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Legal questions raised on NY's gas-drilling rules
Headline Legal News |
2011/07/12 09:26
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While an energy industry economist says New York's proposal to place large areas off-limits to gas drilling is overly restrictive, an environmental lawyer says the proposed watershed protections don't go far enough.
The Department of Environmental Conservation posted its 700-plus-page blueprint for hydraulic fracturing in the lucrative Marcellus Shale region on its website on Friday, allowing industry and environmental groups to start dissecting the proposed plan to allow gas drilling in an area where it's been on hold since 2008.
More than 3,300 gas wells have been drilled since 2005 across the border in Pennsylvania, bringing new jobs and economic benefits as well as environmental problems such as accidental chemical spills, gas-tainted well water and river pollution. New York state regulators have upheld permitting for three years while they conduct an environmental review and draft new regulations.
The proposed New York rules include a section describing several gas-drilling operation accidents in Pennsylvania and outlining New York's measures designed to mitigate such incidents.
"Our biggest concern is the restrictions that have been added," said John Felmy, chief economist for the American Petroleum Institute. "In particular, the New York City and Syracuse watersheds, and taking state lands off the table. Those are big areas."
Felmy said natural gas development in New York's economically depressed Southern Tier would bring billions of dollars in economic activity, thousands of jobs, and new tax revenues. But a coalition of 47 health and environmental groups has called for a statewide ban on hydraulic fracturing for natural gas, saying it poses unacceptable risks. |
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Ballard Spahr says Stewart new chair of national law firm
Law Firm News |
2011/07/06 08:46
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Law firm Ballard Spahr LLP says that Mark Stewart, who helped the firm open six new offices, has been named its chair.
The law firm — its headquarters are in Philadelphia — said Stewart became chair on Friday, succeeding Arthur Makadon who took the position in 2002. He is returning to active practice with the firm.
Stewart joined the firm as a summer associate in 1981.
Ballard Spahr has more than 475 lawyers in 13 offices across the U.S. and offers litigatition, business and finance, real estate, intellectual propery and public finance services.
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Orange County judge to restrict Costa Mesa layoffs
Court News |
2011/07/06 08:45
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An Orange County judge said Tuesday that she will issue a court order to restrict Costa Mesa from laying off nearly half of the city's workforce and outsourcing jobs.
Superior Court Judge Tam Nomoto Schumann said she would grant the Orange County Employees Association's request for a preliminary injunction. But the city has until Friday to file objections before she issues her ruling.
The union filed suit in May, arguing that the city's plan to outsource municipal jobs violates state law and the union contract.
In March, the Costa Mesa City Council majority voted to outsource jobs to mostly private companies in a drastic move to plug a $15 million budget hole.
Soon afterward, 213 of 450 employees got layoff notices that would take effect in September.
Union spokeswoman Jennifer Muir said the court order would protect employees' jobs until the case against the city goes to trial.
Schumann said the city must follow proper procedures when laying off workers, but she didn't explain what those procedures are.
Assistant City Attorney Harold Potter contends the city has been following procedures while pursuing austerity measures.
The judge's ruling won't stop the city from exploring outsourcing options, he said.
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Bank of America settlement faces challenge
Headline Legal News |
2011/07/05 22:23
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Bank of America's $8.5 billion settlement with investors over poor-quality mortgage bonds is facing a new challenge.
On Tuesday, a group of bond investors calling themselves Walnut Place said they objected to the terms of the settlement. In a filing with the New York Supreme Court, the investors said they wanted to be excluded from the settlement that was struck after negotiations between the bank and 22 institutional investors such as BlackRock Inc., the Federal Reserve Bank, and Pimco. The settlement was meant to cover a broader group of investors being represented by a trustee.
The Walnut Place group said the 22 investors were self-appointed and didn't represent or solicit the views of the broader group of bondholders. The group also said the talks were held in secret.
A Bank of America spokesman Lawrence Grayson said in a statement that the conversations between the bank and investors were publicly disclosed and were far from secretive. "The settlement agreement was designed to give certificate holders, like those behind the Walnut Place entities, an opportunity to have any objections heard," the statement read.
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Moody's downgrades Portugal on fear of 2nd bailout
Stock Market News |
2011/07/05 12:23
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Ratings agency Moody's downgraded Portugal's government debt on Tuesday, citing growing risks the country will require a second rescue package because it cannot meet its debt reduction targets.
Moody's Investors Service cut its rating by one notch to Baa2 from Baa1 and said in a report that it was increasingly unlikely that Portugal would be able to borrow money on capital markets in 2013, as planned.
As a result, it said the country would probably require more financial aid -- on top of the euro78 billion ($113 billion) bailout it received earlier this year -- with private banks taking some losses.
The Portuguese government said in response that it is fully committed to meeting debt reduction targets and economic reforms tied to the bailout.
Portugal has been shut out of bond markets for long-term loans since April, when its government collapsed, heightening investors' concerns about its financial future.
Moody's said the European Union's insistence on involving private sector holders of Greek debt in a second bailout for the country indicates the same would happen for Portugal.
The agency's report is a blow to Portugal as it tries to distance itself from Greece, which has had to redouble painful austerity measures because it did not meet debt reduction targets.
Moody's said Portugal faces huge challenges in reducing spending and tax evasion, achieving economic growth and supporting the banking system and did not exclude another rating cut.
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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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