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BofA investor lawsuit wins class-action status
Breaking Legal News |
2012/02/08 09:40
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Investors suing Bank of America Corp won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and the size of Merrill's losses and bonus payouts.
U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions.
Among the other defendants who were also sued and opposed class certification were former Bank of America Chief Executive Kenneth Lewis, former Merrill Chief Executive John Thain, former Bank of America Chief Financial Officer Joe Price, and Bank of America's board of directors.
Lewis had won initial praise for saving Merrill from possible collapse when he agreed to buy it on September 15, 2008, the day Lehman Brothers Holdings Inc went bankrupt.
But investors later faulted the bank for not disclosing the scope of Merrill's soaring losses, which reached $15.84 billion in the fourth quarter of 2008, before December 2008 shareholder votes on the merger. They also objected to Merrill's having paid $3.6 billion of bonuses despite the losses. |
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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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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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US judge denies bid to block NV mustang roundups
Breaking Legal News |
2012/01/27 09:08
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A federal judge in Nevada who handed horse protection advocates a rare victory last fall has rejected their latest request to block government roundups of free-roaming mustangs in the West, saying they'll have to go to Congress if they think the animals are being treated inhumanely and need more protection.
U.S. District Judge Howard McKibben granted a temporary restraining order on Aug. 30 that cut short by a day a roundup near the Nevada-Utah line after he determined a helicopter flew too close to a horse in violation of the law.
But he said during a hearing in Reno Thursday that he was denying a new injunction request from the Texas-based Free Wild Horse Federation partly because the Bureau of Land Management has made some positive changes since then. He also said he can't issue injunctions based on speculation about future abuses.
"This court is really not in a position to be the overseer of the BLM," McKibben said. "This court is not going to police all gathers in the U.S. or even all gathers in the district of northern Nevada."
"This Court is not Congress, not an administrative agency. We are not the first branch of government. We are not the second branch. We're here to consider grievances," he said.
His ruling was a disappointment to horse protection advocates who were buoyed by his court order last fall when he took the BLM to task for its actions at the Triple B complex roundup near the Nevada-Utah line northwest of Ely, Nev. |
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Defamation suit filed against pen-named Utah mayor
Breaking Legal News |
2012/01/26 12:41
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A Utah mayor who wrote news stories under a false identify is being sued for defamation.
In court papers, Chris Hogan alleges an article by West Valley City Mayor Mike Winder falsely claimed he was accused of extortion and fired from UTOPIA, a fiber-optic network formed by 16 Utah cities.
The lawsuit filed Wednesday in U.S. District Court in Salt Lake City seeks a trial, compensation for lost wages and punitive damages.
Among the lawsuit's 14 defendants is Deseret Digital Media, which published Winder's stories under the alias Richard Burwash.
The company's CEO Clark Gilbert has said company officials "deeply regret" the mayor misrepresented himself.
Winder promoted his city and even quoted himself in stories he wrote.
Winder said on Thursday he disputes Hogan's claims and will defend the lawsuit. |
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Warrant needed for GPS tracking, high court says
Breaking Legal News |
2012/01/24 09:18
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In a rare defeat for law enforcement, the Supreme Court unanimously agreed on Monday to bar police from installing GPS technology to track suspects without first getting a judge's approval. The justices made clear it wouldn't be their final word on increasingly advanced high-tech surveillance of Americans.
Indicating they will be monitoring the growing use of such technology, five justices said they could see constitutional and privacy problems with police using many kinds of electronic surveillance for long-term tracking of citizens' movements without warrants.
While the justices differed on legal rationales, their unanimous outcome was an unusual setback for government and police agencies grown accustomed to being given leeway in investigations in post-Sept. 11 America, including by the Supreme Court. The views of at least the five justices raised the possibility of new hurdles down the road for police who want to use high-tech surveillance of suspects, including various types of GPS technology. |
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Colo. court weighs energy leases near Utah parks
Breaking Legal News |
2012/01/20 10:10
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A federal appeals court must decide if the Obama administration gave energy companies sufficient notice that it was scrapping oil and gas leases auctioned off near national parks in Utah in the closing days of the Bush presidency.
The sale near Arches and Canyonlands national parks and Dinosaur National Monument was protested by environmentalists, including Robert Redford, and prompted an act of civil disobedience by a University of Utah student who entered the bidding and drove up prices.
Energy companies are trying to win back the leases and asked the 10th Circuit Court of Appeals in Denver on Thursday to reconsider whether a news conference by Interior Secretary Ken Salazar soon after President Barack Obama took office counts as public notice of his final decision.
The government argues that the Feb. 4, 2009, announcement and an internal memo two days later served as notice. The energy companies claim that the new administration didn't follow typical notification procedures and that the decision wasn't final until the Bureau of Land Management carried out Salazar's decision on Feb. 12, 2009. |
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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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