, writing for the five-justice majority, said that because the vendors made no specific representations about the health of Charter's finances to Charter's investors the vendors weren't liable under federal securities laws. Only the SEC has the authority to bring such "aid-and-abetter" actions against third parties, the court held.

Jeffrey McFadden, a Washington securities litigator, said, "The court looked at the case in very practical terms: Who were the parties that actually made the statements that deceived someone?"

In October Kennedy voiced concern that siding with the investors would result in an explosion of securities litigation. And on Tuesday he seemed to echo that concern in writing, "Were the implied cause of action to be extended to the practices described here, there would be a risk that federal power would be used to invite litigation beyond the immediate sphere of securities litigation."

Kennedy noted the potential impact on the U.S.economy, saying that "contracting parties might find it necessary to protect against these threats. Overseas firms with no other exposure to our securities laws could be deterred from doing business here."

Shapiro, with Chicago firm Mayer Brown, said the outcome actually benefits most investors because a decision the other way would have driven up the costs of outside legal and financial services.

Along with Kennedy, Justices Antonin Scalia, Clarence Thomas, John Roberts and Samuel Alito formed the majority. Justice Stephen Breyer recused himself from consideration of the case because he owns stock in one of the parties.

Justice John Paul Stevens, with Justices David Souter and Ruth Bader Ginsberg, dissented. Stevens wrote that Charter could not have pulled off the accounting fraud without the vendors' help and that the vendors knew that investors would rely on Charter's inflated stock price as a measure of the company's worth.


Transit Panel Urges Gas Tax Increase
Law Center | 2008/01/16 05:07
Federal gasoline taxes should be increased up to 40 cents per gallon over five years, a divided special commission urged Tuesday in calling for drastic changes to fix aging bridges and roads and reduce traffic deaths.

The two-year study by the National Surface Transportation Policy and Revenue Study Commission is the first to propose broad changes after the devastating bridge collapse in Minneapolis last August shone a spotlight on the deteriorating state of the nation's infrastructure. Calling for immediate action, the congressionally created panel warned that "applying patches" is no longer acceptable. It said the nation risks tens of thousands of highway casualties each year and millions of dollars lost in economic growth.

"The crisis is now," the report said.

The 68-page compilation of findings and recommendations, which were supported by nine of the 12 members on the commission, is expected to re-ignite congressional and political debate over raising gasoline taxes. The gas tax has not been increased since 1993, and recent efforts by Congress to increase it have faltered, over the objections of the Bush administration.

The commission was expected to present its findings Thursday to the House Transportation and Infrastructure Committee and to a Senate panel later this month, but House Republican leaders quickly said they would oppose a tax hike.

"A dramatic increase in the gas tax does not stand a snowball's chance in hell of passing Congress," said Rep. John Mica, R-Fla., the top Republican on the House Transportation panel.

In a 10-page dissent, the commission's chairwoman, Transportation Secretary Mary Peters, and two other members agreed with several aspects of the report but sharply criticized the proposal for higher gasoline taxes. She and the two commissioners are calling instead for sole reliance on tolls and private investment, which Peters said would avoid sending millions of dollars of new tax revenue to Washington that end up as congressional pork. Department spokesman for said the three commissioners opted not to appear at the news conference to avoid a public display of internal division.

Under the proposal, the current tax of 18.4 cents per gallon would be increased by 5 cents to 8 cents annually for five years and then indexed to inflation afterward to help fix the infrastructure, expand public transit and highways as well as broaden railway and rural access. The increase is designed to take effect in 2009, after President Bush leaves office.

Other sources of revenue could come from tolls, peak-hour "congestion pricing" on highways, freight fees and ticket taxes for passenger rail improvements, the report said.

"A failure to act will be catastrophic to this nation," said Jack Schenendorf, the commission's vice chairman. He contended the tax increase would amount to "less than a cost of a candy bar and a fifth of the cost of a cafe latte" for the average U.S. motorist.

"We saw what happened with Katrina," he said, referring to the 2005 hurricane which overwhelmed aging levees. "We don't want to see the transportation system to see the same fate of the New Orleans levees."

Commissioner Paul Weyrich, a Republican appointee to the commission and chairman of the Free Congress Foundation, said he is philosophically opposed to higher taxes but decided to support it this time in light of the growing transportation problems.

