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Mich. man sues, wants Chevron stock at '04 price
Breaking Legal News |
2011/07/04 00:07
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A former lawyer intrigued by the global demand for energy says he chose to invest $100,000 in oil giant Chevron Corp. back in 2004, a smart stock bet that now would have doubled seven years later. '
But Perry Christy has a big problem: He says Chevron's stock agent never deducted money from his bank account. As a result, he has no records to show he actually owns a certain number of shares.
So Christy, 69, is suing Chevron and Mellon Investor Services and seeking an extraordinary remedy. He wants a federal judge to declare that he should be credited with buying the stock at a June 2004 price, plus any additional shares that would have piled up by reinvesting dividends. Then he'll pay $100,000.
Based on the terrific rise in San Ramon, Calif.-based Chevron's stock, it would be like winning the lottery—and then buying a ticket.
"There was some kind of mix-up on the day I placed the order," Christy insisted in an interview at his home in the Detroit suburb of Northville. "Whether mechanical or electronic, I don't think we'll ever know. But it's their screw-up. When you deal with any large bureaucracy, people are focused on their own narrow niche."
After more than a year in court, Chevron and Mellon smell a scam and want the case dismissed, even suggesting that Christy's story of a genuine yet botched investment simply is a lie.
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BofA Near $8.5B Deal to Settle Big Investors' Claims
Breaking Legal News |
2011/06/28 22:21
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Bank of America Corp. is close to finalizing a deal to pay $8.5 billion to settle claims by a group of investors that the bank sold them poor-quality mortgage-backed securities that went sour when the housing market tanked, according to a person familiar with the settlement talks.
The Charlotte, North Carolina, bank was continuing talks late Tuesday with the group, which includes the Federal Reserve Bank of New York, Pimco Investment Management, the world's largest bondholder, and Blackrock Financial Management. It is expected to announce an agreement as early as Wednesday, the person said on condition of anonymity because the matter was still developing.
The deal comes eight months after the group fired off a letter to Bank of America demanding that it repurchase $47 billion in mortgages that its Countrywide unit sold to them in the form of bonds. The investors have argued that Countrywide's practice of modifying loans found to have faulty paperwork or those written outside of normal underwriting standards breached signed agreements with the investors. By continuing to service bad loans rather than speeding up foreclosures, the group has claimed that Countrywide ran up servicing fees, enriching itself at the expense of investors. The New York Fed is involved because it took over assets held by American International Group Inc., which faltered under the weight of bad home loans that it insured.
Bank of America, which paid $4 billion for Countrywide in 2008, has dismissed suggestions that its handling of loan modifications and other efforts to prevent foreclosure have violated the terms of the mortgage-backed securities that the investors hold. In November, CEO Brian Moynihan said he was in day-to-day "hand-to-hand combat" with investors' demands.
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Supreme Court limits Wal-Mart sex bias case
Breaking Legal News |
2011/06/20 08:08
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The Supreme Court on Monday blocked a massive sex discrimination lawsuit against Wal-Mart on behalf of women who work there.
The court ruled unanimously that the lawsuit against Wal-Mart Stores Inc. cannot proceed as a class action, reversing a decision by the 9th U.S. Circuit Court of Appeals in San Francisco. The lawsuit could have involved up to 1.6 million women, with Wal-Mart facing potentially billions of dollars in damages.
Now, the handful of women who brought the lawsuit may pursue their claims on their own, with much less money at stake and less pressure on Wal-Mart to settle.
The justices divided 5-4 on another aspect of the ruling that could make it much harder to mount similar class-action discrimination lawsuits against large employers.
Justice Antonin Scalia's opinion for the court's conservative majority said there needs to be common elements tying together "literally millions of employment decisions at once."
But Scalia said that in the lawsuit against the nation's largest private employer, "That is entirely absent here."
Justice Ruth Bader Ginsburg, writing for the court's four liberal justices, said there was more than enough uniting the claims. "Wal-Mart's delegation of discretion over pay and promotions is a policy uniform throughout all stores," Ginsburg said.
