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Two men found guilty for selling U.S. company’s technology
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2014/03/07 14:56
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A federal jury found two men guilty Wednesday of economic espionage involving the theft and sale of a U.S. company’s technology to a competitor controlled by the Chinese government.
The jury returned the verdicts against Robert Maegerle and Walter Liew.
They were accused of stealing Delaware-based DuPont Co.’s method for making titanium oxide, a chemical that fetches $17 billion a year in sales worldwide and is used to whiten everything from cars to the middle of Oreo cookies.
A federal jury found two men guilty Wednesday of economic espionage involving the theft and sale of a U.S. company’s technology to a competitor controlled by the Chinese government.
Prosecutors said DuPont was unwilling to sell its method to China, so it was stolen and sent to a company called Pangang Group Co. Ltd., according to testimony during the diplomatically dicey proceedings. The jury heard six weeks of testimony.
Prosecutors alleged that Pangang’s factory is the only facility inside China known to be producing titanium oxide the DuPont way, which uses chlorination. |
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Supreme Court allows Stanford Ponzi scheme suits
Headline Topics |
2014/02/28 14:11
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The Supreme Court ruled Wednesday that victims of former Texas tycoon R. Allen Stanford's massive Ponzi scheme can go forward with class-action lawsuits against the law firms, accountants and investment companies that allegedly aided the $7.2 billion fraud.
The decision is a loss for firms that claimed federal securities law insulated them from state class-action lawsuits and sought to have the cases thrown out. But it offers another avenue for more than 21,000 of Stanford's bilked investors to try to recover their lost savings.
Federal law says class-action lawsuits related to securities fraud cannot be filed under state law, as these cases were. But a federal appeals court said the cases could move forward because the main part of the fraud involved certificates of deposit, not stocks and other securities.
The high court agreed in a 7-2 decision, with the two dissenting justices warning that the ruling would lead to an explosion of state class-action lawsuits.
Stanford was sentenced to 110 years in prison after being convicted of bilking investors in a $7.2 billion scheme that involved the sale of fraudulent certificates of deposits from the Stanford International Bank. They supposedly were backed by safe investments in securities issued by governments, multinational companies and international banks, but those investments did not exist. |
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Moscow court sends 7 to prison for protest rally
Headline Topics |
2014/02/24 14:31
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A Russian court handed down prison sentences Monday of up to four years for seven people who took part in a 2012 protest against Vladimir Putin. An eighth defendant received a suspended sentence.
Hundreds of their supporters gathered outside the courthouse to condemn the trial and the Kremlin's crackdown on opposition. Police detained about 200 of them, accusing them of violating public order.
Among those detained were members of the punk band Pussy Riot who had spent nearly two years in prison as punishment for their own anti-Putin protest.
The defendants sentenced Monday were among 28 people rounded up after the May 6, 2012, protest on the eve of Putin's inauguration for a third presidential term. The rally turned violent after police restricted access to Bolotnaya Square, across the river from the Kremlin, where the protesters had permission to gather.
The eight defendants were found guilty last week, but sentencing was postponed until Monday. All have been in custody for nearly two years except for Anastasia Dukhanina, 20, who was under house arrest. She was given a suspended sentence. |
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High court climate case looks at EPA's power
Headline Topics |
2014/02/24 14:30
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Industry groups and Republican-led states are heading an attack at the Supreme Court against the Obama administration's sole means of trying to limit power-plant and factory emissions of gases blamed for global warming.
As President Barack Obama pledges to act on environmental and other matters when Congress doesn't, or won't, opponents of regulating carbon dioxide and other heat-trapping gases cast the rule as a power grab of historic proportions.
The court is hearing arguments Monday about a small but important piece of the Environmental Protection Agency's plans to cut the emissions — a requirement that companies expanding industrial facilities or building new ones that would increase overall pollution must also evaluate ways to reduce the carbon they release.
Environmental groups and even some of their opponents say that whatever the court decides, EPA still will be able to move forward with broader plans to set emission standards for greenhouse gases for new and existing power plants.
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