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Court case exposes rift in Germany's secretive Aldi family
Stock Market News |
2017/11/18 13:39
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A court deferred ruling Thursday in a case that has exposed a rift within Germany's secretive Albrecht family, owners of the discount supermarket chain Aldi.
The dispute centers on the control over Aldi Nord, which operates in northern Germany and at least eight other European countries.
The widow of late patriarch Berthold Albrecht is contesting changes her husband made before his death in 2012 to the statutes of a family foundation that owns 19.5 percent of Aldi Nord.
A lower court sided with Babette Albrecht and her children, who are pitted against Berthold's brother, Theo Jr., and mother Caecilie Albrecht.
Germany's Manager Magazin recently estimated the Aldi Nord branch of the family's wealth at about 18 billion euros ($21 billion). The Schleswig court said the case would continue Dec. 7. |
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Toys R Us files for Chapter 11 reorganization
Stock Market News |
2017/09/19 10:59
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Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.
A statement by the Wayne, New Jersey-based company late Monday says it voluntarily is seeking relief in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond - and that its Canadian subsidiary is seeking similar protection through a Canadian court.
Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganize for long-term growth.
The company says separate operations outside the U.S. and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.
It emphasizes that its approximately 1,600 locations will remain open, that it will continue to work with suppliers and sell merchandise. |
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Wisconsin panel changes court rules for Foxconn plant
Stock Market News |
2017/09/06 09:05
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Foxconn Technology Group could appeal lawsuits directly to the conservative-controlled Wisconsin Supreme Court, skipping the state appeals court, under changes to a $3 billion incentive package the Legislature's budget-writing committee approved Tuesday.
The unprecedented change to the usual judicial process drew criticism from Democrats, who also blasted the $3 billion incentives as a corporate welfare giveaway. But they didn't have the votes needed to stop the proposal.
The Republican-controlled committee approved the bill on a party line 12-4 vote. The state Senate planned to vote on it Sept. 12, with the Assembly expected to quickly follow. Both are under GOP control.
The Assembly approved it last month, but will have to vote again since the committee changed the measure which amounts to the largest state tax break to a foreign corporation in U.S. history. It must pass both houses of the Legislature in the same form before going to Gov. Scott Walker for his signature.
Taiwan-based Foxconn signed a deal with Wisconsin to invest up to $10 billion in the state on a massive flat-screen manufacturing campus that could employ up to 13,000 people. The plant is to be built in southeastern Wisconsin and be open as soon as 2020, although Foxconn has not identified its exact location yet.
"This is probably the biggest thing to happen to Wisconsin since the cow," Republican budget committee co-chair Rep. John Nygren said Tuesday.
Proponents say the plant offers a once-in-a lifetime opportunity for the state, while critics say the state is giving away too much with the $3 billion incentive package. The bill also waives environmental regulations that will allow Foxconn to build in wetland and waterways and construct its 20-million-square-foot campus without first doing an environmental impact statement.
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Otter appoints new justice to Idaho Supreme Court
Stock Market News |
2017/08/28 23:50
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Idaho Gov. C.L. "Butch" Otter has appointed Twin Falls judge Richard Bevan to the state's highest court.
Otter announced Tuesday that Bevan — currently the 5th Judicial District's administrative judge — will replace retiring Idaho Supreme Court Justice Daniel Eismann. Bevan was among four other finalists vying for the open seat. Eismann will retire at the end of the month.
Bevan has been a judge since 2003, where he helped establish the 5th District's mental health court and presided over the Veterans Treatment Court. Previously, he was a private practice attorney and served a term as Twin Falls County prosecuting attorney.
Otter praised Bevan's judicial demeanor and understanding of the legal system, adding that Bevan has shown to have open mind on tough, socially significant issues.
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Kentucky governor, attorney general clash before high court
Stock Market News |
2017/08/19 08:30
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Kentucky's Democratic attorney general warned the state's highest court on Friday that the accreditation of the state's public colleges and universities would be at risk if they don't take his side against the Republican governor.
But an attorney for Republican Gov. Matt Bevin called Andy Beshear's argument "poppycock." He told the justices they should dismiss Beshear's lawsuit and vacate a lower court's judgment that the governor broke the law when he abolished the University of Louisville's board and replaced its trustees with an executive order last year.
What was supposed to have been a 30-minute hearing stretched more than an hour in a courtroom packed with political aides from both parties as two of Kentucky's top politicians faced off before the Supreme Court for the second time in a year.
Ultimately, Bevin got his wish for a new board at the university after the legislature convened and the Republican majority approved his choices under a new law. That's why a ruling from the Kentucky Supreme Court in this case likely won't affect the new board.
But Beshear is asking the court to declare Bevin's original order illegal and to prevent him from doing it again. If he's successful, it would be his second legal victory against Bevin and would be likely fodder for a potential campaign for governor in 2019.
If Bevin wins, it would bolster the governor's argument that Beshear has wasted time filing frivolous lawsuits against him.
Bevin replaced the board because he said the university needed a "fresh start" after a series of scandals and because the board violated state law by not having proportionate representation of racial minorities and political parties.
In issuing his executive order, Bevin relied on a state law, KRS 12.028 , that lets the governor make temporary changes when the legislature is not in session. The legislature then reviews those changes when they reconvene. If they don't act on them, the changes expire.
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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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