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Russia court rejects $16 billion claim against BP
Court Watch |
2011/11/14 01:22
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A Louisiana company has pleaded guilty to a charge it illegally discharged more than 1 million gallons of oily wastewater into the Harvey Canal.
Oakmont Environmental Inc. of Harvey faces a $500,000 fine following its guilty plea Wednesday to violating the Clean Water Act.
Clifton Carr, a 62-year-old Amite resident who was the operator of the company's waste treatment facility, also pleaded guilty Wednesday to a related charge.
Federal prosecutors say Oakmont had a permit to discharge wastewater into a Jefferson Parish sewerage treatment plant after it had been pretreated.
But the company allegedly discharged the wastewater directly into the canal without separating the oil from the water.
Prosecutors said 1.2 million gallons of oily wastewater was discharged into the canal between September 2007 and March 2008. |
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N. Idaho woman pleads guilty to embezzling
Court Watch |
2011/11/12 11:22
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A northern Idaho woman has pleaded guilty to embezzling more than $260,000 from Coldwater Creek.
Susan Alene Hopkins, also known as Susan Scott, pleaded guilty to one count of grand theft on Thursday. The Bonner County Daily Bee reports that a second grand theft count is being dismissed as part of the deal.
Authorities say the former Coldwater Creek executive used a company credit card to embezzle the money between 2006 and 2010. Police say she also took money from the Panhandle Alliance For Education between 2008 and 2010.
The 54-year-old Hopkins is scheduled to be sentenced in February. Prosecutors are recommending a suspended prison term of three to 10 years and 90 days in jail.
The plea agreement also calls for Hopkins to repay $251,943.
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First U.S. class-action overdraft fee case settles
Court Watch |
2011/11/12 09:40
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Union Bank, part of Japan's Mitsubishi UFJ Financial Group Inc , agreed to pay $35 million to settle the first class-action lawsuit arising from nationwide litigation accusing lenders of charging excessive overdraft fees.
The litigation consolidates lawsuits filed against more than two dozen U.S., Canadian and European lenders such as JPMorgan Chase & Co , Citigroup Inc and Wells Fargo & Co .
It accuses lenders of routinely processing transactions from largest to smallest rather than in chronological order. This can cause account balances to fall more quickly, and overdraft fees, typically $25 or $35, to pile up faster.
A notice of the Union Bank settlement was filed on Wednesday with the U.S. District Court in Miami. The settlement requires approval by U.S. District Judge James Lawrence King, who oversees the litigation.
King granted class certification in the Union Bank case in July. That meant that customers, estimated in the tens of thousands, could sue the San Francisco-based bank as a group.
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Judge mulling $410M BofA overdraft settlement
Court Watch |
2011/11/07 12:24
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An attorney for Bank of America says 13.2 million customers may be eligible for a settlement in a lawsuit claiming the bank charged excessive overdraft fees.
The final tabulation came Monday as a Miami judge considers whether to finalize a $410 million settlement during a hearing to consider any objections or other issues related to the deal reached in May.
The class-action lawsuit contends the Charlotte, N.C.-based bank processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper.
The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011.
New bank regulations prohibit this type of debit card fee unless customers approve. |
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MF Global faces class-action suits after bankruptcy
Court Watch |
2011/11/06 12:25
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Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis.
On Saturday, Seattle-based Hagens Berman said it was "investigating whether the company used clients' money to offset losses the company had incurred in failed investments."
It filed a lawsuit in the name of investors who bought MF Global shares between May 20 and October 28 or who bought bonds issued in August.
The complaint charged that MF Global "made false and misleading statements to investors, including failing to disclose the company's reported internal control problems in segregating clients' funds."
Attorney Reed Kathrein said Friday's resignation of the company's chief executive Jon Corzine, whose activities in the last weeks of the failing firm have attracted regulator scrutiny, was "not an encouraging sign."
"As we continue our investigation, we hope to uncover whether the company mixed investors' and company money, and if Corzine himself played a part in that decision," he added in a statement.
Boston law firm Block & Leviton said Friday it had also filed a class-action lawsuit in New York federal court on behalf of MF Global clients over the same period.
It charged MF Global made "certain materially false and misleading statements regarding the Company's internal financial controls and liquidity levels" through its "most senior" officers and directors.
Investors lost some $585 million in market capitalization in the week that preceded MF Global's bankruptcy filings alone, according to Block & Leviton. |
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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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