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NY top court allows private securities claims
Headline Topics |
2011/12/20 10:25
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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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Calif. company due in court for Colo. fire deaths
Topics |
2011/12/19 11:29
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A California specialty painting company is expected to plead guilty in the 2007 deaths of five workers at a Colorado power plant, in the rare prosecution of a company.
RPI Coatings Inc. of Santa Fe Springs, Calif., is expected to plead guilty Monday to five misdemeanor counts of workplace safety violations resulting in death.
During a court hearing earlier this month, Assistant U.S. Attorney Jaime Pena said the company likely would pay a substantial compensation to the victims' survivors as part of a plea deal.
The workers died after a fire broke out inside a pipeline at Xcel Energy's Cabin Creek hydroelectric plant near Georgetown, Colo., about 40 miles west of Denver.
A jury in June acquitted Minneapolis-based Xcel Energy Inc., which owns the power plant, of all criminal charges. The company has paid millions in compensation to the families. |
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Suspect in NYC woman's burning appears in court
Headline Court News |
2011/12/19 11:28
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The New York man suspected of spraying a 73-year-old woman with gasoline and setting her on fire in an elevator was charged Monday with murder and arson.
Jerome Isaac appeared in court with the left side of his face badly burned and peeling. He said nothing. He was held without bail, and his lawyer requested solitary confinement for the 47-year-old, as well as medical attention.
Surveillance video from the elevator shows the attack.
According to the criminal complaint, Isaac sprayed Delores Gillespie with gasoline as she stood in the elevator that had just opened to the 5th floor of her apartment building. She crouched and cowered, grocery bags draped off her arms.
Isaac pulled out a barbecue-style lighter, authorities said, and used it to ignite a rag in a bottle. He waited a few seconds, then backed out of the elevator and tossed the flaming bottle in, authorities said. |
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Int'l court refuses to halt Rwandan's release
Industry News |
2011/12/19 11:28
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International Criminal Court judges refused Monday to block the release of a Rwandan rebel prosecutors accuse of involvement in deadly attacks by a Hutu militia on villages in Congo in 2009.
The pre-trial judges ordered the release of Callixte Mbarushimana on Friday after dismissing all charges against him for lack of evidence. If he is freed, Mbarushimana would be the first suspect released from ICC custody since the court's inception in 2002.
Prosecutors had said they would appeal the ruling and asked the court to delay Mbarushimana's release pending the outcome of the appeal. But in Monday's written decision, judges ruled that Mbarushimana can no longer be detained because the 11 charges against him have been dismissed.
A warrant of arrest previously issued ceases to have effect with respect to any charges not confirmed by the Pre-Trial Chamber, the judges wrote. |
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Ind. appeals court upholds man's 60-year sentence
Network News |
2011/12/19 11:27
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The Indiana Court of Appeals has upheld a southern Indiana man's 60-year prison sentence for beating his girlfriend to death with a crowbar.
The Princeton Daily Clarion reports the court ruled Thursday that 68-year-old Robert P. Spangler's sentence was not inappropriate despite his mental illness, remorse in the killing and lack of a prior criminal history.
Spangler was sentenced this summer in Gibson Circuit Court to 60 years after pleading guilty but mentally ill to murder in Pat Heichelbach's November 2010 killing. Spangler's attorney argued for a 45-year term.
Spangler admitted beating Heichelbech with a crowbar at his Fort Branch home in November 2010.
Heichelbech's daughter, Sherry Heichelbech, testified at Spangler's sentence that he should never be allowed to walk among good and decent people again. |
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Pomerantz Law Firm Has Filed a Class Action
Headline Court News |
2011/12/18 11:28
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Shareholders of Pain Therapeutics, Inc. are reminded of the securities class action lawsuit filed against Pain Therapeutics and certain of its officers. The class action (1-11-CV-1034), filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011 (the Class Period). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests. |
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Saab files for bankruptcy after Chinese deal fails
Legal Business |
2011/12/18 11:28
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Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors.
Saab CEO Victor Muller personally handed in the bankruptcy application to a court in southwestern Sweden, ending his two-year effort to revive the carmaker that over more than six decades has become known for its rounded sedans and quirky design features.
The Dutch entrepreneur told reporters he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a last-ditch financing plan involving a Chinese company.
That basically was the last nail in the coffin of this beautiful company, Muller said in webcast news conference at the Saab plant in Trollhattan, southwestern Sweden. |
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