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GameStop soars again; Wall Street bends under the pressure
Court Watch |
2021/01/27 22:36
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GameStop’s stock is back to the races Friday, and the overall U.S. market is down again, as the saga that’s captivated and confused Wall Street ramps up the drama.
GameStop shot up more than 70% in midday trading, clawing back most of its steep loss from the day before, after Robinhood said it will allow customers to start buying some of the stock again. GameStop has been on a stupefying 1,900% run over the last three weeks and has become the battleground where swarms of smaller investors see themselves making an epic stand against the 1%.
The assault is directed squarely at hedge funds and other Wall Street titans that had bet the struggling video game retailer’s stock would fall. A couple have already essentially admitted defeat, with one saying Friday it would stop publishing reports on stocks it expects to fall. The army of smaller and novice investors, meanwhile, is pledging to keep up the momentum for GameStop’s stock in hopes of inflicting more pain on the financial elite.
The moves are reverberating across Wall Street, as concerns rise about how much damage the frenzy could do as its effects spill out into the broader market. The big professional investors who had been banking on a drop for GameStop’s stock are taking sharp losses. Investors say that’s pushing them to sell other stocks they own to raise cash, and that is helping to pull down parts of the market completely unrelated to the revolt by Main Street investors. |
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Supreme Court ends Trump emoluments lawsuits
Stock Market News |
2021/01/25 11:12
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The Supreme Court on Monday brought an end to lawsuits over whether Donald Trump illegally profited off his presidency, saying the cases are moot now that Trump is no longer in office.
The high court’s action was the first in an expected steady stream of orders and rulings on pending lawsuits involving Trump now that his presidency has ended. Some orders may result in dismissals of cases since Trump is no longer president. In other cases, proceedings that had been delayed because Trump was in the White House could resume and their pace even quicken.
The justices threw out Trump’s challenge to lower court rulings that had allowed lawsuits to go forward alleging that he violated the Constitution’s emoluments clause by accepting payments from foreign and domestic officials who stay at the Trump International Hotel and patronize other businesses owned by the former president and his family.
The high court also ordered the lower court rulings thrown out as well and directed appeals courts in New York and Richmond, Virginia, to dismiss the suits as moot now that Trump is no longer in office.
The outcome leaves no appellate court opinions on the books in an area of the law that has been rarely explored in U.S. history.
The cases involved suits filed by Maryland and the District of Columbia, and high-end restaurants and hotels in New York and Washington, D.C., that “found themselves in the unenviable position of having to compete with businesses owned by the President of the United States.”
The suits sought financial records showing how much state and foreign governments have paid the Trump Organization to stay and eat at Trump-owned properties.
The cases never reached the point where any records had to be turned over. But Karl Racine and Brian Frosh, the attorneys general of Washington, D.C., and Maryland, respectively, said in a joint statement that a ruling by a federal judge in Maryland that went against Trump “will serve as precedent that will help stop anyone else from using the presidency or other federal office for personal financial gain the way that President Trump has over the past four years.”
Other cases involving Trump remain before the Supreme Court, or in lower courts.
Trump is trying to block the Manhattan district attorney ’s enforcement of a subpoena for his tax returns, part of a criminal investigation into the president and his businesses. Lower courts are weighing congressional subpoenas for Trump’s financial records. And the justices also have before them Trump’s appeal of a decision forbidding him from blocking critics on his Twitter account. Like the emoluments cases, Trump’s appeal would seem to be moot now that he is out of office and also had his Twitter account suspended.
Republican senators and some legal scholars have said that Trump’s impeachment trial in the Senate cannot proceed now that he is once again a private citizen. But many scholars have said that Trump’s return to private life poses no impediment to an impeachment trial. |
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Woman accused of helping steal Pelosi laptop freed from jail
Court News |
2021/01/21 10:29
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A Pennsylvania woman facing charges that she helped steal a laptop from the office of House Speaker Nancy Pelosi during the attack on the U.S. Capitol will be released from jail, a federal judge decided Thursday.
U.S. Magistrate Judge Martin Carlson directed that Riley June Williams be released into the custody of her mother, with travel restrictions, and instructed her to appear Monday in federal court in Washington to continue her case.
“The gravity of these offenses is great,” Carlson told Williams. “It cannot be overstated.”
Williams, 22, of Harrisburg, is accused of theft, obstruction and trespassing, as well as violent entry and disorderly conduct on Capitol grounds. Carlson noted Williams has no prior criminal record.
The FBI says an unidentified former romantic partner of Williams tipped them off that she appeared in video from the Jan. 6 rioting and the tipster claimed she had hoped to sell the computer to Russian intelligence.
Williams’ defense lawyer, Lori Ulrich, told Carlson the tipster is a former boyfriend who had been abusive to Williams and that “his accusations are overstated.”
Video from the riot shows a woman matching Williams’ description exhorting invaders to go “upstairs, upstairs, upstairs” during the attack, which briefly disrupted certification of President Joe Biden’s electoral victory.
