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Court rules that UBS trader should stay in custody
Court Watch |
2011/09/22 11:45
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An alleged rogue trader accused of losing Swiss banking giant UBS about $2.3 billion is "sorry beyond words," his lawyer said Thursday, as a judge ordered him to be held in jail until a hearing next month.
Kweku Adoboli, 31, is charged with four offenses of fraud and false accounting dating back to 2008 and accused of racking up losses in authorized trades. His arrest a week ago has heaped pressure on UBS Chief Executive Oswald Gruebel and stoked speculation that the bank could get rid of its investment banking operations.
At a court hearing in London, prosecuting lawyer David Levy added a new fraud offense to the three previous charges laid against Adoboli, and confirmed that authorities had revised upward the amount allegedly gambled away by the trader to around $2.3 billion. A previous hearing was told the trader was accused of losing $2 billion.
Patrick Gibbs, defending Adoboli, said his client ? who wore a gray suit, white shirt and dark blue tie ? was truly sorry for his actions.
"He is sorry beyond words for what has happened here, he went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations," Gibbs said.
Adoboli, who appeared confident and nodded in acknowledgment to a handful of supporters attending the hearing, spoke only to confirm his name, birth date and address. He did not enter any pleas to the charges.
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Court sets aside class-action suit by Costco women
Court News |
2011/09/22 03:45
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Citing the U.S. Supreme Court's recent Walmart ruling, a federal appeals court set aside - but did not dismiss - a class-action suit by more than 700 women who accused discount retailer Costco of using an "old-boys' network" to bypass them for promotions.
A federal judge in San Francisco ruled in 2007 that the women had presented enough evidence of a "common culture" at Costco to proceed with a single nationwide suit against the company, rather than file individual claims.
The Ninth U.S. Circuit Court of Appeals overturned that decision Friday, relying in part on the Supreme Court's ruling in June dismissing a class action against Walmart by as many as 1.5 million female employees. The high court said the women had failed to show a company-wide policy that allegedly led to gender-based disparities in pay and promotions.
Likewise, the appeals court said, the Costco plaintiffs have not yet shown that they have enough in common to justify a class action.
The court said opposing expert witnesses disagreed about a central issue - whether the company promoted women less often than men in all regions or only a few - and said U.S. District Judge Marilyn Hall Patel should have resolved the dispute before letting the case proceed.
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Court reinstates $675,000 damages for downloading
Court News |
2011/09/21 23:45
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A federal appeals court has reinstated a $675,000 judgment against a Boston University student who illegally downloaded and shared songs on the Internet.
In 2009, a jury in Boston awarded $675,000 to the Recording Industry Association of America, representing four record labels, in a lawsuit filed against Joel Tenenbaum.
A judge later reduced the award to $67,500, finding the original penalty "unconstitutionally excessive."
In his appeal, Tenenbaum sought to overturn the penalty. But the 1st U.S. Circuit Court of Appeals reinstated the full award in a ruling Friday.
Tenenbaum's lawyers argue that federal copyright laws and the Digital Theft Deterrence Act were not meant to target consumers. Lawyers representing the recording industry argue that the economic impact of illegal downloading is much greater than the sharing of one song. |
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The Law Firm of Levi & Korsinsky Notifies Investors
Legal Focuses |
2011/09/21 23:44
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Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas Dallas Division on behalf of purchasers of Penson Worldwide, Inc. common stock from February 20, 2011 through August 4, 2011.
Prior to and during the Class Period, Penson derived a material part of its revenue and income from interest it received on margin loans to customers for which its customers pledged collateral in return for such loans.
The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding and concealed from investors that, by at least the end of 2010, a) the Company had approximately $96-97 million in receivables ("Nonaccrual Receivables") of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; b) the Company's Nonaccrual Receivables were materially overstated and should have been written down at least by the end of 2010; c) as a result, the Company's reported income and EBITDA were materially overstated; and d) the Company's financial statements were not prepared in accordance with generally accepted accounting principles (GAAP).
If you are a member of the class and suffered a loss in Penson stock, you have until October 24, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/penson-worldwide-pnsn.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
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Class Action Filed Against Former, Current A&P Execs
Court News |
2011/09/20 23:46
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A class action has been filed in the U.S. District Court for the District of New Jersey on behalf of purchasers of the securities of the Great Atlantic & Pacific Tea Co. Inc. (A&P) for the period between July 23, 2009, and Dec. 10, 2010. The complaint, filed Sept. 9 by Robbins Geller Rudman & Dowd LLP, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, Philadelphia and Atlanta, claims that some former and current A&P executives violated the Securities Exchange Act of 1934. A&P itself wasn’t named as a defendant in the action because it filed for bankruptcy protection in December 2010.
Those named in the action are former Executive Chairman and CEO Christian Haub, former CEO and President Eric Claus, former CFO and Treasurer Brenda Galgano, Vice Chairman and Chief Strategy Officer Andreas Guldin, former CEO and President Ron Marshall, and current CEO and President Sam Martin.
The complaint alleges that during the period mentioned above, the defendants failed to disclose material adverse facts about the company’s true financial condition, business and prospects. Specifically, the class action alleges that the executives failed to reveal that A&P was facing increased low-cost competition from retailers such as Walmart and Target, which negatively affected its business and financial condition; that the Pathmark acquisition was a “complete disaster” for the company, as Pathmark’s operations were in far worse condition than had been represented to investors; that A&P wasn’t operating according to internal expectations and couldn’t achieve the guidance endorsed by the defendants; and that, as a result of these factors, the defendants lacked a reasonable basis for their positive statements about the company, its operations and prospects.
The class action seeks to recover damages on behalf of all purchasers of A&P securities during the period noted above. Those who are member of this class can view a copy of the complaint or join the class action online at www.rgrdlaw.com/cases/aandp
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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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