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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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Mass. court OKs release of Bishop inquest report
Breaking Legal News |
2011/12/13 10:42
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The highest court in Massachusetts has sided with The Boston Globe in a battle to release a report and transcript of an inquest into the 1986 shooting death of the brother of an Alabama professor accused of killing three colleagues in a 2010 shooting rampage.
The Supreme Judicial Court ruled Tuesday that the inquest materials can be released, but said Amy Bishop, her family, prosecutors and others can still argue to show "good cause" why the materials should remain sealed.
After Bishop was charged in Alabama, a Massachusetts judge conducted an inquest into her brother's death. A grand jury later indicted Bishop for murder.
The high court outlined new rules for the release of inquest materials, saying they should become public after prosecutors decide whether to bring criminal charges. |
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High court to look at state immigration laws
Breaking Legal News |
2011/12/12 11:01
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The Supreme Court has agreed to rule on Arizona’s controversial law targeting illegal immigrants.
The justices said Monday they will review a federal appeals court ruling that blocked several tough provisions in the Arizona law. One of those requires that police, while enforcing other laws, question a person’s immigration status if officers suspect he is in the country illegally.
The Obama administration challenged the Arizona law by arguing that regulating immigration is the job of the federal government, not states. Similar laws in Alabama, South Carolina and Utah also are facing administration lawsuits.
The court now has three politically charged cases on its election-year calendar. The other two are President Barack Obama’s health care overhaul and new electoral maps for Texas’ legislature and congressional delegation. |
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CA same-sex marriage ban gets another day in court
Breaking Legal News |
2011/12/09 13:15
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The sponsors of California's gay marriage ban renewed their effort Thursday to disqualify a federal judge because of his same-sex relationship, but they met a skeptical audience in an appeals court panel.
It's the first time an American jurist's sexual orientation has been cited as grounds for overturning a court decision.
Lawyers for a coalition of religious conservative groups told a three-judge panel of the 9th U.S. Circuit Court of Appeals that Chief U.S. District Judge Vaughn Walker should have revealed he had a long-term male partner before he presided over a trial on the measure's constitutionality. He also should have stated whether he had any interest in getting married, the lawyers said.
Because he did not, Walker's impartiality stands in doubt and the decision he ultimately made to strike down Proposition 8 as a violation of Californians' civil rights must be reversed, said Charles Cooper, an attorney for the ban's backers.
"In May 2009, when Judge Walker read the allegations of the complaint, he knew something the litigants and the public did not know: He knew that he, too, like the plaintiffs, was a gay resident of California who was involved in a long-term, serious relationship with an individual of the same sex," Cooper said. "The litigants did not have any knowledge of these facts, and it appears that Judge Walker made the deliberate decision not to disclose these facts." |
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Bank of America settles mortgage suit for $315 mln
Breaking Legal News |
2011/12/06 10:58
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Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.
The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.
U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.
Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors. |
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High court to hear suit over Cheney event arrest
Breaking Legal News |
2011/12/05 10:17
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The Supreme Court said Monday it will hear an appeal from Secret Service agents who say they should be shielded from a lawsuit over their arrest of a Colorado man who confronted Vice President Dick Cheney.
The justices will review a federal appeals court decision to allow Steven Howards of Golden, Colo., to pursue his claim that the arrest violated his free speech rights. Howards was detained by Cheney's security detail in 2006 after he told Cheney of his opposition to the war in Iraq.
Howards also touched Cheney on the shoulder, then denied doing so under questioning. Appellate judges in Denver said the inconsistency gave the agents reason to arrest Howards.
Even so, the appeals court said Howards could sue the agents for violating his rights — an unusual twist that the agents and the Obama administration said conflicts with other appeals court decisions and previous high court rulings in similar cases.
Justice Elena Kagan is not taking part in the case, probably because she worked on it while serving in the Justice Department. |
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