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Ala. county files for largest municipal bankruptcy
Court News |
2011/11/10 09:41
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Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible.
Jefferson County’s Chapter 9 filing on Wednesday gives it protection from creditors while it develops and negotiates a plan for adjusting its debts. It could accomplish that by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
Perhaps the biggest is the potential impact on the county’s 658,000 residents, who could be asked to pay higher sewer rates. Officials say it’s too early to assess the full impact, though bankruptcy filings can lead to layoffs, tax increases, pension reductions for public workers, and spending cuts on things like schools and roads. |
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Supreme Court looks at warrantless GPS tracking
Court News |
2011/11/08 04:18
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The Supreme Court has expressed deep reservations about police use of GPS technology to track criminal suspects without a warrant.
But the justices appeared unsettled Tuesday about how or whether to regulate GPS tracking and other high-tech surveillance techniques.
The court heard arguments in the Obama administration's appeal of a court ruling that threw out a drug conspiracy conviction because FBI agents and local police did not have a valid search warrant when they installed a GPS device on the defendant's car and collected travel information.
The justices were taken aback when the lawyer representing the government said police officers could install GPS devices on the justices' cars and track their movements without a warrant.
The court has previously ruled there is no expectation of privacy on public roads. |
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Court upholds conviction in Pa. murder case
Court News |
2011/11/08 02:18
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The Supreme Court used its first opinion of the new term on Tuesday to uphold the murder conviction of a man in a Pennsylvania grocery store shooting.
The high court on Tuesday upheld Eric Greene's conviction in the 1993 shooting death of the owner of a grocery store in North Philadelphia.
Greene had complained that the confessions of some of the men who were with him at the time of the shooting should not have been introduced at his trial since they were not testifying. The introduction of those redacted confessions violated his right to confront his accusers, Greene said.
The 3rd U.S. Circuit Court of Appeals upheld his conviction, despite the fact that the Supreme Court had decided a similar case in 1998 that would have supported Greene's claim.
The Supreme Court, which heard arguments on this case in October, unanimously agreed with the lower court. The 1998 decision in Gray v. Maryland came after the Pennsylvania Supreme Court ruled on Greene's case, noted Justice Antonin Scalia, who wrote the term's first opinion of an argued case. |
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Corzine steps down at collapsed firm, hires lawyer
Court News |
2011/11/05 12:25
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He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers.
Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure.
MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.
In another twist, a top regulator has ended his role in the investigation of MF Global because of his longstanding ties to Corzine. Commodity Futures Trading Commission chairman Gary Gensler, whose agency is leading the effort to locate the missing client money, had worked for Corzine at Goldman Sachs.
MF Global's implosion, which came after Corzine made a big, risky bet on European debt, revived memories of the 2008 banking crisis and the ruin of the much bigger Lehman. |
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High court considers Ga. suit over false testimony
Court News |
2011/11/02 08:47
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The Supreme Court wrestled Tuesday with whether government officials are protected from civil lawsuits, even if they tell lies that lead a grand jury to vote for an indictment.
The justices heard arguments in an appeal from Charles Rehberg, an accountant who was indicted three times involving charges that he harassed doctors affiliated with a south Georgia hospital system.
After the third indictment was dismissed even before a trial, Rehberg sued local prosecutors and their investigator, James Paulk. Rehberg argues that he was placed under investigation because of the hospital's political connections and that Paulk's false grand jury testimony led to the indictments.
At issue in the high court is whether grand jury testimony could make a person liable in a civil lawsuit. A key question is whether the justices consider such testimony to be more like an affidavit or a trial. Witnesses are protected from civil lawsuits over what they say in trial testimony.
Paulk argues that the grand jury is part of the judicial process, and testimony there should be afforded the same protection it gets at trial.
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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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