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European court rules against Soros in trading case
Headline Legal News |
2011/10/06 09:34
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The European Court of Human Rights ruled Thursday that France did not violate George Soros' rights when convicting him of insider trading, defeating a years-long effort by the billionaire financier to clear his name.
Though Soros has faced criticism for other investment decisions before and since, the French conviction over trades in 1988 left a particular stain on the Hungarian-born businessman and philanthropist's five-decade career.
He was fined euro2.2 million in 2002, or $2.92 million at current rates, for purchasing shares in French bank Societe Generale in 1988, days after being informed about a planned takeover bid for the bank.
That was the amount he was accused of making when he sold the shares shortly afterward. France's highest court reduced the fine in 2007 to euro940,000 ($1.25 million at current rates).
Soros argued that France's insider trading rules at the time were unclear, and that the length of the investigation — from 1993 until his indictment in 2000 — made it difficult to call reliable witnesses, violating his right to a fair trial under the European Convention on Human Rights.
The human rights court, based in Strasbourg, France, disagreed. In a 4-3 decision, the panel of judges argued that "the law applicable in 1988 was sufficient for Soros to have been aware that his conduct might be unlawful."
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Alberto Gonzales joins Nashville law firm
Headline Legal News |
2011/10/05 09:34
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Former U.S. Attorney General Alberto Gonzales, the first Hispanic attorney general in U.S. history, has joined one of Nashville’s largest law firms and will play a role in mentoring younger lawyers.
Gonzales, 56, will focus on government relations, government investigations and white-collar defense for Waller Lansden Dortch & Davis LLP, the firm said Wednesday.
He also will be involved in the firm’s diversity initiatives, which include a mentoring program.
“It is a great honor for me to join Waller Lansden, a firm that I greatly admire,” Gonzales said in a statement. “Waller Lansden has a reputation for providing incisive legal representation while caring deeply for its clients. The firm’s breakthrough initiatives to encourage diversity in the workplace are admirable.”
Gonzales became the first Hispanic attorney general in U.S. history when President George W. Bush appointed him in 2005.
But he left the post in 2007 under a cloud of controversy stemming from allegations that, under his watch, the U.S. Justice Department improperly hired and fired several U.S. attorneys for political reasons.
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Court turns away appeal over commandments display
Court News |
2011/10/04 11:27
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The U.S. Supreme Court on Monday refused to hear the appeal of an Ohio judge wanting to display a poster of the Ten Commandments in his courtroom.
The display has been covered with a drape since a federal judge ordered Richland County Common Pleas Judge James DeWeese to remove it in October 2009. DeWeese also had posted a label above it bearing the word "Censored."
DeWeese that he is disappointed but knew his effort to get the Supreme Court to hear the case was a long shot, the Mansfield News Journal reported.
"I will probably eventually take the display down," he told the newspaper.
DeWeese hung the poster in his Mansfield courtroom in 2006 after the U.S. Supreme Court let stand lower-court rulings that another Ten Commandment poster he hung in 2000 violated separation between church and state.
The American Civil Liberties Union of Ohio Foundation sued, and the 6th U.S. Circuit Court of Appeals in Cincinnati ruled the display endorsed religious views and was unconstitutional. |
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Fannie Mae ignored misconduct
Headline Legal News |
2011/10/04 11:26
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Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.
Similar allegations are the subject of a probe by state attorneys general into how lenders and law firms ignored proper procedures to handle a crush of foreclosure paperwork.
An unnamed shareholder warned Fannie Mae of alleged foreclosure abuses in 2003, the inspector general for the agency that regulates Fannie says in a report being released Tuesday.
Fannie Mae responded by hiring a law firm to investigate the claims in 2005. The law firm reported in 2006 that it had found foreclosure attorneys in Florida "routinely filing false pleadings and affidavits."
Fannie officials said they told a government official about the law firm's findings in 2006. That unnamed official, who now works for Fannie's regulator, the Federal Housing Finance Agency, said he couldn't recall the conversation, the report says.
Fannie began using a network of attorneys in 1997 to help handle foreclosures, evictions and bankruptcies. In 2008, the network grew to 140 law firms. And the number of foreclosures in Fannie's portfolio reached historic highs. Foreclosures more than doubled from 2007 to 2008. They grew 50% in 2009. |
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Court refuses to hear Maryland gun case
Topics in Legal News |
2011/10/03 11:27
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The Supreme Court won't hear a Maryland man's argument that the Second Amendment allows him to carry a gun outside of his home for self-defense.
The high court on Monday refused to hear an appeal from Charles F. Williams Jr., who was arrested in 2007 for having his legally-purchased handgun outside his home without a state permit.
The high court has ruled there is a right to keep a gun in the home for protection. But gun advocates say people also have the constitutional right to carry their guns outside the house for self-protection.
Maryland courts say if the Supreme Court agrees with that theory "it will need to say so more plainly." The high court refused the opportunity on Monday.
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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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