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Blagojevich team says he's guilty, asks for mercy
Headline Legal News |
2011/12/07 09:19
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After all his claims of innocence and facing years in prison, Rod Blagojevich let his lawyers make an admission that he has so far avoided - that he is, in fact, guilty of public corruption.
The former Illinois governor will get a chance to do the same Wednesday, when he is scheduled to address the judge who will decide his sentence.
Judge James Zagel signaled Tuesday he may be prepared to impose a stiff prison sentence, saying he thinks Blagojevich lied when he told jurors he never tried to sell or trade an appointment to President Barack Obama's vacated Senate seat for campaign cash or a top job.
Throughout the first day of his two-day sentencing hearing, the impeached executive-turned-reality TV star known for his jocular personality was somber and ill-at-ease, staring down at the floor. His wife sobbed as a letter from their daughter was read begging Zagel not to send Blagojevich to prison.
The hearing was a stark contrast to the circus atmosphere around Blagojevich's trials on multiple counts of corruption.
The conciliatory tone came as something of a surprise — just days after defense filings that, as many times before, stridently declared Blagojevich's innocence and said he had been duped by aides but never intended to cross any lines into illegality. |
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Bank of America settles mortgage suit for $315 mln
Headline Legal News |
2011/12/06 10:58
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Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.
The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.
U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.
Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors. |
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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/12/05 10:21
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against Pain Therapeutics, Inc. and certain of its officers. The class action, filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011. This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests.
On June 24, 2011, the Company announced that the Company had received a Complete Response Letter from the FDA on the New Drug Application for REMOXY. As a result of this revelation, PTIE's shares declined $3.94 per share or nearly 43%, to close at $5.30 per share on June 24, 2011.
On June 27, 2011, the Company disclosed that the FDA's Complete Response Letter raised concerns related to, among other things, the chemistry, manufacturing, and controls sections of the NDA for REMOXY. As a result of this revelation, PTIE's shares declined an additional $1.37 per share or nearly 26%, to close at $3.93 per share on June 27, 2011.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. |
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Pa. capital takeover challenged in federal court
Headline Legal News |
2011/12/02 11:03
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The state takeover of Pennsylvania's financially troubled capital city received a fresh challenge Thursday, as three Harrisburg residents filed a federal lawsuit calling it an unconstitutional violation of their rights and asking for it to be stopped.
The suit names Gov. Tom Corbett, who signed a law on Oct. 20 enabling an unprecedented takeover of Harrisburg, and the Corbett appointee who, if confirmed, would have broad authority to force the city to pay down a massive debt tied to its trash incinerator.
The lawsuit was filed by a former mayoral candidate, a firefighters' union president and a religious leader. It alleges that the law and the state's takeover violate the plaintiffs' constitutional rights to due process and equal protection.
A Corbett administration spokeswoman said she had not seen the lawsuit and could not immediately comment.
The suit is the latest twist in a battle over who will end up footing the $300 million incinerator debt.
The first attempt to stop the takeover failed last week when a federal bankruptcy judge threw out a petition by a divided City Council to get federal bankruptcy protection for Harrisburg. The judge said the city had been legally barred by a separate state law — signed June 30 by Corbett — from seeking bankruptcy protection and, in any case, had no authority to go over the mayor's head to file it. |
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LA protesters defy eviction efforts, go to court
Headline Legal News |
2011/11/29 09:49
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Occupy Wall Street protesters who defied a deadline to remove their weeks-old encampment on the Los Angeles City Hall lawn stood their ground Tuesday as they faced uncertainty over when or if police would push them out of the park — and if an eviction could happen without the kind of violence that has engulfed the removal of protest sites in other cities.
Protesters in the nation's second largest city have turned to the federal courts to keep officers away after disobeying a city-imposed 12:01 a.m. deadline Monday to take down their camp. They argue that the City Council passed a resolution in support of the movement and that the city's mayor and police did not have the authority to evict them.
The chances that protesters will get an injunction appear slim, constitutional experts say.
Meanwhile, city officials said they will only move in on the camp when conditions are safest not just for protesters and officers but also the roughly 100 homeless people who had joined the encampment.
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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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