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Kaplan Fox Files Securities Class Action
Press Release |
2011/11/17 09:48
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Kaplan Fox amp; Kilsheimer LLP has filed a class action suit against Jon S. Corzine, J. Randy MacDonald, Henri J. Steenkamp and certain other individuals that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of the securities of MF Global Holdings Ltd. during the period May 20, 2010 through October 28, 2011, inclusive, including investors who purchased MF Global common stock previously traded on the New York Stock Exchange under the symbol MF and purchasers of the Company's debt securities.
The case is pending in the United States District Court for the Southern District of New York. A copy of the complaint may be obtained from Kaplan Fox or the Court.
The complaint alleges that in March 2010, Corzine, a former CEO of Goldman Sachs Group, Inc. and former Governor of New Jersey, became Chairman and CEO of MF Global and that after Corzine became Chairman and CEO of MF Global, the Company increased its risk and used its own money to trade, including making investments in European sovereign debt that has plummeted in value. Reportedly, Corzine's strategy was to transform the Company from a futures broker into a boutique investment bank.
The complaint further alleges that Corzine's push into more risky and principal trading with the Company's money was central to MF Global's profit-growing plan and transformation, and that Corzine and the other defendants represented that they could grow and transform the business without taking on excessive risk, while maintaining adequate capital and liquidity. Further, it is alleged that while making this transformation, Corzine and the other defendants failed to disclose that the Company was undercapitalized, exposed to excessive risk due to massive bets on debt issued by certain European governments, and did not have proper risk controls in place to manage these risks.
If you are a member of the proposed Class, you may move the court no later than January 3, 2012 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox amp; Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox amp; Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com. |
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NY federal appeals court reverses Bruno conviction
Court Watch News |
2011/11/16 09:48
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A federal appeals court has tossed out the conviction of a former Republican leader of the New York Senate.
The 2nd U.S. Circuit Court of Appeals rejected the conviction of Joseph Bruno.
He was convicted in 2009 of denying taxpayers honest services by concealing a deal with a business associate who paid him as a consultant.
It was expected that the 2nd Circuit would reverse the conviction after the U.S. Supreme Court last year ruled in the case of former Enron CEO Jeffrey Skilling. The Supreme Court found that federal statutes used to fight white-collar and public official fraud only criminalize schemes with proof of bribes or kickbacks.
The 2nd Circuit agreed to return the case to the lower court in Albany, where prosecutors can seek a superseding indictment. |
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Missouri Supreme Court upholds strip club restrictions
Industry News |
2011/11/16 09:47
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The Missouri Supreme Court has upheld a 2010 state law imposing restrictions on strip clubs and other sexually oriented businesses.
In a unanimous decision Tuesday, the court rejected claims from the adult entertainment industry that the law infringed on free expression rights and was passed in violation of legislative procedures.
The court said there was enough evidence to support the Legislature's belief that the restrictions served a government interest in minimizing negative effects from sexually oriented businesses.
The law requires sexually themed businesses to close by midnight. It also bans full nudity, alcohol, minors and touching between semi-nude employees and customers.
The Supreme Court's ruling affirms a prior decision by a Cole County judge. |
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N. Idaho woman pleads guilty to embezzling
Court Watch News |
2011/11/15 11:26
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A northern Idaho woman has pleaded guilty to embezzling more than $260,000 from Coldwater Creek.
Susan Alene Hopkins, also known as Susan Scott, pleaded guilty to one count of grand theft on Thursday. The Bonner County Daily Bee reportsnbsp; that a second grand theft count is being dismissed as part of the deal.
Authorities say the former Coldwater Creek executive used a company credit card to embezzle the money between 2006 and 2010. Police say she also took money from the Panhandle Alliance For Education between 2008 and 2010.
The 54-year-old Hopkins is scheduled to be sentenced in February. Prosecutors are recommending a suspended prison term of three to 10 years and 90 days in jail.
The plea agreement also calls for Hopkins to repay $251,943. |
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Justices unlikely to have last word on health care
Headline Topics |
2011/11/15 08:59
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President Barack Obama's historic health care overhaul divided the nation from the day he signed it into law, and that seems unlikely to change no matter how the Supreme Court rules on its constitutionality.
Some legal disputes, like the 2008 presidential election, the court can settle. Others rage on, such as abortion. It may take another decade to find the balance between private and public responsibility for health care in America, a nation disdainful of big government yet historically unable to guarantee affordable basic coverage to its citizens.
Either way it rules, the Supreme Court decision will not end the debate on health care, said former Senate Majority Leader Tom Daschle, an influential Democratic adviser. It is, and will largely remain, a debate on the role of government.
The Supreme Court's announcement on Monday that it will take up the constitutional challenge to what Republicans deride as Obamacare, sets the stage for a decision next summer in the heat of the presidential election campaign. |
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Company pleads guilty to dumping wastewater in Harvey Canal
Network News |
2011/11/14 11:26
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A Louisiana company has pleaded guilty to a charge it illegally discharged more than 1 million gallons of oily wastewater into the Harvey Canal.
Oakmont Environmental Inc. of Harvey faces a $500,000 fine following its guilty plea Wednesday to violating the Clean Water Act.
Clifton Carr, a 62-year-old Amite resident who was the operator of the company's waste treatment facility, also pleaded guilty Wednesday to a related charge.
Federal prosecutors say Oakmont had a permit to discharge wastewater into a Jefferson Parish sewerage treatment plant after it had been pretreated.
But the company allegedly discharged the wastewater directly into the canal without separating the oil from the water.
Prosecutors said 1.2 million gallons of oily wastewater was discharged into the canal between September 2007 and March 2008. |
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Russia court rejects $16 billion claim against BP
Headline Court News |
2011/11/14 11:26
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A Russian court on Friday rejected a $16 billion claim against BP PLC filed by an obscure minority shareholder in BP's Russian venture, TNK-BP.
The court victory may have softened the blow that BP sustained when Rosneft dropped it as a partner in developing Russia's untapped Arctic oil and gas riches. The multibillion dollar deal broke down after TNK-BP's Russian billionaire shareholders blocked it, claiming that BP should be pursuing it through TNK-BP.
The Arbitration Court in the Tyumen region in Siberia on Friday dismissed two motions filed by a group of minority shareholders led by Andrei Prokhorov, who owns 0.0000106 percent in TNK-BP. The lawsuits are a $13 billion claim against BP and a $2.8 billion suit against two BP-nominated directors on TNK-BP's board.
Prokhorov and other shareholders claimed that BP and its representatives damaged TNK-BP's interests by failing to include the Russian venture in the Arctic deal with Rosneft.
BP's Russian partners in TNK-BP have denied any connection to the minority shareholder's suit. The claim was the reason why Russian police raided BP's office in August, which happened just days after Rosneft teamed up with ExxonMobil to develop the Arctic. |
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