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Court: Exec guilty over faulty French implants
Legal Focuses |
2013/12/12 14:07
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A disgraced French businessman was convicted of fraud and sentenced to four years in prison on Tuesday for filling tens of thousands of breast implants with industrial grade silicone. But he left the courthouse freely after lodging an appeal, and thousands of women will have to wait longer to discover if they will receive damages.
The ruling in the criminal case by a court in Marseille, which all the trappings of a class-action lawsuit, ordered up to 40 million euros ($55 million) in damages paid to a fraction of the 125,000 women worldwide who received the implants.
However, that sum for Jean-Claude Mas' company, Poly Implant Prothese, was largely theoretical because it is bankrupt, and because the appeal froze any efforts to find alternate sources. It will be months, if not years, before any women see money many say they need to remove the faulty, leak-prone implants.
In addition to his prison sentence, the French businessman was fined 75,000 euros ($103,000).
His lawyer promised to appeal immediately, and Mas left the courthouse without comment. The appeal freezes the jail term, fine and any damages.
Four managers in the now-defunct Poly Implant Prothese received lesser sentences.
The decision established a complex system of damages for about two-thirds of the 7,100 women who joined the case, with a potential total of 40 million euros ($55 million) to be paid by those convicted. But, like Mas' fine, it was not clear where that money would come from. |
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Court looks at EPA rule on cross-state pollution
Topics in Legal News |
2013/12/12 14:06
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The Supreme Court indicated Tuesday it could breathe new life into a federal rule requiring states to reduce power plant pollution from the South and Midwest that fouls the air in the eastern U.S.
Several justices suggested during a 90-minute argument that they believe the Environmental Protection Agency did not exceed its authority when it issued its cross-state air pollution rule in 2011. A divided federal appeals court panel invalidated the rule last year.
The EPA sought to reduce pollution from power plants in 28 states that drifts above states in the Northeast and Mid-Atlantic regions. Texas led 14 states and industry groups in challenging the rule. Most downwind states support it.
Justice Department lawyer Malcolm Stewart said the EPA is trying to be "an honest broker" between upwind and downwind states.
Sulfur dioxide and nitrogen oxide pollution from power plants can be carried long distances and the pollutants react with other substances to form smog and soot, which have been linked to illnesses. The cross-border pollution has prevented many cities from complying with health-based standards set by law.
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Dutch Supreme Court: Fortis was mismanaged
Legal Focuses |
2013/12/09 14:38
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The Netherlands' Supreme Court has upheld rulings that the now-defunct Belgian bank Fortis NV was mismanaged from September 2007 to September 2008, and its then-management board can be held accountable.
Friday's ruling opens the door for investor claims against former CEO Jean-Paul Votron, among others, though not former supervisory Chairman Count Maurice Lippens, whom lower courts found was too far removed from decision making to be held liable.
Fortis, Royal Bank of Scotland and Spain's Santander bought Dutch bank ABN Amro in a hostile takeover in 2007, nominally the largest in banking history.
Fortis agreed to buy ABN's Dutch operations for 24 billion euros in its part of the deal but was unable to finance the buy — which represented around half of its own total size — and eventually spiraled toward bankruptcy. The Dutch state ultimately nationalized all Fortis-ABN operations in the Netherlands in 2008 to avoid a meltdown of the country's financial system. The rescue has cost taxpayers at least 32 billion euros. |
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New Calif. court date set for ex-Nevada lawmaker
Legal Focuses |
2013/12/09 14:37
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A California court date was pushed back again for a former Las Vegas-area lawmaker jailed since a freeway chase and scuffle with police the day he was expelled last March from the Nevada Assembly.
Prosecutor Shannon Faherty said a Friday court date for Steven Brooks was reset to Jan. 10 in San Bernardino County Superior Court in Victorville at his lawyer's request.
Brooks' defense attorney, Sean O'Connor, didn't immediately respond to a message.
Brooks pleaded not guilty Aug. 6 to felony evasion, obstructing an officer and throwing a substance at a police vehicle charges and misdemeanor harming a police animal.
He's being held at the San Bernardino County Jail on $100,000 bail.
The former North Las Vegas Democrat was expelled from the Legislature March 28 as a security threat. |
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Court Won't Hear Appeal Of New York Internet Taxation
Topics in Legal News |
2013/12/05 14:46
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The Supreme Court on Monday refused to consider throwing out New York state's taxes on Internet purchases on websites like Amazon.com, a move that could change the way Internet commerce works.
The high court refused without comment to hear appeals from Amazon.com LLC and Overstock.com Inc., in their fights against a state law that forces them to remit sales tax the same way in-state businesses do.
Web retailers generally have not had to charge sales taxes in states where they lack a store or some other physical presence. But New York and other states say that a retailer has a physical presence when it uses affiliates — people and businesses that refer customers to the retailer's website and collect a commission on sales. These affiliates range from one-person blogs promoting the latest gadgets to companies that run coupon and deal sites.
Amazon and Overstock both use affiliate programs. Amazon has been collecting sales tax in New York as it fights the state over a 2008 law that was the first to consider local affiliates enough of an in-state presence to require sales tax collection. Overstock ended its affiliate program in 2008 after the law passed.
The Supreme Court refusal to hear the websites' appeal likely will prompt more and more states to attempt to collect taxes from website purchases. Around 20 states, including New York, already have similar laws on the books. The National Council of State Legislatures estimated that states lost an estimated $23.3 billion in 2012 from being prohibited from collecting sales tax from online and catalog purchases. |
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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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