Today's Date: Add To Favorites
Enron Pays Out $1.47B to Creditors
Corporate Governance | 2007/04/01 22:49

Since November 2004, Enron has returned about $11.5 billion to creditors in twice-yearly distributions, in April and October, as well as in "catch-up" distributions paid on an interim basis every two months. Monday's distribution was its 15th to creditors, the company said.

Enron, once the nation's seventh-largest company, entered bankruptcy proceedings in December 2001 after years of accounting tricks could no longer hide billions in debt or make failing ventures appear profitable. The collapse wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.

Enron founder Kenneth Lay and former chief executive Jeffrey Skilling were convicted last year for their roles in the company's collapse. Skilling is serving a sentence of more than 24 years. Lay's convictions for conspiracy, fraud and other charges were wiped out with his July death from heart disease.

"Today's distribution is another significant milestone in the liquidation process and represents a tremendous financial outcome for the Enron estate," said John Ray, president and chairman of the board. "The estate continues to focus on its principal mandate to sell remaining assets, settle claims, and prosecute litigation."

Monday's distribution consisted of about $1.7 billion in cash and $171.7 million in shares of Portland General Electric, Enron's former utility.



Bush defends Gonzales' role in US Attorney firings
Political and Legal | 2007/04/01 21:28

US President George W. Bush again defended US Attorney General Alberto Gonzales over his role in the firings of federal prosecutors in a press conference Saturday, saying that Gonzales has his "full confidence." Bush called Gonzales "an honorable and honest man" and said that "there is no credible evidence that there has been any wrongdoing. On Friday White House spokesperson Dana Perino told reporters that despite any reports to the contrary, the president has "100 percent confidence" in Gonzales. Gonzales will testify before Congress on April 17.

Gonzales defended his role in the firings on Friday, admitting that there has been some confusion but that his involvement in the matter was limited to signing off on recommendations made by his former chief of staff Kyle Sampson. Sampson, who resigned last month, told the Senate Judiciary Committee Thursday that the prosecutors were fired for political reasons rather than for poor performance as the Justice Department has claimed. Sampson also said Gonzales did more than merely follow his recommendations, and that Gonzales and former White House counsel Harriet Miers were deeply involved in the firings. On Saturday Republican Rep. Lee Terry of Nebraska joined the call for Gonzales' resignation.



Hicks could face Australian control order after release
Political and Legal | 2007/04/01 21:27

The Australian Federal Police will determine whether Guantanamo Bay military prison detainee David Hicks will be subject to a control order when released from prison later this year, members of the Australian government said Sunday. On Friday a US military commission recommended sentencing Hicks to seven years in prison; all but nine months of that were effectively suspended by a military judge under the terms of a plea agreement kept secret from the panel of military officers during its deliberations. Hicks is expected to be returned to Australia to serve his prison term within two months, after having already spent more than five years in US custody since being captured in Afghanistan.

The controversial "control orders" authorized under Australia's 2005 anti-terror legislation allow "the overt close monitoring of terrorist suspects who pose a risk to the community." The first such order was issued in August 2006 and is still undergoing an appellate court challenge. Similar orders have been called unconstitutional in the European Union. Hicks' lawyer said Sunday that he plans to return to school and will not be a threat, but Australian officials have called him "dangerous" and seek closer surveillance.



Russia bans foreign workers from retail jobs
International | 2007/04/01 20:24

A Russian law banning all foreigners from the country's retail industry took effect Sunday. The new law, passed by the Russian assembly last year, is expected to affect tens of thousands of workers from the former Soviet Republics. The complete ban follows an earlier phase out of foreign workers in the retail industry. Beginning January 15, foreigners could make up no more than 40 percent of a store's staff. Russian police began raiding stores in January and detaining any worker suspected of not being a Russian citizen.

The raids have been widely criticized by human rights and migrant organizations as only targeting non-white workers. The law was introduced last year after a period of increased unrest among migrants and citizens, including a fight in the northern town of Kondopoga between ethnic Chechens and locals which ended with two Russians dead.



Justice Dept. Levies $75M Tax Shelter Fine
Attorneys in the News | 2007/04/01 19:03

One former partner in Jenkens & Gilchrist’s Chicago office, Paul Daugerdas, earned $93 million in fees from tax shelter work, making him one of the single wealthiest participants in the tax shelter business, according to the New York Times.

Jenkens & Gilchrist, which will close its doors at the end of April, will also admit to criminal wrongdoing in the shelters, and will cooperate with the government in its continuing investigations. It was not clear whether Mr. Daugerdas and other colleagues were cooperating, the Times reports.

The agreement with Jenkens & Gilchrist is expected to assist in a wider probe of firms, including Ernst & Young, Deutsche Bank, and Sidley Austin Brown & Wood, and former tax partners with KPMG who were involved in the creation and marketing of the tax shelters.

Law firms have paid fines over the years, but have managed to avoid major damage from scandals involving their clients. Arthur Andersen was indicted in the collapse of Enron, but the company’s outside law firm, Vinson & Elkins, LLP, was not charged.

