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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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Toyota class action suit to start with Utah case
Court News |
2011/06/10 23:49
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The first lawsuit to go to trial in a massive class action against Toyota Motor Corp. over acceleration problems that led the company to recall 14 million cars will involve a crash that killed two people in western Utah, a federal judge said Friday.
U.S. District Judge James Selna told attorneys the case of 38-year-old Charlene Jones Lloyd and 66-year-old Paul Van Alfen, whose Toyota Camry slammed into a wall in Utah in 2010, is scheduled to go to trial in February 2013.
The case — Van Alfen v. Toyota Motor Sales, U.S.A., Inc. — will be the first of several bellwether lawsuits, intended to determine how the rest of the litigation will proceed.
Selna wrote in a tentative order that he hoped the selection would "markedly advance these proceedings."
"The Court believes that selection of a personal injury/wrongful death case is most likely the type of case to meet that goal," Selna said.
Toyota said it welcomes the Utah case as the first suit to reach court.
"We are pleased that the initial bellwether will address plaintiffs' central allegation of an unnamed, unproven defect in Toyota vehicles, as every claim in the multi-district litigation rests upon this pivotal technical issue," the company said in a statement.
Toyota has previously argued the plaintiffs have been unable to prove that a design defect in its electronic throttle control system is responsible for vehicles surging unexpectedly. It has instead blamed driver error, faulty floor mats and sticky accelerator pedals.
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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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