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European court rules against Soros in trading case
Headline Legal News |
2011/10/06 09:34
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The European Court of Human Rights ruled Thursday that France did not violate George Soros' rights when convicting him of insider trading, defeating a years-long effort by the billionaire financier to clear his name.
Though Soros has faced criticism for other investment decisions before and since, the French conviction over trades in 1988 left a particular stain on the Hungarian-born businessman and philanthropist's five-decade career.
He was fined euro2.2 million in 2002, or $2.92 million at current rates, for purchasing shares in French bank Societe Generale in 1988, days after being informed about a planned takeover bid for the bank.
That was the amount he was accused of making when he sold the shares shortly afterward. France's highest court reduced the fine in 2007 to euro940,000 ($1.25 million at current rates).
Soros argued that France's insider trading rules at the time were unclear, and that the length of the investigation — from 1993 until his indictment in 2000 — made it difficult to call reliable witnesses, violating his right to a fair trial under the European Convention on Human Rights.
The human rights court, based in Strasbourg, France, disagreed. In a 4-3 decision, the panel of judges argued that "the law applicable in 1988 was sufficient for Soros to have been aware that his conduct might be unlawful."
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Alberto Gonzales joins Nashville law firm
Headline Legal News |
2011/10/05 09:34
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Former U.S. Attorney General Alberto Gonzales, the first Hispanic attorney general in U.S. history, has joined one of Nashville’s largest law firms and will play a role in mentoring younger lawyers.
Gonzales, 56, will focus on government relations, government investigations and white-collar defense for Waller Lansden Dortch & Davis LLP, the firm said Wednesday.
He also will be involved in the firm’s diversity initiatives, which include a mentoring program.
“It is a great honor for me to join Waller Lansden, a firm that I greatly admire,” Gonzales said in a statement. “Waller Lansden has a reputation for providing incisive legal representation while caring deeply for its clients. The firm’s breakthrough initiatives to encourage diversity in the workplace are admirable.”
Gonzales became the first Hispanic attorney general in U.S. history when President George W. Bush appointed him in 2005.
But he left the post in 2007 under a cloud of controversy stemming from allegations that, under his watch, the U.S. Justice Department improperly hired and fired several U.S. attorneys for political reasons.
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Fannie Mae ignored misconduct
Headline Legal News |
2011/10/04 11:26
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Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.
Similar allegations are the subject of a probe by state attorneys general into how lenders and law firms ignored proper procedures to handle a crush of foreclosure paperwork.
An unnamed shareholder warned Fannie Mae of alleged foreclosure abuses in 2003, the inspector general for the agency that regulates Fannie says in a report being released Tuesday.
Fannie Mae responded by hiring a law firm to investigate the claims in 2005. The law firm reported in 2006 that it had found foreclosure attorneys in Florida "routinely filing false pleadings and affidavits."
Fannie officials said they told a government official about the law firm's findings in 2006. That unnamed official, who now works for Fannie's regulator, the Federal Housing Finance Agency, said he couldn't recall the conversation, the report says.
Fannie began using a network of attorneys in 1997 to help handle foreclosures, evictions and bankruptcies. In 2008, the network grew to 140 law firms. And the number of foreclosures in Fannie's portfolio reached historic highs. Foreclosures more than doubled from 2007 to 2008. They grew 50% in 2009. |
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High court appears to favor Ala. death row inmate
Headline Legal News |
2011/10/03 11:27
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The Supreme Court appeared likely Tuesday to order a new court hearing for an Alabama death row inmate who lost the chance to appeal his death sentence because of a mailroom mix-up at a venerable New York law firm.
Both conservative and liberal justices indicated they would throw out a federal appeals court ruling that relied on the missed deadline to refuse to consider Cory Maples' claims that he received inadequate legal representation, dating back to his trial on charges he gunned down two friends in 1995.
Justice Samuel Alito, a former federal prosecutor, said he did not understand why Alabama fought so hard to deny Maples the right to appeal when the deadline passed "though no fault of his own."
Justice Antonin Scalia was the only member of the court who appeared to agree with the state's argument that Maples' protests are overblown because he was never left without a lawyer. The state also says the role of Maples' lawyers in missing the deadline is unfortunate but nothing the court should correct under its earlier rulings.
Gregory Garre, a former solicitor general who is representing Maples in the Supreme Court, said the earlier legal work for Maples was so bad that it violated the Constitution.
Whatever the shortcomings of Maples' trial lawyers, he appeared to "win the lottery" when two lawyers at Sullivan and Cromwell agreed to represent him for free in his appeals, Garre said. The New York-based firm has 800 lawyers and offices in a dozen cities. |
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Appeals court hears challenge to health care law
Headline Legal News |
2011/09/26 09:44
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A conservative-leaning panel of federal appellate judges raised concerns about President Barack Obama's health care overhaul Friday, but suggested the challenge to it may be premature.
The arguments at the U.S. Court of Appeals in Washington over a lawsuit against Obama's signature domestic legislative achievement focused on whether Congress overstepped its authority in requiring people to buy health insurance or pay a penalty on their taxes, beginning in 2014.
But Judge Brett Kavanaugh, a former top aide to President George W. Bush who appointed him to the bench, said that he has a "major concern" that courts might not be able to rule on the law's constitutionality until 2015. That's because a federal law bars most challenges to tax-related legislation before the tax or penalty is paid.
A federal appeals court in Richmond cited that law in throwing out another challenge to the overhaul. Two other appeals courts have reached differing conclusions — one declaring the law unconstitutional and the other upholding it. The Supreme Court is expected to weigh in and could possibly even decide to review the law before the Washington circuit issues an opinion.
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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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