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Appeals court reinstates BP shareholders' lawsuit
Headline Legal News |
2014/02/18 15:43
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A federal appeals court on Thursday reinstated a shareholders lawsuit filed against BP Alaska in the wake of two oil spills in 2006 on the North Slope that exposed problems with the company's pipeline maintenance program.
A three-judge panel of the 9th U.S. Circuit Court of Appeals reversed the U.S. District Court of Western Washington on several claims.
Shareholders sued BP in 2008, claiming management made misleading statements about the conditions of the company's pipelines, and its maintenance and leak detection program after the first spill of 200,000 gallons onto the North Slope tundra two years earlier. The lawsuit claims BP made the statements knowingly or with deliberate recklessness.
The shareholders claim BP's share price fell 4 percent after the second spill five months later and the subsequent field shutdown for maintenance.
The Associated Press left messages seeking comment for attorneys on both sides of the case.
BP spokeswoman Dawn Patience said in an emailed statement that the company had not had an opportunity to study the decision, so "it would not be appropriate to comment."
BP Exploration Alaska Inc. was fined $20 million in 2007 after pleading guilty to a federal environmental crime for failing to prevent the crude spill, the largest ever at Prudhoe Bay.
The problems became known after the March 2006 spill prompted the FBI and the Environmental Protection Agency to open an investigation into maintenance practices at the 30-year-old field.
They found that thick sludge caked along the bottom of the leaky pipe was protecting colonies of bacteria that produce a corrosive acid. The acid had eaten an almond-sized hole in the steel over the course of several years, and that's where the spill occurred. |
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Court: Disgraced ex-journalist can't practice law
Headline Legal News |
2014/01/30 15:49
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The California Supreme Court on Monday denied a law license to a disgraced former journalist who was caught fabricating dozens of stories for major national magazines.
The unanimous seven-judge court ruled that Stephen Glass had insufficiently rehabilitated himself in the years since his misdeeds, saying he "failed to carry his heavy burden of establishing his rehabilitation and current fitness."
Glass' misdeeds stunned the profession when they were uncovered in 1998. His widely publicized fall from grace earned the rising star a prominent place in the pantheon of journalistic cheats and scoundrels such as Janet Cooke and Jayson Blair — two prominent reporters caught fabricating quotes, sources and entire stories.
Glass' ethical missteps were turned into the Hollywood movie "Shattered Glass" and recounted in his novel "The Fabulist," for which he earned $190,000. |
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High court rules against steelworkers' claim
Headline Legal News |
2014/01/27 14:39
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The Supreme Court says steelworkers do not have to be paid for time they spend putting on and taking off protective gear they wear on the job.
The court was unanimous Monday in ruling in favor of United States Steel Corp. over workers' claims that they should be paid under the terms of federal labor law for the time it takes them to put on flame-retardant jackets and pants, safety glasses, earplugs, hardhats and other equipment.
Justice Antonin Scalia said for the court that the labor agreement between the company and the workers' union says the employees don't get paid for time spent changing clothes. Scalia said most of the items count as clothing. He said earplugs, glasses and respirators are not clothing, but take little time to put on. |
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Court: Lawyers will be disbarred over child porn
Headline Legal News |
2014/01/24 14:33
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Lawyers convicted of child pornography charges will automatically be disbarred and prohibited from practicing law in California, the state Supreme Court ruled Thursday.
Deciding the fate of an Orange County lawyer whose license was suspended after he pleaded guilty to having child porn at his home, the court said that keeping sexual images of children constitutes an act of moral turpitude that makes an attorney unfit for the legal profession.
"The knowing possession of child pornography is a serious breach of the duties of respect and care that all adults owe to all children, and it shows such a flagrant disrespect for the law and for societal norms, that continuation of a convicted attorney's State Bar membership would be likely to undermine public confidence in and respect for the legal profession," Justice Carol Corrigan wrote in the opinion.
The unanimous ruling came in the case of Gary Douglass Grant, a former Army lawyer at the Los Alamitos Army Reserve Base in Orange County. Grant pleaded guilty to one count of knowingly possessing child pornography in 2009 after sheriff's deputies found videos and photographs of underage girls mixed in with a large adult pornography collection on his computers and data discs. |
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Texas Supreme Court limits insurance exclusions
Headline Legal News |
2014/01/20 14:45
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The Texas Supreme Court issued a key ruling Friday that should boost consumer confidence in the liability insurance coverage that builders and general contractors carry.
Writing for the court, Justice Phil Johnson denied an insurance company's attempt to avoid paying a claim based on language found in most commercial general liability insurance policies. The court's decision was one of the most anticipated insurance cases in the country because Texas decisions often influence other courts across the nation, said Randy Maniloff, an insurance law expert at the White and Williams law firm in Philadelphia.
If the Texas Supreme Court had ruled in favor of the insurance company, coverage of construction mistakes in Texas would have virtually disappeared.
"Many contractors don't have the wherewithal to make good on their construction defects, so a lot of times insurance is the make-or-break issue for purposes of somebody getting compensation," Maniloff said. "This decision helps homeowners keep that insurance in place."
Most general liability policies have a clause that allows the insurance company to exclude liability claims when a contractor assumes liability "in a contract or agreement." Insurance companies often require contractors to buy additional coverage when they take on greater risk. |
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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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