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Home sales dropped in April, foreclosures declined
Headline Legal News |
2011/05/18 10:36
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Fewer people purchased previously occupied homes in April. Activity among first-time homebuyers increased and foreclosure sales declined, but those factors weren't enough to signal a recovery in the weak housing market. Sales of previously occupied homes fell 0.8 percent in April to a seasonally adjusted annual rate of 5.05 million units, the National Association of Realtors said Thursday. That's far below the 6 million homes a year that economists say represents a healthy market. Purchases made by first-time homebuyers increased to make up 36 percent of sales. That's still below the 40 percent that the trade group says is consistent with better markets. Sales to investors dropped slightly to account for about 20 percent of the market. Since the housing boom went bust, sales have fallen in four of the past five years and hit a 13-year low last year. Sharp price declines and low mortgage rates haven't been enough to boost home sales this year. Some people who want to buy can't, mostly because banks have tightened lending requirements and are insisting on larger down payments. Many buyers who are able to qualify for loans are holding off, worried that home prices won't hit bottom for some time. Economists say it could be years before the housing market fully recovers. |
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Court says FOIA request cannot be used in lawsuit
Headline Legal News |
2011/05/14 08:52
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The Supreme Court says a Freedom of Information Act request cannot be used to trigger a False Claims Act lawsuit.
The court on Monday voted 5-3 to agree with arguments by Schindler Elevator Corp., which sought to get a lawsuit against it dismissed.
Daniel Kirk, a former employee, sued on behalf of the government, claiming Schindler had not complied with reporting requirements involving the employment of Vietnam veterans.
But a judge threw out his lawsuit, saying Kirk's information came from a FOIA request. The False Claims Act says that lawsuits cannot be filed using publicly disclosed information. The judge said FOIA reports were public information.
The 2nd U.S. Circuit Court of Appeals in New York City overturned that decision but the high court said it was correct.
Justice Clarence Thomas wrote the court's opinion, joined by Chief Justice John Roberts and Justice Antonin Scalia, Anthony Kennedy and Samuel Alito.
Justice Ruth Bader Ginsburg dissented and was joined by Justices Stephen Breyer and Sonia Sotomayor. |
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AIG, Treasury offering 300M shares worth $9B
Headline Legal News |
2011/05/13 09:29
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Bailed-out global insurance company American International Group Inc. and the federal government are offering to sell a total of 300 million AIG shares to the public.
The stock sale would be a big step by the government toward disentangling itself from the company. The government stepped in to rescue AIG from collapse with $182 billion in 2008 — the biggest bailout of the financial crisis.
AIG and the government didn't specify a price for the shares in a regulatory filing on Wednesday. But 300 million shares of AIG were worth about $8.89 billion at Tuesday's closing price of $29.62.
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LimeWire settles out of court with major record labels
Headline Legal News |
2011/05/13 09:28
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File-sharing software company LimeWire, which shut down last year after being barred from allowing people to share copyright-protected files online, reached a $105 million out-of-court settlement with the major record labels Thursday, the labels said.
In a statement, Recording Industry Association of America Chairman Mitch Bainwol said his group, which represents the labels, is pleased with the settlement.
“The resolution of this case is another milestone in the continuing evolution of online music to a legitimate marketplace that appropriately rewards creators,” he later added.
LimeWire, which had enabled people to share songs and other files over the Internet, had been fighting the RIAA for several years.
The RIAA argued LimeWire’s software encouraged illegal sharing of copyrighted music. Last May LimeWire was found liable of copyright infringement, with a trial to follow early this year. That trial started last week.
In October, LimeWire received a federal injunction forcing it to disable key functions of its software. At that time, the company said it would continue developing a new service that would include a desktop player, mobile apps and a catalog of music from which people could legally stream and download songs.
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Ex-Georgia bank exec to be sentenced for fraud
Headline Legal News |
2011/05/11 09:26
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A former Georgia bank executive who pleaded guilty to using customers and family members in a multimillion-dollar fraud conspiracy that led to his bank's downfall is scheduled to be sentenced to prison.
Randy Jones could face at least 12 years in prison on Wednesday when he is sentenced in federal court. Three others who have pleaded guilty to conspiring with Jones are also set to be sentenced.
Jones, 50, pleaded guilty in January to receiving kickbacks for real estate loans while he was an executive vice president at Community Bank & Trust, the failed Cornelia-based bank where he worked for 30 years.
The hearing started Tuesday but attorneys spent the day in court arguing over how much restitution Jones should pay and how much time he could face behind bars.
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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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