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Republicans take Senate majority and eye unified power with Trump
Court News |
2024/11/07 06:07
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Republicans have taken control of the U.S. Senate and are fighting to keep their majority in the U.S. House, which would produce a full sweep of GOP power in Congress alongside President-elect Donald Trump in the White House.
A unified Republican grip on Washington would set the course for Trump’s agenda. Or if Democrats wrest control of the House, it would provide an almost certain backstop, with veto power over the White House.
Trump, speaking early Wednesday at his election night party in Florida, said the results delivered an “unprecedented and powerful mandate” for Republicans.
He called the Senate rout “incredible.” And he praised House Speaker Mike Johnson, who dashed from his own party in Louisiana to join Trump. “He’s doing a terrific job,” Trump said.
From the U.S. Capitol, Senate GOP Leader Mitch McConnell, privately a harsh Trump critic, called it a “hell of a good day.”
Vote counting in some races could go on for days, and control of the House is too early to call.
The rally for Republicans started early on election night in West Virginia, when Jim Justice, the state’s wealthy governor, flipped the seat held by retiring Sen. Joe Manchin. From there, the Republicans marched alongside Trump across the Senate map.
Republicans toppled Democrat Sen. Sherrod Brown in Ohio, the first incumbent senator to fall, with GOP luxury car dealer and blockchain entrepreneur Bernie Moreno. They chased Democrats in the “blue wall” states of Pennsylvania, Michigan and Wisconsin, where Vice President Kamala Harris strained to carry the party forward, though Democrats avoided a total wipeout as Elissa Slotkin won an open Senate seat in Michigan and Sen. Tammy Baldwin was reelected in Wisconsin.
Democratic efforts to oust firebrand Republicans Ted Cruz of Texas and Rick Scott of Florida collapsed. The unexpected battleground of Nebraska pushed Republicans over the top. Incumbent GOP Sen. Deb Fischer brushed back a surprisingly strong challenge from independent newcomer Dan Osborn.
In one of the most-watched Senate races, in Montana, Democrat Jon Tester, a popular three-term senator and “dirt farmer” in the fight of his political career, lost to Trump-backed Tim Sheehy, a wealthy former Navy SEAL, who made derogatory comments about Native Americans, a key Western state constituency.
All told, Senate Republicans have a chance to scoop up a few more seats, potentially delivering their most robust majority in years — a coda to outgoing GOP Leader McConnell, who made a career charting a path to power, this time by recruiting high-wealth Republicans aligned with Trump.
He told reporters at a Capitol news conference that a Senate under Republican control would “control the guardrails” and prevent changes in Senate rules that would end the filibuster.
McConnell declined to answer questions about his past stark criticism of Trump or about the prospects of potential nominees in a new administration. He also said he viewed the election results as a referendum on the Biden administration.
“People were just not happy with this administration and the Democratic nominee was a part of it,” McConnell said. Ohio Republicans have tightened their grip on the Ohio Supreme Court from 4-3 to 6-1 by ousting two incumbent Democratic justices and winning a third, open seat, the Associated Press projects based on unofficial results. Results remain unofficial until they are certified by local county boards of elections and the Ohio Secretary of State.
The Ohio Supreme Court will rule on a variety of issues that affect the daily lives of Ohioans ranging from education and environmental issues to gerrymandering and elections to civil and reproductive rights.
The state’s highest court has been under Republican control since 1986 and Republicans currently have a 4-3 majority that will increase to 6-1 starting in 2025.
Republican Hamilton County Court of Common Pleas Judge Megan Shanahan defeated incumbent Democratic Justice Michael P. Donnelly, according to unofficial results.
“I’m honored and grateful to the millions of Ohioans who have put their trust in me to be their Ohio Supreme Court Justice,” Shanahan posted on her campaign Facebook page. “I’ll be true to what I campaigned on and will be a Supreme Court Justice who knows that my job is to interpret the law, not to make it. I’ll go to work each day and focus on protecting Ohio’s citizens, communities, and constitution.”
