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Russia court rejects $16 billion claim against BP
Topics in Legal News |
2011/11/14 11:22
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A Russian court on Friday rejected a $16 billion claim against BP PLC filed by an obscure minority shareholder in BP's Russian venture, TNK-BP.
The court victory may have softened the blow that BP sustained when Rosneft dropped it as a partner in developing Russia's untapped Arctic oil and gas riches. The multibillion dollar deal broke down after TNK-BP's Russian billionaire shareholders blocked it, claiming that BP should be pursuing it through TNK-BP.
The Arbitration Court in the Tyumen region in Siberia on Friday dismissed two motions filed by a group of minority shareholders led by Andrei Prokhorov, who owns 0.0000106 percent in TNK-BP. The lawsuits are a $13 billion claim against BP and a $2.8 billion suit against two BP-nominated directors on TNK-BP's board.
Prokhorov and other shareholders claimed that BP and its representatives damaged TNK-BP's interests by failing to include the Russian venture in the Arctic deal with Rosneft.
BP's Russian partners in TNK-BP have denied any connection to the minority shareholder's suit. The claim was the reason why Russian police raided BP's office in August, which happened just days after Rosneft teamed up with ExxonMobil to develop the Arctic.
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Pensions the latest political risk for RI governor
Topics in Legal News |
2011/10/31 02:41
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In 10 months in office, Gov. Lincoln Chafee has managed to anger an impressive assortment of constituencies: business leaders and organized labor, medical marijuana advocates and critics of illegal immigration.
It's been a bumpy ride for the nation's only independent governor, who insists he's only doing what is necessary to stabilize government finances and heal the state's frail economy. But so far Chafee is winning criticism faster than compliments, a risky move for a politician without a party elected by less than half of Rhode Island's voters.
"This is a tough year — there are no surprises there," Chafee told the Associated Press during a recent interview. "This year's budget was one of the worst. ... We're facing a very difficult economy. My belief is the status quo is unacceptable here in Rhode Island. Changes have to be made."
There's no question Chafee took office during one of the most challenging times in Ocean State history. The state's jobless rate remains stubbornly high at 10 percent. The financially troubled city of Central Falls was forced to seek bankruptcy protection. A state budget deficit that once stood at $300 million led to difficult spending cuts even as the state's long-looming pension crisis further destabilized government coffers.
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Chavez orders more land taken from British firm
Topics in Legal News |
2011/10/31 01:41
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Venezuela's president on Sunday ordered the expropriation of 716,590 acres belonging to a British-owned company amid a disagreement over compensation for earlier takeovers of ranchland from the firm.
President Hugo Chavez announced the latest seizure after saying that Venezuela refuses to pay compensation in foreign currency to Agropecuaria Flora, a local subsidiary of the British company Vestey Group.
Chavez said the government had received a demand from the company that it be paid in dollars for the previous seizure of tens of thousands of acres. But the government insists in paying in bolivars, Venezuela's currency.
It's difficult for foreign companies operating in Venezuela to repatriate profits and other income in bolivars due to foreign currency controls in the South American country.
Representatives of Agropecuaria Flora did not answer telephone calls seeking comment Sunday.
Venezuela's expropriation of farm and ranch lands began in earnest in 2005, with the government employing a 2001 law allowing it to seize lands deemed idle or not adequately used. |
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State budget cuts clog criminal justice system
Topics in Legal News |
2011/10/26 09:44
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Prosecutors are forced to ignore misdemeanor violations to pursue more serious crimes. Judges are delaying trials to cope with layoffs and strained staffing levels. And in some cases, those charged with violent crimes, even murder, are set free because caseloads are too heavy to ensure they receive a speedy trial.
Deep budget cuts to courts, public defenders, district attorney's and attorney general offices are testing the criminal justice system across the country. In the most extreme cases, public defenders are questioning whether their clients are getting a fair shake.
Exact figures on the extent of the cuts are hard to come by, but an American Bar Association report in August found that most states cut court funding 10 percent to 15 percent within the past three years. At least 26 states delayed filling open judgeships, while courts in 14 states were forced to lay off staff, said the report.
The National District Attorneys Association estimates that hundreds of millions of dollars in criminal justice funding and scores of positions have been cut amid the economic downturn, hampering the ability of authorities to investigate and prosecute cases.
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GOP candidates would cut federal judges' power
Topics in Legal News |
2011/10/25 10:41
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Most of the Republican presidential candidates want to wipe away lifetime tenure for federal judges, cut the budgets of courts that displease them or allow Congress to override Supreme Court rulings on constitutional issues.
Any one of those proposals would significantly undercut the independence and authority of federal judges. Many of the ideas have been advanced before in campaigns to court conservative voters.
This time, though, six of the eight GOP candidates are backing some or all of those limits on judges, even though judges appointed by Republican presidents hold a majority on the Supreme Court and throughout the federal system.
A group that works for judicial independence says the proposals would make judges "accountable to politicians, not the Constitution."
Bert Brandenburg, executive director of the Justice at Stake Campaign, said, "Debates like these could threaten to lead to a new cycle of attempts to politicize the courts."
Only the former governors in the race, Mitt Romney of Massachusetts and Jon Huntsman of Utah, have not attacked federal judges in their campaigns.
Former House Speaker Newt Gingrich has been the most outspoken critic of the courts. He would summon judges before Congress to explain their decisions and consider impeaching judges over their rulings.
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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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