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Ohio judge says Ford must pay dealers $2B
Court News |
2011/06/10 11:49
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Ford Motor Co. must pay nearly $2 billion in damages to thousands of dealerships in a 2002 class-action lawsuit that said the automaker violated dealer agreements, an Ohio judge ruled Friday.
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 an 11-year period.
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.
"In awarding the dealers the amount of money they overpaid for trucks, the jury verdict places ... the dealers in the financial position contemplated by the terms of the contract," said James Lowe, a Cleveland attorney for Westgate Ford Truck Sales Inc., a dealership in Youngstown that represents the class.
Ford's annual report, filed on Feb. 28, says the class action included all dealers who purchased a 600?series or higher truck from Ford from 1987 to 1997. It says the lawsuit accused the automaker of failing to reveal that price concessions were given to some dealers.
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Goldman Receives Subpoena Over Financial Crisis
Court News |
2011/06/02 09:05
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Goldman Sachs has received a subpoena from the office of the Manhattan District Attorney, which is investigating the investment bank's role in the financial crisis.
The inquiry stems from a 650-page Senate report from the Permanent Subcommittee on Investigations that found Goldman had "misled" its clients about mortgage-linked securities. Senator Carl Levin, the Democrat of Michigan, who headed up the Congressional inquiry, had sent his findings to the Justice Department to figure out whether executives broke the law.
The subpoena come two weeks after lawyers for Goldman met with the Manhattan District Attorney's office for an "exploratory" meeting about the Senate, the people said.
"We don't comment on specific regulatory or legal issues, but subpoenas are a normal part of the information request process and, of course, when we receive them we cooperate fully," said a Goldman spokesperson.
Shares of Goldman Sachs were down more than 2 percent on Thursday. |
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Judge: Texas foster care lawsuit can proceed
Court News |
2011/05/28 13:41
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A judge says she will allow a lawsuit challenging Texas' foster care system to proceed as a class action.
U.S. District Judge Janis Graham Jack said during a hearing Thursday that she will grant class certification for the suit initiated by the advocacy group Children's Rights.
The suit contends that the Texas system is unconstitutional and should be reformed. It was filed in March on behalf of nine children between the ages of nine and 16.
A spokesman for Texas Attorney General Greg Abbott says the state will determine its next course of action when the judge issues a written order.
The suit is the 12th of its kind initiated by the New York-based advocacy group seeking to reform child welfare systems administered by state or municipal governments. |
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Las Vegas man who tied up toddlers gets 2 years
Court News |
2011/05/26 08:42
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A Las Vegas man who bound and gagged his girlfriend's two toddlers and left them in a garage while he went to a bar to watch a televised basketball game with friends has been sentenced to two to six years in prison. Clark County District Court Judge James Bixler said at Tuesday's sentencing that Jonathan Weaver's actions were "stupid," and said he couldn't imagine anything more frightening for the children. "But for a neighbor who heard them crying in the garage, they could have easily have died in there," the judge said. Neighbors summoned police and firefighters broke into an apartment complex garage to get to the boys, ages 1 and 2. Police said they were found tied to car seats, each with a piece of clothing in his mouth. The toddlers' mother left the boys with the 22-year-old Weaver while she was at night school, Las Vegas police said. Weaver apologized at the sentencing hearing and the Las Vegas Sun reported that deputy public defender Amy Porray called his remorse genuine. Both told the judge that Weaver wasn't trying to hurt the boys — they said he bound them so they wouldn't hurt themselves. |
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Court lets Minn. corporate disclosure law stand
Court News |
2011/05/17 08:52
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A federal appeals court has affirmed a judge's decision to let stand Minnesota's law requiring the disclosure of corporate political donations, saying the state's rules are similar to laws upheld by the Supreme Court and the groups who want them blocked are unlikely to prevail.
In an opinion filed Monday, the 8th Circuit Court of Appeals disagreed with claims that Minnesota's disclosure requirements effectively prohibit corporate independent expenditures and impose burdensome regulations that ban free speech.
"The burden on corporations appears light, and the reporting requirement greatly facilitates the government's informational interest in monitoring corporate independent expenditures," the appeals court found. The judges wrote that rather than banning contributions, the law provides a way to disclose certain information.
Minnesota law requires that in election years, businesses and independent groups must submit five reports and disclose large donations within 24 hours for the three weeks leading up to the primary and the last two weeks before the general election. In off years, one report is required. The registration requirement is triggered when businesses or independent funds spend more than $100. Penalties for violations can be up to $25,000.
One member of the three-judge panel disagreed with the majority in part, saying the state's reporting requirements chill political speech. |
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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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