Incumbent Republican Justice Joseph Deters defeated incumbent Democratic Justice Melody Stewart — ousting her from the court, unofficial results show.
Deters decided not to run for his current seat and won a full six-year term. Ohio Gov. Mike DeWine appointed Deters, a former prosecutor, to a vacant seat in January 2023, even though he had no prior experience as a judge.
In the race for an open seat, Republican Judge Dan Hawkins defeated Democratic Judge Lisa Forbes, the AP projected.
This race was for Deters’ open seat, a term that expires on Dec. 31, 2026. Hawkins currently serves on the Franklin County Court of Common Pleas and Forbes is on the 8th District Court of Appeals. Hawkins will face reelection for a full six-year term in 2026.
In 2021, Republican state lawmakers added party labels to the Ohio Supreme Court races, which were previously nonpartisan.
Democratic Justice Jennifer Brunner’s seat will be up in 2026. The seats of Republican Chief Justice Sharon Kennedy, Republican Justice Pat DeWine, and Republican Justice Pat Fischer will be up in 2028. The fight for control of the House became a state-by-state slog, much of which unfolded far from the presidential race.
House races are focused in New York and California, where Democrats are trying to claw back some of the 10 or so seats where Republicans have made surprising gains in recent years.
Other House races are scattered around the country, with some of the most contentious in Maine, the “blue dot” around Omaha, Nebraska, and in Alaska.
Democratic House Minority Leader Hakeem Jeffries said the House “remains very much in play.”
To gain control of the House, Democrats need to flip four seats from Republicans, while holding all of their own, a tall task especially in congressional districts where Trump has won.
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Au pair charged in double homicide pleads guilty to manslaughter
Stock Market News |
2024/11/03 06:11
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A Brazilian au pair who fell in love with an IRS agent pleaded guilty to manslaughter on Tuesday in what prosecutors say was an elaborate double-murder scheme to frame another man in the stabbing of his wife.
For months after the killings on Feb. 24, 2023, it might have seemed as if Juliana Peres Magalhães and the IRS agent, Brendan Banfield, got away with murders, according to new details prosecutors revealed in court to support her guilty plea.
Christine Banfield, a pediatric intensive care nurse with a 4-year-old daughter, had been mortally wounded with stab wounds to her neck, and Brendan Banfield, her husband, and their live-in nanny both said they shot her apparent killer — a man who had been lured to the bedroom with promises of rough sex.
Magalhães had called 911 to the house in Herndon, Virginia, and was hyperventilating at the scene as she described the killings. Detectives weren’t buying it — but it took time to build their case. Meanwhile, the live-in au pair moved into the primary bedroom with Banfield and posted photos of them as a couple, authorities said. When she was arrested in October 2023, a picture of herself with Brendan Banfield was on the nightstand.
As she remained in jail for more than a year thereafter, she declined to say anything more.
A long-awaited forensics report on the blood spatter evidence then came in, and prosecutors said it showed that Brendan Banfield had smeared blood from Christine Banfield’s wounds onto the body of Joe Ryan, the man they had tried to frame for stabbing her. Authorities arrested Brendan Banfield in September on charges of aggravated murder.
Banfield’s lawyer, John F. Carroll, said in court before he was denied bail in September that the evidence “just doesn’t add up” to him killing his wife.
In October, Magalhães agreed to cooperate with the police in her second interview since the day of the crime. Days later, on Tuesday, two weeks before she was scheduled to go to trial on charges of second-degree murder and felony firearm use, Magalhães pleaded guilty to Ryan’s killing, saying she had agreed to help the husband’s ruse to kill the wife and make it look like they both shot a predator.
“Are you entering your guilty plea because you are in fact guilty of this offense?” Chief Judge Penney Azcarate asked Magalhães before accepting her plea to a single count of manslaughter, reduced from murder and a firearm offense.
