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BofA investor lawsuit wins class-action status
Court Center |
2012/02/08 17:43
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Investors suing Bank of America Corp won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and the size of Merrill's losses and bonus payouts.
U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions.
Among the other defendants who were also sued and opposed class certification were former Bank of America Chief Executive Kenneth Lewis, former Merrill Chief Executive John Thain, former Bank of America Chief Financial Officer Joe Price, and Bank of America's board of directors.
Lewis had won initial praise for saving Merrill from possible collapse when he agreed to buy it on September 15, 2008, the day Lehman Brothers Holdings Inc went bankrupt.
But investors later faulted the bank for not disclosing the scope of Merrill's soaring losses, which reached $15.84 billion in the fourth quarter of 2008, before December 2008 shareholder votes on the merger. They also objected to Merrill's having paid $3.6 billion of bonuses despite the losses. |
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Experts: Marriage ban's path to high court unclear
Legal News |
2012/02/08 17:43
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Conservative critics like to point out that the federal appeals court that just declared California's same-sex marriage ban to be unconstitutional has its decisions overturned by the U.S. Supreme Court more often than other judicial circuits, a record that could prove predictive if the high court agrees to review the gay marriage case on appeal.
Yet legal experts seemed to think the panel of the San Francisco-based 9th U.S. Circuit of Appeals struck down the voter-approved ban on Tuesday purposefully served up its 2-1 opinion in a narrow way and seasoned it with established holdings so the Supreme Court would be less tempted to bite.
The appeals court not only limited the scope of its decision to California, even though the 9th Circuit also has jurisdiction in eight other western states, but relied on the Supreme Court's own 1996 decision overturning a Colorado measure that outlawed discrimination protections for gay people to argue that the voter-approved Proposition 8 violated the civil rights of gay and lesbian Californians.
That approach makes it much less likely the high court would find it necessary to step in, as it might have if the 9th Circuit panel had concluded that any state laws or amendments limiting marriage to a man and a woman run afoul of the U.S. Constitution's promise of equal treatment, several analysts said. |
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Utah high court to hear posthumous benefits case
Legal News |
2012/02/07 18:09
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Utah's Supreme Court is deciding whether a sperm donor contract is proof that a man wanted to be a father, even after his death.
The question stems from a dispute between Gayle Burns and the Social Security Administration, which denied survivor benefits to the son Burns conceived after her husband died from cancer.
Oral arguments are set Tuesday in Salt Lake City.
Michael Burns had contracted with medical providers to preserve his sperm before he died of cancer in 2001. Gayle Burns became pregnant in 2003.
Social Security denied a 2005 benefits petition, saying federal law doesn't allow for payments to posthumously-conceived children.
Gayle Burns challenged the ruling in Utah's federal court.
A federal judge asked Utah's Supreme Court to address the issue first. |
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Robbins Umeda LLP Announces Class Action
Law Firm Business |
2012/02/06 18:04
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Shareholder rights firm Robbins Umeda LLP, announces that the firm commenced a class action lawsuit on February 3, 2012 in the U.S. District Court for the Northern District of Illinois, Eastern Division, on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. between February 12, 2010 and December 15, 2011 (the "Class Period"). The action is against the Company and the Company's Chief Executive Officer for violations of the Securities and Exchange Act of 1934.
BioSante Pharmaceuticals is a specialty pharmaceutical Company focused on developing products for female sexual health and oncology. Over the last decade, BioSante has been in the process of developing LibiGel, a drug designed to improve the sex drive of women suffering from female sexual dysfunction, specifically hypoactive desire disorder.
The complaint alleges that beginning on February 12, 2010, the Company, along with its Chief Executive Officer, issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante to trade at artificially high prices. Specifically, it is alleged that officials at BioSante boasted that clinical data demonstrated that LibiGel had a "statistically significant" effect on female patients treated with the product, and that LibiGel was "the most clinically advanced pharmaceutical product in the U.S." Additionally, it is alleged that BioSante and its Chief Executive Officer misled investors by routinely analogizing LibiGel's market potential to the $2 billion dollar market for male erectile drugs, often comparing LibiGel to products like "Viagra, Levitra, and Cialis."
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. |
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Izard Nobel LLP Announces Class Action
Law Firm Business |
2012/02/06 18:03
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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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Norway mass killer demands medal at court hearing
Legal News |
2012/02/06 18:03
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The right-wing extremist who has admitted killing 77 people in the worst peacetime massacre that Norway has ever seen told a court Monday that he deserves a medal of honor for the bloodshed and demanded to be set free.
Anders Behring Breivik smirked as he was led in to the Oslo district court, handcuffed and dressed in a dark suit, for his last scheduled detention hearing before the trial starts in April. He stretched out his arms in what his lawyer Geir Lippestad said was "some kind of right-wing extremist greeting."
Reading from prepared remarks, the 32-year-old Norwegian told the court that the July 22 massacre — carried out with a bomb, a rifle and a handgun — was a strike against "traitors" he said are embracing immigration to promote "an Islamic colonization of Norway."
Like in previous hearings, Breivik admitted to setting off the bomb outside the government headquarters in Oslo and opening fire at a Labor Party youth camp on Utoya island, outside the capital, but denied criminal responsibility and rejected the authority of the court.
About 100 survivors and relatives of victims watched in disbelief, as Breivik asked to be released, and told the judge he should receive a military honor for Norway's most deadly peacetime attacks. |
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Palm Beach Construction Law Attorney
Legal Watch |
2012/02/04 18:03
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Palm Beach Construction Law Attorney
Heitman Law Firm serves its clients by first comprehending the specific issues our clients face and then tailoring our representation to those specific needs. Construction law cases often involve legal, technical, engineering, design, constructability and scheduling issues. We speak the language of construction. We understand your business. We know how to read a set of plans. Our client service is based on the idea that the client should not be required to pay to
bring us up to speed on the construction issues. Instead, we make it our business to be ahead of the learning curve.
Our law firm's Florida construction law practice includes the following areas:
• Land Use Planning
• Permitting
• Bid Preparation
• Bid Protests
• Contract Drafting
• Contract Review
• Contract Negotiation
• Contract Administration
• Design-Build Contracts
• Contract Claims Preparation
• Contract Dispute Resolution
• Alternative Dispute Resolution (ADR)
• Dispute Review Board Hearings
• Administrative Hearings
• We represent both domestic and international clients
• Private Construction Projects
• Public Construction Projects
• Projects Nationwide
• Design Professional Negligence
Heitman Law Firm combines experience and efficiency in construction law to render their clients high quality legal representation. With years of experience building real world construction projects, Mr. Heitman is an expert in construction law and efficiently resolve construction disputes. Visit www.palmbeachconstructionlaw.org for more information. |
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