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Russia court rejects $16 billion claim against BP
Topics in Legal News |
2011/11/14 11:22
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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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Scott+Scott LLP Announces Securities Class Action Lawsuit
Securities Class Action |
2011/11/14 11:22
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Scott+Scott LLP filed a class action complaint against Human Genome Sciences, Inc., certain of the Company's senior officers and directors and GlaxoSmithKline plc in the U.S. District Court for the District of Maryland. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of HGSI between July 20, 2009 and November 11, 2010, inclusive (the "Class Period"), including all persons who acquired the common stock of HGSI in the Company's July 28, 2009 public offering at $14 per share and in its December 2, 2009 public offering of common stock at $26.75.
If you purchased the common stock of HGSI during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com), (800) 404-7770, (860) 537-5537 or visit the Scott+Scott HGSI Pharmaceutical website for more information: www.scott-scott.com/cases/hgs.html. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, HGSI issued false and misleading statements concerning Benlysta(R) (belimumab) ("Benlysta"), the Company's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the complaint alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by the Company.
The complaint alleges that when the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, investors learned for the first time of the association between Benlysta and suicide in clinical trials of the drug, causing HGSI's common stock price to decline precipitously. Meanwhile, the complaint alleges, during the Class Period, HGSI sold to investors more than 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
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Russia court rejects $16 billion claim against BP
Court Watch |
2011/11/14 01:22
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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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Judge rejects appeal by Abramoff's former partner
Court News |
2011/11/14 01:22
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Ex-lobbyist Jack Abramoff's former partner in crime shouldn't expect relief on his appeal to reduce a $20 million restitution order.
The chief of the federal appeals court in Washington, Judge David Sentelle, told Michael Scanlon's lawyer at arguments Monday the court cannot change his client's plea agreement. The court will issue its final order in writing.
Scanlon is serving a 20-month sentence for bilking Indian tribes of millions. Abramoff persuaded the tribes that hired him for lobbying to pay inflated fees for Scanlon's public relations services, and they secretly split the profits.
Scanlon pleaded guilty in part to defrauding the tribal clients of their right to "honest services." The Supreme Court weakened the honest services law last year and Scanlon argues the restitution should be lowered to reflect that ruling.
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N. Idaho woman pleads guilty to embezzling
Court Watch |
2011/11/12 11:22
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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 reports 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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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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