Business interests lined up with Wal-Mart while civil rights, women's and consumer groups have sided with the women plaintiffs.
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High-profile attorney facing disbarment in Ky.
Breaking Legal News |
2011/06/13 19:20
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The Kentucky Bar Association Board of Governors is preparing to decide the fate of class-action legal specialist Stan Chesley, the Cincinnati attorney known as the "Master of Disaster."
The board is scheduled to hear oral arguments on Tuesday at a Lexington hotel. A trial commissioner who recommended disbarment also wants Chesley to return $7.6 million of the $20 million he was paid in fees from a Boone County settlement for people sickened by the diet drug fen-phen. The commissioner called Chesley's behavior "shocking and reprehensible."
Chesley could appeal any disbarment to the Kentucky Supreme Court, which has the final say on disciplinary matters. Since Kentucky has a reciprocal agreement with Ohio, Chesley could lose his law license in Ohio if he is disbarred in Kentucky, the Kentucky Enquirer reports.
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Court: No shield law for message boards posters
Breaking Legal News |
2011/06/07 05:19
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The New Jersey Supreme Court says people posting in online message boards don't have the same protections for sources as mainstream journalists.
The court ruled Tuesday that New Jersey's shield law for journalists does not apply to such message boards.
The case involved a New Jersey-based software company named Too Much Media. It sued a Washington state blogger for defamation and wanted her to reveal sources she cited on message board posts.
Shellee Hale claimed customer information was compromised and that she should be protected from revealing her sources.
New Jersey's highest court says online message boards are little more than forums for discussion and don't fit the definition of news media as described by the law.
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NJ mom accused of starving child pleads not guilty
Breaking Legal News |
2011/06/02 08:57
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Two women pleaded not guilty Wednesday to charges of child endangerment a week after an 8-year-old was found dead in their apartment from severe malnutrition and an untreated broken leg and her injured and emaciated siblings were removed alive.
The children's 30-year-old mother, Venette Ovilde, stared blankly and answered a judge's questions in a barely audible whisper as she entered her plea through a court-appointed attorney. She remains held on $500,000 bail on aggravated manslaughter and child endangerment charges.
Her 23-year-old roommate, Myriam Janvier, also pleaded not guilty through a court-appointed attorney to child endangerment charges. Her bail was continued at $100,000.
Christiana Glenn died May 22 from severe malnutrition and a fractured femur that authorities said had never been treated. Her 7-year-old sister and 6-year-old brother remained hospitalized for treatment of malnutrition and other injuries after being removed from Ovilde's Irvington apartment.
The children were discovered after the police were called to the home on a report of a child not breathing.
The women, who were both born in Haiti but came to the U.S. at a young age, radically altered their lifestyles about two years ago when they came under the sway of a man they described as their religious leader, according to friends and acquaintances. |
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Gov. Rick Perry signs tort reform bill into law
Breaking Legal News |
2011/05/30 13:07
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Gov. Rick Perry signed into law Monday a measure that will limit frivolous lawsuits by levying some fees on plaintiffs and allowing meritless suits to be dismissed early in the process.
Perry designated the "loser pays" bill a top priority of the legislative session, saying Texas needs to crack down on junk lawsuits.
Some plaintiffs who sue and lose will be required to pay the court costs and attorney fees of those they are suing. The law also creates expedited civil actions for cases less than $100,000. It goes into effect Sept. 1.
Perry said the legislation "provides defendants and judges with a variety of tools to expedite justice for those deserving."
"Employers will spend less time in court and more time creating jobs," he said.
The law will encourage timely settlements by penalizing parties who turn down reasonable settlement offers to try to get more than they should.
Perry said the changes reduce the cost of litigation while still allowing legitimate cases to proceed. Supporters say the state's business climate will improve because the reforms will make Texas more attractive to employers looking to expand or relocate. |
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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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