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South Korean court sentences Samsung heir to 5 years prison
Securities Class Action |
2017/08/26 23:51
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A South Korean court sentenced the billionaire chief of Samsung to five years in prison for crimes that helped topple the country’s president, a stunning downfall that could freeze up decision making at a global electronics powerhouse long run like a monarchy.
The Seoul Central District Court said Friday that Lee Jae-yong, 49, was guilty of offering bribes to Park Geun-hye when she was South Korea’s president, and to Park’s close friend, to get government support for efforts to cement his control over the Samsung empire. The revelations that led to Lee’s arrest in February fed public outrage which contributed to Park’s removal.
A panel of three judges also found Lee guilty of embezzling Samsung funds, hiding assets overseas, concealing profit from criminal acts and perjury. Prosecutors had sought a 12-year prison term.
The court said Lee and Samsung executives who advised him caused “a big negative effect” to South Korean society and its economy.
“The essence of the case is unethical collusion between political power and capital,” the court said in a statement. It led the public to fundamentally question the public nature of the president’s work and to have “mistrust in the morality of the Samsung group,” it said.
The families who control South Korea’s big conglomerates, known as chaebol, were lionized a generation ago for helping to turn South Korea into a manufacturing powerhouse put public tolerance for double standards that put them above the law has been rapidly diminishing.
Analysts said the verdict will not immediately have an impact on Samsung’s business operations, which are overseen by three chief executives. The company has successfully weathered past crises that include two recalls of Galaxy Note 7 smartphones prone to catch fire and Lee’s arrest. It is set to report its highest-ever earnings this year.
But long-term business decisions, such as finding future growth areas and identifying companies for acquisitions, may have to be put on hold.
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Hailey attorney named to Idaho District Court bench
Securities Class Action |
2017/08/11 09:27
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Central Idaho attorney Ned Williamson has been named the new judge in Idaho's 5th District Court.
Gov. C.L. "Butch" Otter selected Williamson, a Hailey resident, to replace recently retired Judge Robert Elgee in Blaine County.
The Times-News newspaper reports Williamson served as a deputy prosecutor in both Canyon and Blaine counties before opening his private law practice in 2001. Williamson was one of four candidates submitted to Otter for the judgeship.
Otter said Williamson's local experience will serve him well on the bench. Williamson said he's honored by the selection and will dedicate himself to being a fair and impartial judge.
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Court: Energy firm can pass $55M cleanup costs
Securities Class Action |
2017/07/05 10:09
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The Ohio Supreme Court says an energy company is allowed to pass on the $55 million cost of cleaning up two polluted sites to its customers in the form of an added charge on their monthly bills.
Duke Energy has been adding $1.67 to bills in Ohio for about three years to help pay for the cleanup of two long-closed facilities in Cincinnati. A spokeswoman says the charge will likely continue for two more years.
The Supreme Court ruled last week that cleanup costs can be treated like other business expenses.
The Cincinnati Enquirer reports that Charlotte, North Carolina-based Duke Energy inherited the plants from another company. They were closed in 1928 and 1963, but cleanup had been a low priority because there was little public access to the sites.
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Court to hear challenge to speed up California executions
Securities Class Action |
2017/06/06 09:00
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The California Supreme Court will hear arguments Tuesday over a ballot initiative designed to speed up executions that could fundamentally change the way the court handles death penalty appeals.
Death penalty opponents are challenging a ballot measure passed by a slim majority of voters in November that aimed to reform a dysfunctional system that hasn't executed a condemned killer in more than a decade.
Foes of capital punishment argue that Proposition 66 was unconstitutional because it would take power away from the state's high court to decide how it handles cases and it would disrupt the court system, cost the state more money and undermine the appeals process.
If allowed to take effect, the measure would require more lawyers to take death penalty appellate cases, some trial court judges would be assigned appeals and all state appeals would have to be completed in five years, which is about a third of the time it typically takes.
With a backlog of 380 death penalty appeals, there's concern judges would be overwhelmed trying to speed through appeals, said Elisabeth Semel, a law professor at University of California, Berkeley, who consulted for death penalty opponents on the case.
"There's an enormous ripple effect to that," said Semel, who directs the school's death penalty clinic. "The attention the justices can pay to each individual case is significantly diminished. When you're talking about life and death, that's important."
The ballot initiative supported by 51 percent of voters was designed to "mend not end" capital punishment in California, where nearly 750 inmates are on Death Row and only 13 have been executed since 1978.
A competing measure to repeal capital punishment lost by a slightly wider margin. Both sides acknowledged the current system is broken.
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Danish teenager found guilty of terrorism, sentence pending
Securities Class Action |
2017/05/16 10:42
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A Danish court on Tuesday convicted a teenage girl of attempted terrorism for planning bomb attacks against two schools.
Holbaek District Court judge Peder Christensen says the 17-year-old, who wasn't identified, was also convicted of assaulting an employee in the juvenile incarceration facility where she had been held during the trial.
Christensen said the girl had converted to Islam and intended to carry out attacks, including one on a Jewish school, when she was 15. He said she possessed chemicals to make the explosive known as TATP. It also appeared she had online contacts with radical militants.
The teenager was arrested Jan. 13, 2016. The court said the bombings were not carried out because she was arrested before she could take action, and that she had not received any orders to blow up her former school, Holbaek, 65 kilometers (40 miles) northwest of Copenhagen, and Copenhagen's Jewish Caroline School.
Her lawyer, Mette Gritt Stage, had said her client had been bullied at school and is a confused teenager seeking attention.
After the guilty ruling, Stage said her client "was very, very saddened."
Three letters were found in her cell in late April and read in court. In one, the teenager wrote that she deliberately didn't wear a headscarf "to fool the disbelievers" to think she had not converted to Islam.
In another letter to a Danish-Turkish man who had been sentenced to six years in prison and had his Danish citizenship stripped off for joining radical Islamic State militants in Syria, she wrote that she stabbed the employee in the incarceration facility because he had been a soldier in Iraq, adding "I couldn't accept this."
The court is expected to announce sentencing on Thursday. Prosecutors are requesting her incarceration at a mental institution. |
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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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