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List of potential victims grows in NY fraud case
Headline Topics |
2008/12/14 09:01
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| Investors who put their fortunes in the hands of arrested New York money manager Bernard Madoff are waiting to hear how much of their stake is left.pThe roster of potential victims in what prosecutors said was a $50 billion Ponzi scheme has grown exponentially longer in the past few days./ppMadoff, 70, said in regulatory filings that he only had around 25 clients, but it has become apparent that the list of people who lost money may number in the hundreds or even thousands./ppAmong those who have acknowledged potential losses so far: Former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services./ppA charity in Massachusetts that supports Jewish programs, the Robert I. Lappin Charitable Foundation, said it had invested its entire $8 million endowment with Madoff. The organization's executive director said she doesn't expect it to survive./ppOther institutions that believed they had lost millions included The North Shore-Long Island Jewish Health System and the Texas-based Julian J. Levitt Foundation./ppHedge funds and other investment groups looked like big losers too. The Fairfield Greenwich Group said it had some $7.5 billion in investments linked to Madoff. A private Swiss bank, Banque Benedict Hentsch Fairfield Partners SA, said it had $47.5 million worth of client assets at risk./p |
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Insurer's asbestos-related lawsuits at high court
Headline Topics |
2008/12/13 09:14
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| The Supreme Court agreed Friday to consider reinstating a roughly $500 million settlement of asbestos-related lawsuits against the Travelers Companies Inc.pThe settlement would also block any new lawsuits against Travelers arising out of the insurance company's long relationship with Johns Manville Corp., once the world's largest producer of asbestos./ppTravelers has been named in dozens of lawsuits claiming that it tried to hide the dangerous health effects of asbestos. Asbestos is a mineral that was commonly used until the mid-1970s in insulation and fireproofing material. Exposure can increase the risk of lung cancer, mesothelioma and other ailments, according to federal health agencies./ppThe company has argued that asbestos-related claims should be paid out of a trust created by Johns Manville in the 1980s and approved by a federal bankruptcy judge. Money for the fund came largely from insurers./ppTravelers agreed to settle with several groups of plaintiffs provided that federal courts make clear that it would not have to face any new similar lawsuits./ppThe 2nd U.S Circuit Court of Appeals in New York overturned lower-court approval of the settlement, saying a bankruptcy judge lacks the authority to act so broadly. The justices, at arguments in March, will consider the question of the bankruptcy court's power./ppThe consolidated cases are The Travelers Indemnity Co. v. Bailey, 08-295, and Common Law Settlement Counsel v. Bailey, 08-307. /p |
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John Q. Kelly on Fox News - Natalee Holloway Case
Lawyer News |
2008/12/06 15:38
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a href=http://www.kellygrouppc.comNatalee Holloway/a |
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Justices chide California-based appeals court
Court Watch News |
2008/12/03 18:53
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| The Supreme Court took aim at one of its favorite targets Tuesday, criticizing a California-based federal appeals court for its ruling in favor of a criminal defendant.pThe justices threw out a decision by the San Francisco-based 9th U.S. Circuit Court of Appeals in the case of Michael Robert Pulido, who was convicted for his role in robbing a gas station and killing the defendant./ppA U.S. District Court judge set aside Pulido's conviction because the trial judge in the case gave the jury improper instructions./ppThe high court said in an unsigned opinion that the appeals court ruling affirming the federal judge's action used faulty reasoning. The justices did not reinstate Pulido's conviction./ppJustices John Paul Stevens, Ruth Bader Ginsburg and David Souter agreed that the appeals court made a mistake, but would have affirmed its ruling anyway because the underlying decision in favor of Pulido was correct./ppLast month, the court overruled the 9th Circuit in an environmental case involving the Navy's use of sonar and its potential harm to whales./ppThe case is Hedgpeth v. Pulido, 07-544. /p |
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