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Testing firm sues NYC to lift license suspensions
Headline Legal News | 2009/01/27 15:15
A company accused of faking tests on concrete and steel at the new Yankee Stadium, the Freedom Tower and over 100 other projects is suing New York City to lift suspensions of their licenses.

Testwell Inc. asserts in state Supreme Court papers that the city suspended its licenses "unlawfully" in October after the company was indicted on enterprise corruption charges. Testwell says the charges have not been proven.

Testwell says an administrative law judge recommended lifting the suspensions but last week the city rejected that recommendation.

The city Law Department says it is reviewing Testwell's court papers. The city has been attempting to retest concrete and steel handled by Testwell on some buildings, although prosecutors say no weaknesses have been found.



Six-figure Cabinet jobs sometimes mean a pay cut
Opinions | 2009/01/27 15:15
Jobs in President Barack Obama's Cabinet come with a pay cut for some of his appointees, who made millions from investments and lucrative careers in law, lobbying and business before joining his administration, according to financial reports the government released Tuesday.

At least one must sell stock to avoid potential conflicts of interest.

Obama's choice for deputy defense secretary, William J. Lynn, until recently a lobbyist for military contractor Raytheon, holds Raytheon incentive stock valued at $500,001 to $1 million, the documents show. The stock is due to vest next month. He has Raytheon "unvested restricted stock" worth $250,001 to $500,000.

Lynn has said he will sell the stock. He received a salary of $369,615 last year as a Raytheon senior vice president, and is expecting a 2008 cash bonus of $100,001 to $250,000 to be paid this March, his report shows. Obama has given Lynn a waiver from ethics rules banning employees from taking part in decisions related to their former employers for two years and prohibiting them from taking jobs in agencies they recently lobbied. If he is confirmed as expected, Lynn will be subject to ethics reviews for one year.

Government ethics rules require senior administration officials to provide details annually on their personal finances. The reports include descriptions of assets, income and debt — typically given in ranges rather than exact amounts — and lists of gifts and any outside positions. The disclosures are intended to shine a light on and help avoid any potential conflicts of interest.

The report for Obama's nominee to become attorney general, Eric Holder, shows he received $3.3 million, including deferred compensation, as a partner at the law firm Covington & Burling, far more than the $196,700 he would make as a member of Obama's Cabinet. He anticipates receiving a $1 million to $5 million partner separation payment when he leaves the firm.



FBI: Long Island investment firm boss surrenders
Topics in Legal News | 2009/01/26 15:15
The owner of a Long Island investment firm accused of cheating people out of more than $100 million is expected to appear in court Tuesday.

FBI spokesman Jim Margolin says Nicholas Cosmo surrendered at a U.S. Postal Inspection Service office in Hicksville on Monday night.

Cosmo runs Agape World Inc. in Hauppauge (HAW'-pawg). He's accused of taking in $300 million from investors and cheating them out of about $140 million.

A letter hanging in Cosmo's office window denies there was any Ponzi scheme, the type of fraud Bernard Madoff (MAY'-dawf) is accused of committing. A Ponzi, or pyramid, scheme promises unusually high returns and pays early investors with money from later investors.

Defense attorneys at the Herrick Feinstein law firm haven't returned telephone calls seeking comment.



Matthew Steinhilber Elected to Board of Center for Watershed Protection
Law Firm News/Delaware | 2009/01/21 14:29
Matthew G. Steinhilber, an associate in the Baltimore office of the law firm Ballard Spahr Andrews & Ingersoll, LLP, has been elected to the board of directors of the Center for Watershed Protection.

The Center for Watershed Protection works to minimize the effects of urbanization and other land use on drainage basins in order to provide communities with clean water and conserve natural resources.

Mr. Steinhilber is a member of Ballard’s Real Estate Department, where he regularly represents lenders and borrowers in a variety of commercial and real estate finance transactions, including health care matters involving the financing and refinancing of continuing-care retirement communities, assisted living facilities, and skilled nursing homes. He also has served as underwriter’s counsel and bond counsel in several tax-exempt and taxable bond financings. Mr. Steinhilber’s diverse practice also includes representing public housing authorities in mixed-finance and Capital Fund Financing Program transactions.


Gary Scott of Hirst Applegate Obtains Judgement
Law Firm News/Wyoming | 2009/01/21 11:13
Gary Scott recently was successful in obtaining summary judgment in a state court medical malpractice action filed against a nursing home client of Hirst Applegate. The case arose from an incident in which a resident of the nursing home was inadvertently administered the wrong medication, causing the resident to be hospitalized. Subsequently, after discharge from the hospital the resident passed away, with the immediate cause of death being cancer. However during discovery plaintiff`s expert witness testified that it was his opinion within a reasonable degree of medical probability that the medication error hastened the resident`s death to some extent. Based upon that testimony a motion for summary judgment was filed, which argued that under Wyoming law if a person`s death is caused by the alleged wrongful act of another, the sole remedy is an action for wrongful death. The plaintiff in this instance had not brought a wrongful death case, but instead had filed a survival action. The Court found that since the plaintiff`s proof was that the former resident`s death had been hastened by the medication error, the sole remedy was a wrongful death action. The Court dismissed the plaintiff`s complaint with prejudice. 

Hirst Applegate Website


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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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