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High court sets oral arguments in campaign lawsuit
Court News |
2011/07/15 12:19
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A conservative group fighting campaign finance rules in Montana says in a recent filing that it agrees disclosure laws can apply to corporate speech, but Western Tradition Partnership argues it isn't subject to current disclosure laws because its attack mailers fall outside the definition of "electioneering."
The Montana Supreme Court has set oral arguments for September in the state's challenge to a district court decision that tossed out the outright ban on corporate political spending.
Western Tradition Partnership first filed the lawsuit last year piggybacking on the high-profile Citizen's United case decided by the U.S. Supreme Court. The group aims to undo Montana's century-old restriction on corporate political spending.
Western Tradition is separately fighting a decision that it failed to report campaign expenditures. The group argues its activities are not intended to influence elections.
In a brief filed earlier this month with the Supreme Court on the main case fighting the ban corporate campaign spending, WTP made it clear it believes campaign finance regulation is OK.
"If the State is truly concerned with accountability, the state has other means at its disposal, such as disclosure laws, to make sure that people know who is speaking," Western Tradition argued in the brief. "It is inappropriate, and indeed, unconstitutional, to completely outlaw corporate political speech."
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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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Ford shares fall after $2B judgment in dealer suit
Court News |
2011/06/13 20:27
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Ford Motor Co. shares sank early Monday after an Ohio judge said the automaker had to pay nearly $2 billion in damages to thousands of dealerships who participated in a 2002 class-action lawsuit. But the shares pared their losses as several analysts downplayed the news and said Ford can absorb the damages even if loses a planned appeal.
Cuyahoga County Common Pleas Judge Peter Corrigan in Cleveland issued the ruling based on a Feb. 11 jury determination that the company overcharged dealers for commercial trucks over 11 years. The $2 billion award covers more than 3,000 dealerships and about 474,000 trucks. It includes a judgment of about $781 million and about $1.2 billion in interest.
Ford is appealing the decision. Ford chief counsel David Leitch said Monday that it will likely take several years for the case to wind its way through the Ohio appeals system.
Standard and Poor's reiterated its "Buy" rating on Ford Monday afternoon, saying that if Ford loses the appeal it would be "costly but absorbable," with Ford taking a hit of around 47 cents per share. Barclays Capital analysts also reiterated a "Overweight/Neutral" rating and said they don't expect a significant impact to Ford's cash position in the near term because of the length of the appeals process.
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Court won't hear restitution claim in Ponzi case
Court News |
2011/06/13 20:27
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The Supreme Court has rejected an appeal from investment funds seeking repayment of their losses in a $3.7 billion Ponzi scheme operated by Minnesota businessman Thomas Petters.
The funds together lost $165 million and challenged a federal judge's order denying restitution to any of Petters' victims. Among other things, the court said the victims would have other ways of recouping some of their money.
The justices on Monday refused to disturb the ruling.
A federal law generally requires a court to order restitution as part of a defendant's sentence, but allows for some exceptions. The judge in this case said that restitution would be too complex, take too long and result in the payment of less than a penny for each dollar victims lost.
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NY jury convicts 3 in NYC hedge fund trial
Court News |
2011/06/13 20:27
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The second trial to result from a massive investigation into insider trading at hedge funds ended Monday with the conviction of a trio of Wall Street traders on charges they paid hefty bribes to coax confidential information out of shady lawyers.
A jury reached the verdict against stock trader Zvi Goffer and two others in federal court in Manhattan after deliberating five days since June 2. It came a month after the conviction of Raj Rajaratnam, the one-time billionaire who founded the Galleon Group of hedge funds and who was once Goffer's boss.
Goffer, his brother Emanuel and Michael Kimelman were convicted of conspiracy to break securities laws. The men were permitted to remain free on bail pending sentencing, set for the fall.
The defendants, who had insisted they based trades only on public information, remained calm during the verdict. Zvi Goffer's wife and mother left the courtroom in tears.
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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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