“Yes,” she replied, softly.
The sentencing of Magalhães, who was raised in the outskirts of Sao Paulo, now awaits the conclusion of Brendan Banfield’s trial. Depending on her cooperation with authorities, attorneys said in court that they may agree for her to be sentenced to the time she’s already served.
“Much of the information that led to this agreement cannot be made public at this time, due to the upcoming criminal trial against the other defendant in this matter,” Fairfax County Commonwealth’s Attorney Steve Descano said.
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A man who threatened to kill Democratic election officials pleads guilty
Court Watch |
2024/10/29 08:46
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A Colorado man repeatedly made online threats about killing the top elections officials in his state and Arizona — both Democrats — as well as a judge and law enforcement agents, according to a guilty plea he entered Wednesday.
Teak Ty Brockbank, 45, acknowledged to a federal judge in Denver that his comments were made “out of fear, hate and anger,” as he sat dressed in a khaki jail uniform before pleading guilty to one count of transmitting interstate threats. He faces up to five years in prison when he’s sentenced on Feb. 3.
Brockbank’s case is the 16th conviction secured by the Justice Department’s Election Threats Task Force, which Attorney General Merrick Garland formed in 2021 to combat the rise of threats targeting the election community.
Earlier this year, French actor Judith Godrèche called on France’s film industry to “face the truth” on sexual violence and physical abuse during the Cesar Awards ceremony, France’s version of the Oscars. “We can decide that men accused of rape no longer rule the (French) cinema,” Godrèche said.
“As we approach Election Day, the Justice Department’s warning remains clear: anyone who illegally threatens an election worker, official, or volunteer will face the consequences,” Garland said in a statement.
Brockbank did not elaborate Wednesday on the threats he made, and court documents outlining the plea agreement were not immediately made public. His lawyer Thomas Ward declined to comment after the hearing.
However, the U.S. Attorney’s Office for Colorado said in statement that the plea agreement included the threats Brockbank made against the election officials — identified in evidence as Colorado Secretary of State Jena Griswold and former Arizona Secretary of State Katie Hobbs, now the state’s governor.
Griswold has been outspoken nationally on elections security and has received threats in the past over her insistence that the 2020 election was secure. Her office says she has gotten more frequent and more violent threats since September 2023, when a group of voters filed a lawsuit attempting to remove former President Donald Trump from Colorado’s primary ballot.
“I refuse to be intimidated and will continue to make sure every eligible Republican, Democrat, and Unaffiliated voter can make their voices heard in our elections,” Griswold said in a statement issued after Brockbank’s plea.
Investigators say Brockbank began to express the view that violence against public officials was necessary in late 2021. According to a detention motion, Brockbank told investigators after his arrest that he’s not a “vigilante” and hoped his posts would simply “wake people up.” He has been jailed since his Aug. 23 arrest in Cortez, Colorado.
Brockbank criticized the government’s response to Tina Peters, a former Colorado county clerk convicted this year for allowing a breach of her election system inspired by false claims about election fraud in the 2020 presidential race, according to court documents. He also was upset in December 2023 after a divided Colorado Supreme Court removed Trump from the state’s presidential primary ballot.
In one social media post in August 2022, referring to Griswold and Hobbs, Brockbank said: “Once those people start getting put to death then the rest will melt like snowflakes and turn on each other,” according to copies of the threats included in court documents. In September 2021, Brockbank said Griswold needed to “hang by the neck till she is Dead Dead Dead,” saying he and other “every day people” needed to hold her and others accountable, prosecutors said.
Brockbank also posted in October 2021 that he could use his rifle to “put a bullet” in the head of a state judge who had overseen Brockbank’s probation for his fourth conviction for driving under the influence, under the plea agreement, prosecutors said.
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Ford cuts 2024 earnings guidance due to warranty costs and slow pace of cost cutting
Securities Lawyers |
2024/10/26 08:47
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Stubbornly high warranty expenses and lagging cost-cutting efforts are holding back Ford Motor Co.'s profits this year, causing the company to lower its full-year earnings guidance.