“It is regrettable that Ms. Williams took the president’s bait and went inside the Capitol,” Ulrich told the judge.
Williams surrendered to face charges on Monday. She was expected to leave the county jail in Harrisburg later Thursday, and will be on electronic monitoring to await trial.
Heavican said the court’s online payment systems allowed residents to pay traffic tickets and court fines without leaving their homes, and the judiciary also offered an online education system to help judges, lawyers, guardians and others meet continuous education requirements.
New attorneys were sworn into office via online ceremonies across the state, Heavican said. In Dawson County, one judge is broadcasting court proceedings on YouTube.
Heavican said schools and private organizations have hosted trials in counties whose courthouses are too small for adequate social distancing to prevent transmission of the coronavirus. He said jury trials were held at the University of Nebraska-Kearney, Grand Island Central Community College and local K-12 schools and the Lincoln Masonic Lodge.
Heavican also touted the benefits of probation services and problem-solving courts. He said probation costs nearly $2,000 per person, per year, and problem-solving courts costs about $4,000, compared to $41,000 for a person in prison. “Do the math,” he said. “Probation is the taxpayers’ friend.” |
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Groups ask court to restore protections for US gray wolves
Court Watch |
2021/01/17 20:08
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Wildlife advocates on Thursday asked a federal court to overturn a U.S. government decision that stripped Endangered Species Act protections for wolves across most of the nation.
Two coalitions of advocacy groups filed lawsuits in U.S. District Court in Northern California seeking to restore safeguards for a predator that is revered by wildlife watchers but feared by many livestock producers.
The Trump administration announced just days ahead of the Nov. 3 election that wolves were considered recovered. They had been wiped out out across most of the U.S. by the 1930s under government-sponsored poisoning and trapping campaigns.
A remnant population in the western Great Lakes region has since expanded to some 4,400 wolves in Michigan, Minnesota and Wisconsin.
More than 2,000 occupy six states in the Northern Rockies and Pacific Northwest after wolves from Canada were reintroduced in Idaho and Yellowstone National Park starting in 1995. Protections for wolves in the Rockies were lifted over the last decade and hunting of them is allowed.
But wolves remain absent across most of their historical range and the groups that filed Thursday’s lawsuits said continued protections are needed so wolf populations can continue to expand in California and other states.
The lawsuits could complicate an effort to reintroduce wolves in sparsely populated western Colorado under a November initiative approved by voters, a state official told wildlife commissioners Thursday. If endangered species protections were restored, wolves would again fall under authority of the federal government, not the state.
In response to the lawsuits, U.S. Fish and Wildlife Service spokeswoman Vanessa Kauffman said in a statement that the gray wolf “has exceeded all conservation goals for recovery” and is no longer threatened or endangered under federal law.
Some biologists who reviewed the administration’s plan to strip protections from wolves said it lacked scientific justification.
Plaintiffs in the lawsuits include the Sierra Club, WildEarth Guardians, Humane Society of the U.S. and numerous other environmental and advocacy groups.
A small population of Mexican gray wolves in the Southwest remain protected as an endangered species. Wolves in Alaska were never under federal protection.
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India's top court suspends implementation of new farm laws
Stock Market News |
2021/01/13 20:09
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India’s top court on Tuesday temporarily put on hold the implementation of agricultural reform laws and ordered the creation of an independent committee of experts to negotiate with farmers who have been protesting against the legislation.
The Supreme Court's ruling came a day after it heard petitions filed by the farmers challenging the legislation. It said the laws were passed without enough consultation, and that it was disappointed with the way talks were proceeding between representatives of the government and farmers.
Tens of thousands of farmers protesting against the legislation have been blocking half a dozen major highways on the outskirts of New Delhi for more than 45 days. Farmers say they won’t leave until the government repeals the laws.
They say the legislation passed by Parliament in September will lead to the cartelization and commercialization of agriculture, make farmers vulnerable to corporate greed and devastate their earnings. The government insists the laws will benefit farmers and enable them to market their produce and boost production through private investment. Chief Justice Sharad Arvind Bobde said the independent committee of four experts would “amicably resolve” the standoff between the farmers and the government.
The court, however, did not provide details as to how it selected the committee experts.
Farmer unions rejected the idea of an expert committee and said all four members have publicly favored the contentious legislation. They reiterated their demand for the total repeal of the laws. A key union said the court’s decision to suspend the implementation of the legislation was welcome but “not a solution.” “The government must withdraw. It must understand that farmers and people of India are opposed to the laws,” the All India Kisan Sangharsh Coordination Committee said.
During a virtual hearing on Monday, Bobde said the impasse was causing distress to farmers and the situation at the protest sites was only getting worse. “Each one of us will be responsible if anything goes wrong,” Bobde told India's attorney general, K.K. Venugopal, who was arguing for the government. The two sides have failed to make progress in multiple rounds of talks over the farmers’ main demand that the laws be scrapped. The government has ruled out withdrawing the laws, but says it could make some amendments. |
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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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