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Tokyo court starts Mt. Gox bankruptcy proceedings
Headline Legal News |
2014/04/25 11:20
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Bankruptcy proceedings have begun for Mt. Gox, a move that was widely expected after the Tokyo District Court decided earlier this month that the bitcoin exchange would not be able to resurrect itself.
An administrator will try to sell the company's assets, but many creditors, including those who had bitcoins with the exchange, might not get their money back.
After Mt. Gox went offline in February, its CEO said tens of thousands of bitcoins worth several hundred million dollars were unaccounted for.
Mt Gox has suggested the bitcoins were stolen. The company has not been able to confirm the bitcoin balances of its users.
Bitcoins, created in 2009, are used for transactions across borders without third parties such as banks and have become a popular investment. |
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Court declines to block drug ruling in patent case
Headline Legal News |
2014/04/21 15:09
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Supreme Court Chief Justice John Roberts on Friday declined to temporarily block a lower court ruling that opens the world's best-selling multiple sclerosis drug to competition from generic rivals next month.
The decision is a victory for rivals challenging the patents of Israel-based Teva Pharmaceutical Industries Ltd., maker of the drug Copaxone.
Teva claims the U.S. Court of Appeals for the Federal Circuit wrongly overturned five of its patents for the drug. That ruling allows rivals Mylan Inc., Momenta Pharmaceuticals Inc. and Sandoz, Inc., to start selling cheaper generic versions in May instead of September 2015.
The Supreme Court has agreed to consider the case, but arguments won't take place until its new term begins in October and it could be next year before a decision is reached. Teva said it would suffer irreparable harm if the appeals court decision was not postponed. Copaxone brought the company $3.2 billion in U.S. sales last year.
In a one-page ruling, Roberts said he was not convinced Teva would suffer such harm. If Teva ultimately prevails in the case, Roberts said, the company would be able to recover damages from the generic rivals for past patent infringement. He acknowledged that Teva has "a fair prospect" of ultimately winning the case at the high court.
Roberts oversees emergency appeals from the U.S. Court of Appeals for the Federal Circuit, which hears appeals in patent cases. |
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GM to ask bankruptcy court for lawsuit protection
Headline Legal News |
2014/04/17 15:14
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General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy.
The automaker's strategy is in a motion filed in a Corpus Christi, Texas, federal court case, and in other cases across the nation that involve the defective ignition switches that have led GM to recall 2.6 million small cars.
The motion asks U.S. District Judge Nelva Gonzales Ramos to delay action on the lawsuit until the bankruptcy court rules and other federal courts decide if the case should be combined with other lawsuits. But GM says it's not asking to halt action on a motion to force GM to tell customers not to drive their cars that are being recalled.
GM has said at least 13 deaths have been linked to the switch problem. The switch can unexpectedly slip out of the "run" position, shutting down the engine, knocking out power-assisted steering and power brakes, and disabling the air bags. GM admits knowing about the problem for at least a decade, but it didn't start recalling the cars, including Chevrolet Cobalts and Saturn Ions, until February.
The company's motion says GM will ask the bankruptcy court in New York to enforce an order made during the 2009 bankruptcy case that split GM into a new company and an old company. Claims from before the bankruptcy would go to "Old GM," called Motors Liquidation Co., while claims after the bankruptcy would go to the new General Motors Co. |
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Supreme Court to hear class-action dispute
Headline Legal News |
2014/04/08 12:30
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The Supreme Court will consider the requirements for transferring class-action lawsuits from state courts to federal courts.
The justices on Monday agreed to hear an appeal from a Michigan energy company that asserts it should be allowed to move a class-action case from Kansas state court to federal court. Federal law allows such transfers in cases involving more than $5 million.
A group of royalty owners sued the Dart Cherokee Basin Operating Co. alleging they were underpaid royalties on oil and gas wells. The plaintiffs did not seek a specific damage amount, but the company claimed it would far exceed $5 million.
Video: Supreme Court Won’t Hear NSA Case Now
A federal judge rejected the transfer request because the company did not offer any evidentiary support. The company says the law does not require detailed evidence. |
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High court restores workers' compensation claim
Headline Legal News |
2014/04/04 09:42
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The Mississippi Supreme Court has ordered the state Workers Compensation Commission to determine what benefits should be paid to former Ripley alderman Lonnie Smith.
The Supreme Court rejected arguments, in a 6-3 decision Thursday, from Tippah Electric Power Association that Smith intentionally came in contact with power lines while inside a bucket truck on April 29, 2010. Smith lost both hands in the accident.
Three dissenting justices say the power lines Smith grabbed were three feet apart, raising questions about an accident claim.
Smith is serving 12 years for manslaughter in a 2010 fatal shooting.
The Workers Compensation Commission appointed a judge to hear Smith's claim. The judge ruled Smith intentionally injured himself and was not entitled to compensation.
The Mississippi Court of Appeals upheld the judge's ruling last May. |
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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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