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Appeals court: Seniors can't reject Medicare right
Headline Legal News |
2012/02/07 06:08
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A federal appeals court ruled Tuesday that seniors who receive Social Security cannot reject their legal right to Medicare benefits, in a rare case of Americans suing to get out of a government entitlement.
Former House Majority Leader Dick Armey is among the five senior citizens who sued to stop their automatic eligibility for Medicare. But the appeals court ruled in a split decision that the law gives them no way to opt out of their eligibility if they want to keep their Social Security benefits.
Armey, a Texas Republican, and his co-plaintiffs say their private insurers limit their coverage because they are eligible for Medicare, but they would prefer the coverage from their private insurers.
"We understand plaintiffs' frustration with their insurance situation and appreciate their desire for better private insurance coverage," Judge Brett Kavanaugh wrote in a majority opinion joined by Douglas Ginsburg, both Republican appointees. But they agreed with the Obama administration that the law says those over age 65 who enroll in Social Security are automatically entitled to Medicare Part A, which covers services including hospital, nursing home care, hospice and home health care.
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Izard Nobel LLP Announces Class Action
Headline Legal News |
2012/02/06 09:58
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Cablevision Systems Corporation between February 16, 2011 and October 28, 2011, inclusive (the "Class Period").
The Complaint alleges that Cablevision and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area -- the Company's main service area -- due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011, the period ended September 30, 2011. On that same day, Cablevision held a conference call with analysts and investors to discuss the earnings announcement and the Company's operations, including the Company's subscriber loss. In reaction to the Company's announcement, the price of Cablevision stock fell $2.17 per share, or 13%, to close at $15.14 per share.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/cablevision
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Goldman to face mortgage debt class-action lawsuit
Headline Legal News |
2012/02/02 10:03
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Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.
These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.
Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.
Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.
Goldman spokesman Michael Duvally declined to comment.
The bank is one of many accused by Congress, regulators and others of having fueled the nation's housing crisis and 2008 financial crisis in part by having misled investors about the quality of mortgage debt they sold.
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U.S. man suing Facebook fined $5,000 by court
Headline Legal News |
2012/01/11 10:43
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A man who's suing for part ownership of Facebook has been fined $5,000 by a federal judge for failing to fully comply with an order to turn over his e-mail account information.
A man suing for part ownership of Facebook was fined $5,000 for failing to comply with a court order.
Paul Ceglia was also ordered to pay some of Facebook founder Mark Zuckerberg's legal expenses.
The sanctions are a setback for Ceglia's claim in U.S. District Court that a 2003 contract he and Zuckerberg signed entitles him to half ownership of the social networking site estimated to be worth more than $50 billion.
The judge issued the sanctions late Tuesday, faulting Ceglia for ordering his lawyers not to fully obey his orders.
Palo Alto, California-based Facebook claims Ceglia's contract is fake. Ceglia's lawyer says his client will pay the penalties. |
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Supreme Court rules in favor of arbitration
Headline Legal News |
2012/01/10 09:49
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The Supreme Court ruled Tuesday that disputes between consumers and companies that issue low-rate credit cards to people with bad credit ratings can be handled in business-friendly arbitration, rather than federal court.
The justices voted 8-1 to reverse a federal appeals court ruling allowing consumers to sue in federal court, the latest in a string of recent high court decisions in favor of arbitration. The consumers said they were promised an initial $300 in available credit, but were charged $257 in fees in the first year they had the credit card.
But the court, with only Justice Ruth Bader Ginsburg dissenting, agreed with the companies' argument that the dispute must be settled through arbitration, under an agreement that the customers signed to receive the card.
The federal Credit Repair Organizations Act, signed by President Bill Clinton in 1996, says consumers have a right to sue, which the federal appeals court in San Francisco interpreted as a right to go to court, rather than be forced to submit to arbitration.
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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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