That pushed the company’s stock price down 6% in trading after Monday’s closing bell.
The Dearborn, Michigan, automaker, which reported third-quarter earnings Monday, said its net profit tumbled nearly 26% as it took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV.
Ford said it made $892 million from July through September, compared with $1.2 billion it made a year earlier.
But excluding the one-time items, the company made an adjusted pretax profit of $2.6 billion, or 49 cents per share. That beat analyst estimates of 46 cents, according to FactSet.
Revenue rose 5.5% to $46.2 billion, also beating Wall Street predictions. Ford reduced its full-year pretax income guidance to $10 billion, at the low end of the $10 billion to $12 billion it expected at the end of the second quarter, spooking investors.
“Cost, especially warranty, has held back our earnings power, but as we bend that curve, there is significant financial upside for investors,” CEO Jim Farley told analysts on a conference call.
Chief Financial Officer John Lawler said warranty costs were slightly below the third quarter of last year, but still high. The company wouldn’t give numbers until it files its quarterly report with securities regulators on Tuesday but said costs will be higher than a year ago.
Ford reported $800 million of increased warranty costs for the second quarter of this year.
Farley has been trying to get a handle on warranty costs for the past four years. In October of 2020, he said the company was working to cut quality-related repairs after glitch-prone small-car transmissions hit the automaker’s bottom line.
Ford has said that it has a $7 billion cost gap with competitors, and Lawler said Monday it has made progress on that figure. The problem is competitors, which he did not identify, are cutting costs too. “We’ve taken cost out, but we’re not doing it at a pace faster than our competition,” he told analysts.
Ford has removed $2 billion in material, freight and labor costs this year, but that was offset by warranties and inflation at its Turkish joint venture, he said.
He said Ford is focused on reducing warranty and other costs, which will show up in later quarters.
The company’s plans are working, as evidenced by 10 straight quarters of revenue growth, Lawler said.
Farley said Ford has restructured its operations in Europe, South America, India and China, which collectively lost $2.2 billion in 2018 but together are profitable now. For instance, China, including exports, has contributed over $600 million to pretax earnings this year, Farley said. |
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Kenya’s deputy president pleads not guilty in impeachment process
Stock Market News |
2024/10/22 07:48
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Kenya’s deputy president, who faces impeachment, pleaded not guilty in a senate hearing Wednesday to all allegations including corruption, inciting ethnic divisions and support for anti-government protests that saw demonstrators storm the country’s parliament.
Deputy President Rigathi Gachagua, who has called the allegations politically motivated, could be the first sitting deputy president impeached in Kenya.
The case highlights the friction between him and President William Ruto — something that Ruto once vowed to avoid after his past troubled relationship as deputy to Kenya’s previous president, Uhuru Kenyatta.
Gachagua has said he believes the impeachment process has Ruto’s blessing, and has asked legislators to make their decision “without intimidation and coercion.”
The tensions risk introducing more uncertainty for investors and others in East Africa’s commercial hub. Court rulings this week allowed the parliament and senate to proceed with the impeachment debate, despite concerns over irregularities raised by the deputy president’s lawyers.
The impeachment motion was approved in parliament last week and forwarded to the senate. Gachagua’s legal team will have Wednesday and Thursday to cross-examine witnesses, and the senate will vote Thursday evening.
Under the Kenyan Constitution, the removal from office is automatic if approved by both chambers, though Gachagua can challenge the action in court — something he has said he would do.
Kenya’s president has yet to publicly comment on the impeachment process. Early in his presidency, he said he wouldn’t publicly humiliate his deputy.
Ruto, who came to office claiming to represent Kenya’s poorest citizens, has faced widespread criticism for his efforts to raise taxes in an effort to find ways to pay off foreign creditors. But the public opposition led him to shake up his cabinet and back off certain proposals. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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