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Administration moves plan to ax hundreds of rules
Headline Legal News |
2011/08/23 10:29
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The Obama administration disclosed plans Tuesday to cut or roll back hundreds of federal regulations, including some that will streamline tax forms at the Internal Revenue Service, let railroad companies pass on installing expensive new technology, and speed up the visa process for low-risk visitors to the U.S.
The administration said the regulations will save businesses up to $10 billion over the next five years and spur job growth in the private sector.
The move, announced while President Barack Obama was on vacation in Martha's Vineyard, was the latest White House gesture to reach out to a business community that has often felt alienated from the administration.
The move was criticized by some as too little, too late.
"The administration's findings and determinations, on their own, are a worthy effort at making technical changes to the regulatory process, but the results of this look-back will not have a material impact on the real regulatory burdens facing businesses today," said Bill Kovacs, senior vice president at the U.S. Chamber of Commerce.
Administration officials said the plans unveiled Tuesday include 500 regulatory reforms, including more than 100 from the Department of Transportation and more than 70 from the Department of Health and Human Services. Once the reforms are fully implemented, the administration estimates businesses will save about $10 billion over five years.
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Drug company lawyer taped trying to foil lawsuit
Headline Legal News |
2011/08/19 08:59
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International business can be an ethical jungle, but it's rare to get details of bare-knuckle tactics on tape.
A lawyer in Mexico for a leading U.S. drug manufacturer offered to pay an opposing expert in a lawsuit if he would leave the country on a key court date to undermine the case.
The company, Baxter International Inc., promotes itself as a champion of global anticorruption efforts. Baxter said the lawyer was not authorized to make any offers, and it has severed all ties with him.
The recording and its disclosure offer an unusual glimpse of fishy maneuvers in the global marketplace and come as the Justice Department and the Securities and Exchange Commission crack down on misconduct by U.S. companies abroad, part of a multinational effort to clean up commerce.
Based near Chicago, Baxter is a major manufacturer of intravenous drugs and medical devices. Its medications are used to treat people with hemophilia, kidney disease, immune system problems, infectious diseases, serious burns and other conditions.
The lawyer was talking to accountant Rafael Aspuru Alvarez, an expert witness for Translog, a trucking company embroiled in a $25 million legal dispute with Baxter's subsidiary in Mexico.
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$168 million securities fraud settlement proposed
Headline Legal News |
2011/08/12 10:33
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The New York State Common Retirement Fund has announced a proposed $168 million settlement of its securities fraud class-action lawsuit against National City Corp. alleging misrepresentations to investors.
State Comptroller Thomas DiNapoli, trustee of the $146.5 billion fund and lead plaintiff, says the defendants agreed to the settlement but admitted no wrongdoing.
PNC Financial Services Group Inc., which bought Cleveland-based National City in 2008, declined to comment.
The suit alleges National City misrepresented the quality of its mortgages and home equity loans and the severity of its losses.
The settlement is expected to go before U.S. District Judge Solomon Oliver Jr. in the Northern District of Ohio for preliminary approval in the next few weeks, with all class members notified after that.
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Pozen says Texas court upholds Treximet patents
Headline Legal News |
2011/08/09 09:24
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Drug developer Pozen Inc. said Monday that a Texas court upheld three patents supporting its migraine drug Treximet.
Pozen said the U.S. District Court for the Eastern District of Texas ruled that the patents were valid. The court also found that generic versions of Treximet developed by Par Pharmaceutical Co. and Dr. Reddy's Laboratories Ltd. infringed on all three patents, while a version developed by Alphapharm Pty Ltd. infringed on two patents. Teva Pharmaceutical Industries Ltd. had also challenged the patents, but was dismissed from Pozen's lawsuit in April 2010 after it agreed to abide by the court's decision.
The court said the Food and Drug Administration cannot approve the generics made by Dr. Reddy's and Par until Feb. 2, 2025, and that the agency can't approve the Alphapharm generic until Aug. 14, 2017.
Treximet is a combination of GlaxoSmithKline PLC's drug Imitrex and an anti-inflammatory drug developed by Pozen. GlaxoSmithKline markets the drug and pays royalties to Pozen. In the second quarter, those royalty payments accounted for $4 million of Pozen's $4.6 million in total revenue.
The FDA approved Treximet in April 2008 after years of delays, and Par filed for approval of its generic in October of that year.
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Bank of America starts overdraft rebate outreach
Headline Legal News |
2011/08/08 09:24
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If you had a Bank of America account with a debit card between January 2001 and May of this year, you may be due some cash.
The nation's largest bank has started contacting customers who may be entitled to a refund. It recently reached a class-action settlement over the way it charged overdraft fees. Most of the other suits are continuing to work their way through federal court in Florida.
Bank of America agreed to set up a $410 million fund to settle the lawsuit. The money will be used to pay back customers who were charged overdraft fees as a result of the company's policy of processing debit card transactions based on the size of the transaction, rather than when the purchases occurred.
The bank is one of about three dozen named in a series of class-action lawsuits over the practice of "reordering." A policy that became widespread in the 2000s, reordering involves deducting purchases from an account starting with the largest dollar amount first. That means a customer may end up paying additional overdraft fees.
For instance, someone with an account balance of $95 and who made three purchases in one day, the first for $5, the next for $25 and the last for $75, would be charged two overdraft fees, rather than one.
The suits claim that reordering was done to intentionally increase the number of overdraft fees collected. Banks took in about $39 billion in overdraft fees annually before the Federal Reserve put new rules in place last year. Now banks are required to obtain a customer's written permission before providing overdraft protection.
To inform customers that they may be eligible for a refund of some overdraft fees, Bank of America is sending postcards to customers with a brief explanation of the settlement and the address of a website where more information is available.
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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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