The recommendations, if implemented, are expected to cost $225 billion each year for the next 50 years:

The commission, established by Congress in 2005, also called for the country to rebuild and expand its rail network to meet a growing demand for alternatives to congested highways and to promote partnerships between the public and private sectors at U.S. ports. Its report comes as state governments and several business groups call on Washington to raise gas taxes to pay for substantial transportation improvements. The Minneapolis bridge collapse, which killed 13 people and injured about 100, also drew new calls for additional spending.

"The time is now to work together to find a solution to this complex problem," said John Engler, president and CEO of the National Association of Manufacturers, which is open to a tax increase but isn't formally supporting it. "The U.S. will soon be facing a competitive disadvantage if we don't develop a national plan to improve the quality of our infrastructure system."



Role of politically connected law firm questioned
Legal Business | 2008/01/16 03:09
Atty. Gen. Lisa Madigan's office asked a Cook County judge Tuesday to remove a law firm with close ties to Gov. Rod Blagojevich from the criminal case of a one-time Blagojevich friend charged with stealing $2 million from the state.

Blagojevich's office and Madigan have repeatedly clashed over the governor's use of private law firms to represent state agencies or his administration. Madigan's office argues that only the attorney general has the authority to represent state agencies in court or hire outside firms for that work.

The development is the latest twist in the case of Anita Mahajan, who is facing fraud charges that her firm, K.K. Bio-Science, billed the Department of Children and Family Services for drug tests it did not perform.

Madigan's office argued that the law firm of Meckler, Bulger and Tilson cannot continue to represent the agency's interests in the ongoing criminal case against Mahajan.

Mahajan and her banker husband, Amrish, were personal friends of Blagojevich and his family and financial supporters of his campaign. First Lady Patricia Blagojevich, a real estate agent, received more than $113,000 in commissions from real estate deals involving the Mahajans in 2006.

Cook County Judge James Obbish did not immediately rule on the request from Madigan's office.

Bruce Meckler said lawyers for his firm were in court Tuesday only because Mahajan's lawyer was demanding records from the firm related to its work for DCFS in the Mahajan case last fall.

"We were there representing our law firm, which had been subpoenaed," Meckler said.

Steve Miller, Mahajan's attorney, questioned in court whether the firm was representing DCFS or the governor's office.

Meckler, who has close political ties to Blagojevich, said his firm is not representing the governor's office in this case. The firm has represented the governor's administration in other matters, and the governor appointed Meckler to the board that oversees Navy Pier and McCormick Place. In addition, Meckler's firm has contributed more than $128,000 to Blagojevich's campaign fund.


Woman guilty of embezzling law firm funds
Court Watch | 2008/01/16 03:08

A former office manager for a Columbia law firm pleaded guilty yesterday to stealing almost $706,000 from the company - one of the largest embezzlement cases in county history, according to the state's attorney's office.

Christine McClain-Sloane, 41, used company checks to pay for personal expenses for six of the 11 years she worked at Nagle and Zaller PC, the Howard County state's attorney's office said.

McClain-Sloane pleaded guilty to two counts of felony theft scheme, and Howard Circuit Judge Diane O. Leasure revoked her bail. Sentencing was scheduled for March 28.

The state will ask that McClain-Sloane serve an 18- to 22-year sentence and repay the firm the $705,915, according to the state's attorney's office.

After analyzing the firm's financial and bank records, the state determined that from 1998 to 2005, McClain-Sloane wrote nearly 250 fraudulent company checks and made nearly 1,400 unauthorized personal charges to her company credit card, according to the statement of facts by Senior Assistant State's Attorney Lynn M. Marshall.

The firm's partners discovered that McClain-Sloane had stolen money after she resigned and moved to Lexington, Ky., in 2005, according to the statement of facts.

"This should be a wake-up call to any professionals and business people because what it really is, is a violation of the trust that was given to her," said P. Michael Nagle, founding partner of the firm, yesterday.

"It's really very important for businesses to have safeguards in place, which I did not have in place," he said.



Citizen Watch Completes Acquisition of Bulova Corporation
Law Firm News | 2008/01/16 01:10


Paul, Weiss client Citizen Watch Co., Ltd. of Japan completed its purchase of Bulova Corporation from Loews Corporation for approximately $250 million in cash. New York-based Bulova Corporation's primary business is the sale of watches under the Bulova, Accutron, Caravelle and Wittnauer brands. Citizen expects the purchase of Bulova to help expand its U.S. presence. The Paul, Weiss team was led by counsel Scott Grader and included corporate partners Toby Myerson and Kaye Yoshino, counsel Didier Malaquin and associates Adriana Hristova, Cory Kampfer, Marta Kelly, Ari Nishitani, Mie Ono and Julian Wong; environmental counsel William O'Brien; employee benefits partner Larry Witdorchic and associate Lauri Penn; real estate partner Peter Fisch and associate Stephan Steiner; tax partner Jeff Samuels, counsel Alyssa Wolpin and associate David Levine; intellectual property associates Julie Feldman and Zoe Hilden; and paralegal Miya Ukawa. Partner Joe Simons also provided advice on antitrust issues.