The main reason is that much of what attorneys do for their clients remains out of sight, according to Stephen Gillers, a legal-ethics professor at New York University School of Law, the Wall Street Journal reports. “Documents are kept confidential, . . . and prosecutors – have a hard time discovering potential wrongdoing by lawyers.”

But the fallout from the original Enron indictments continues. The Securities and Exchange Commission (SEC) announced last week that it is suing two former Enron corporate attorneys for participating in the massive fraud. Jordan H. Mintz, former general counsel, advised the business unit operated by Andrew Fastow, according to the Washington Post. Rex R. Rogers, also named in the suit, is former associate general counsel and a former SEC enforcement lawyer. He reviewed Enron’s public disclosures and securities filings.

The meltdown of Jenkens & Gilchrist, which numbered 600 partners in 2002, has not been as dramatic as the collapse of Andersen, but within a year of the announcement of the investigation in 2004, the firm’s revenue had fallen by 30 percent as partners left taking their clients with them. Only about200 partners remain with the firm, the Journal says.

Gerald Welch, a former Jenkens partner, said that the criminal investigation and the large number of civil lawsuits brought by investors “just became too much of a burden for them to overcome,” according to the Times.

“It became a question of the name,” he said.

A Jenkens’ spokesperson assigned blame to the Chicago office, according to a statement issued by New York prosecutors, the Times reports. “Those responsible for overseeing the Chicago tax practice placed unwarranted trust in the judgment and integrity of the attorneys principally responsible for that practice and failed to exercise effective oversight and control over the firm’s tax shelter practice.”

The firm’s Chicago office issued legal opinion letters blessing the shelters to 1,400 clients according to the IRS. It charged $50,000 apiece for these letters.



Another Enron in Europe?
Practice Focuses | 2007/04/01 19:02

Many European businesses are failing to effectively implement corporate governance codes which is heightening the risk of a serious corporate scandal on the scale of that involving Enron, new research claims.

A poll of Europe's 500 largest publicity listed firms found just 56 percent had the necessary policies in place to protect against ethic and compliance failures, with only 9 percent expecting budgets aimed at addressing the issue to increase.

The worrying figures were despite three-quarters of respondents predicting greater pressure from stakeholders for improved ethics and compliance programs.

The report by Integrity Interactive and the Association of Corporate Counsel (ACC) also found that although 99 percent of companies had a code of conduct or value and principles statement prescribing what staff can or cannot do, only half ensured that all employees were made to read it.

In addition, a quarter of companies confessed to sending their code to selected employees even though 72 percent believed that the entire workforce should be privy to it.

Frederick J. Krebs, ACC president, said: "Companies in the U.S. have spent the last several years ratcheting up their efforts on ethics and compliance but many of their European counterparts still have more work to do.

"For any ethics and compliance program to be effective and successful, it is vital that adequate steps are taken to ensure that all employees understand the policies in place. It is not good enough to have codes of practice buried on an Intranet site where employees have to proactively seek them out.

"Therefore training on codes and policies and the evaluation of levels of understanding of these, play a significant role in protecting a business against scandal and without it many could be heading for trouble."



UK resident released from Guantanamo
International | 2007/04/01 18:18

British resident and Iraqi citizen Bisher al-Rawi was released this weekend from the US military prison at Guantanamo Bay after nearly five years in custody as an enemy combatant. Officials have not confirmed the exact time of al-Rawi's release, but he issued a statement Sunday from his family's home in London. Al-Rawi expressed his happiness to be free and described his "nightmare" at Guantanamo: "Allegations are made against you that are laughably untrue, but you have no chance to prove them wrong. There is no trial, no fair legal process." Al-Rawi was also regretful that his "best friend" Jamil al-Banna remains imprisoned at Guantanamo.

Al-Rawi and al-Banna, also a UK resident, were originally suspected of ties to al Qaeda because of their alleged connection with radical Muslim cleric Abu Qatada. The men were arrested returning to the UK from Gambia with a suspicious electronic device, which they claimed was a battery charger, and were taken into US custody. Despite a general refusal to represent resident aliens at Guantanamo, the British government agreed to help secure al Rawi's release last year after learning that al-Rawi had previously aided British security service MI5. UK Foreign Secretary Margaret Beckett announced al-Rawi's impending release last Thursday; no official comments have been made regarding al-Banna's status.



[PREV] [1] ..[1048][1049][1050][1051][1052][1053][1054][1055][1056].. [1185] [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
Tight US House races in Cali..
North Carolina Attorney Gene..
Republicans take Senate majo..
What to know about the unpre..
A man who threatened to kill..
Ford cuts 2024 earnings guid..
Kenya’s deputy president pl..
South Korean court acquits f..
Supreme Court grapples with ..
Supreme Court leaves in plac..
Kentucky sheriff accused of ..
New rules regarding election..
North Carolina appeals court..
A court in Argentina orders ..
Mexican cartel leader’s son..


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