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Supreme Court allows Stanford Ponzi scheme suits
Legal Focuses |
2014/02/28 16:11
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The Supreme Court ruled Wednesday that victims of former Texas tycoon R. Allen Stanford's massive Ponzi scheme can go forward with class-action lawsuits against the law firms, accountants and investment companies that allegedly aided the $7.2 billion fraud.
The decision is a loss for firms that claimed federal securities law insulated them from state class-action lawsuits and sought to have the cases thrown out. But it offers another avenue for more than 21,000 of Stanford's bilked investors to try to recover their lost savings.
Federal law says class-action lawsuits related to securities fraud cannot be filed under state law, as these cases were. But a federal appeals court said the cases could move forward because the main part of the fraud involved certificates of deposit, not stocks and other securities.
The high court agreed in a 7-2 decision, with the two dissenting justices warning that the ruling would lead to an explosion of state class-action lawsuits.
Stanford was sentenced to 110 years in prison after being convicted of bilking investors in a $7.2 billion scheme that involved the sale of fraudulent certificates of deposits from the Stanford International Bank. They supposedly were backed by safe investments in securities issued by governments, multinational companies and international banks, but those investments did not exist. |
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Moscow court sends 7 to prison for protest rally
Court Watch |
2014/02/24 15:53
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A Russian court handed down prison sentences Monday of up to four years for seven people who took part in a 2012 protest against Vladimir Putin. An eighth defendant received a suspended sentence.
Hundreds of their supporters gathered outside the courthouse to condemn the trial and the Kremlin's crackdown on opposition. Police detained about 200 of them, accusing them of violating public order.
Among those detained were members of the punk band Pussy Riot who had spent nearly two years in prison as punishment for their own anti-Putin protest.
The defendants sentenced Monday were among 28 people rounded up after the May 6, 2012, protest on the eve of Putin's inauguration for a third presidential term. The rally turned violent after police restricted access to Bolotnaya Square, across the river from the Kremlin, where the protesters had permission to gather.
The eight defendants were found guilty last week, but sentencing was postponed until Monday. All have been in custody for nearly two years except for Anastasia Dukhanina, 20, who was under house arrest. She was given a suspended sentence. |
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High court climate case looks at EPA's power
Headline Legal News |
2014/02/24 15:52
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Industry groups and Republican-led states are heading an attack at the Supreme Court against the Obama administration's sole means of trying to limit power-plant and factory emissions of gases blamed for global warming.
As President Barack Obama pledges to act on environmental and other matters when Congress doesn't, or won't, opponents of regulating carbon dioxide and other heat-trapping gases cast the rule as a power grab of historic proportions.
The court is hearing arguments Monday about a small but important piece of the Environmental Protection Agency's plans to cut the emissions — a requirement that companies expanding industrial facilities or building new ones that would increase overall pollution must also evaluate ways to reduce the carbon they release.
Environmental groups and even some of their opponents say that whatever the court decides, EPA still will be able to move forward with broader plans to set emission standards for greenhouse gases for new and existing power plants. |
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Fight over gay marriage moving to federal courts
Topics in Legal News |
2014/02/20 16:02
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The overturning of Virginia’s gay marriage ban places the legal fight over same-sex unions increasingly in the hands of federal appeals courts shaped by President Barack Obama’s two election victories.
It’s no accident that Virginia has become a key testing ground for federal judges’ willingness to embrace same-sex marriage after last year’s strongly worded pro-gay rights ruling by the Supreme Court. Judges appointed by Democratic presidents have a 10-5 edge over Republicans on the Richmond-based 4th U.S. Circuit Court of Appeals, formerly among the nation’s most conservative appeals courts.
Nationally, three other federal appeals courts will soon take up the right of same-sex couples to marry, too, in Ohio, Colorado and California. The San Francisco-based 9th circuit is dominated by judges appointed by Democratic presidents. The Denver-based court, home of the 10th circuit, has shifted from a Republican advantage to an even split between the parties, while the 6th circuit, based in Cincinnati, remains relatively unchanged in favor of Republicans during Obama’s tenure.
U.S. District Judge Arenda Wright Allen’s ruling Thursday, that same-sex couples in Virginia have the same constitutional right to marry as heterosexuals, represented the strongest advance in the South for advocates of gay marriage. She put her own ruling on hold while it is being appealed.
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Supreme Court affirms pipeline value decision
Headline Legal News |
2014/02/20 16:01
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The Alaska Supreme Court on Wednesday handed Alaska municipalities a victory in a dispute over the value of the trans-Alaska pipeline, affirming that the structure for 2006 should have been valued at nearly $10 billion, not the $850 million claimed by pipeline owners.
The justices backed a Superior Court ruling that based the value of the pipeline on replacement costs, not fees paid to the owners for use of the pipeline.
The higher value means more tax revenue for municipalities through which the pipeline runs, especially the North Slope Borough, the Fairbanks North Star Borough and the city of Valdez, the parties in the lawsuit. The municipalities have long argued that pipeline owners have undervalued the 800-mile pipeline and tanker-loading facilities in Valdez.
"I've got a smile on my face today," Fairbanks North Star Borough Mayor Luke Hopkins said. "The Supreme Court validated what our position has been all along."
State Rep. Dave Guttenberg, D-Fairbanks, in a prepared statement praised the municipalities for seeking additional revenue and faulted the state for not intervening. |
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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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