http://www.paulweiss.com


Supreme Court rules against investors in fraud case
Law Center | 2008/01/15 09:04
The Supreme Court on Tuesday ruled against investors seeking to sue businesses for scheming to manipulate stock prices of publicly traded companies. In a 5-3 ruling, the court gave a measure of protection from securities suits to suppliers, banks, accountants and law firms that do business with corporations engaging in securities fraud.

The court ruled against investors who alleged that two suppliers colluded with Charter Communications Inc. to deceive Charter's stockholders and inflate the price of the cable TV company's stock.

Charter investors do not have the right to sue because they did not rely on the deceptive acts of Charter's suppliers, said the majority opinion by Justice Anthony Kennedy.

Kennedy pointed to the Securities and Exchange Commission as a protector of investors in similar cases and that the regulatory agency has used its enforcement power to collect more than $10 billion over the past five years.

The decision is likely to have an impact on a similar class-action lawsuit by shareholders who invested in scandal-ridden Enron Corp.

Investors in Enron, once the nation's seventh-largest company, are seeking more than $30 billion from Wall Street investment banks, alleging they schemed with Enron to hide its financial problems.

In the Supreme Court, the lawsuit against Charter's suppliers has been closely watched by business and industry, which argued that an adverse ruling would clear the way for a flood of lawsuits.

In dissent, Justice John Paul Stevens said the court is conducting a continuing campaign to undercut investor lawsuits.

A liberal Supreme Court in 1971 endorsed investor lawsuits under antifraud provisions of securities law at issue in the current lawsuit. In 1994, a more conservative Supreme Court imposed limits on such lawsuits, prohibiting cases against third parties for aiding and abetting a company's misstatements. The Republican-controlled Congress enacted the restrictions into law the next year.

In a scheme allegedly designed to inflate the cable TV company's revenue picture, Charter got Motorola and Scientific-Atlanta to buy advertising with money that Charter provided. Charter supplied the funds by paying a $20 premium on each of hundreds of thousands of cable TV set-top boxes, for a total of $17 million. The amount of the overpayments equaled the amount the two suppliers paid for the ads.

Charter reported the advertising payments as revenue, a step that helped Charter meet Wall Street's expectations for the fourth quarter of 2000.

Motorola and Scientific-Atlanta allegedly backdated the contracts for the set-top boxes to make the advertising and the set-top boxes transactions appear unrelated. Scientific-Atlanta allegedly submitted documentation to Charter attributing the price increase to increased manufacturing expenses.

Justice Stephen Breyer disqualified himself from the case because he owns stock in Cisco Systems Inc., which now owns Scientific-Atlanta.



[PREV] [1] ..[787][788][789][790][791][792][793][794][795].. [1189] [NEXT]
All
Class Action
Bankruptcy
Biotech
Breaking Legal News
Business
Corporate Governance
Court Watch
Criminal Law
Health Care
Human Rights
Insurance
Intellectual Property
Labor & Employment
Law Center
Law Promo News
Legal Business
Legal Marketing
Litigation
Medical Malpractice
Mergers & Acquisitions
Political and Legal
Politics
Practice Focuses
Securities
Elite Lawyers
Tax
Featured Law Firms
Tort Reform
Venture Business News
World Business News
Law Firm News
Attorneys in the News
Events and Seminars
Environmental
Legal Careers News
Patent Law
Consumer Rights
International
Legal Spotlight
Current Cases
State Class Actions
Federal Class Actions
Hungary welcomes Netanyahu a..
US immigration officials loo..
Turkish court orders key Erd..
Under threat from Trump, Col..
Military veterans are becomi..
Austria’s new government is..
Supreme Court makes it harde..
Trump signs order designatin..
US strikes a deal with Ukrai..
Musk gives all federal worke..
Troubled electric vehicle ma..
Trump signs order imposing s..
Elon Musk dodges DOGE scruti..
Trump order aims to end fede..
New report outlines risks of..


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.
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
East Greenwich Family Law Attorney
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
  Law Firm Directory
 
 
 
© ClassActionTimes.com. All rights reserved.

The content contained on the web site has been prepared by Class Action Times as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Affordable Law Firm Web Design