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Kaplan Fox Files Securities Class Action
Press Release |
2011/11/16 09:47
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Kaplan Fox & Kilsheimer LLP has filed a class action suit against Jon S. Corzine, J. Randy MacDonald, Henri J. Steenkamp and certain other individuals that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of the securities of MF Global Holdings Ltd. during the period May 20, 2010 through October 28, 2011, inclusive, including investors who purchased MF Global common stock previously traded on the New York Stock Exchange under the symbol "MF" and purchasers of the Company's debt securities.
The case is pending in the United States District Court for the Southern District of New York. A copy of the complaint may be obtained from Kaplan Fox or the Court.
The complaint alleges that in March 2010, Corzine, a former CEO of Goldman Sachs Group, Inc. and former Governor of New Jersey, became Chairman and CEO of MF Global and that after Corzine became Chairman and CEO of MF Global, the Company increased its risk and used its own money to trade, including making investments in European sovereign debt that has plummeted in value. Reportedly, Corzine's strategy was to transform the Company from a futures broker into a boutique investment bank.
The complaint further alleges that Corzine's push into more risky and principal trading with the Company's money was central to MF Global's profit-growing plan and transformation, and that Corzine and the other defendants represented that they could grow and transform the business without taking on excessive risk, while maintaining adequate capital and liquidity. Further, it is alleged that while making this transformation, Corzine and the other defendants failed to disclose that the Company was undercapitalized, exposed to excessive risk due to massive bets on debt issued by certain European governments, and did not have proper risk controls in place to manage these risks.
If you are a member of the proposed Class, you may move the court no later than January 3, 2012 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.
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Two plead guilty to distributing heroin
Court News |
2011/11/15 11:24
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Two Kansas residents have pleaded guilty to distributing heroin in Wichita in a case that also involved 10 other people.
The U.S. Attorney's office says 28-year-old Patrice Chadwick, of Wichita, and 30-year-old Christopher Schneider, of Rose Hill, entered the pleas Tuesday in federal court.
Chadwick admitted that in October 2010, she picked up 50 packets of heroin that another woman had left in a supermarket restroom and delivered it to a third defendant. Chadwick also admitted receiving 100 packets of heroin mailed to her from New York by another defendant in the case.
In his plea, Schneider admitted delivering two bags of heroin to another woman at her workplace.
Eleven of the 12 people charged in the case have pleaded guilty, while one other is awaiting trial.
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Justices unlikely to have last word on health care
Court Watch |
2011/11/15 08:59
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President Barack Obama's historic health care overhaul divided the nation from the day he signed it into law, and that seems unlikely to change no matter how the Supreme Court rules on its constitutionality.
Some legal disputes, like the 2008 presidential election, the court can settle. Others rage on, such as abortion. It may take another decade to find the balance between private and public responsibility for health care in America, a nation disdainful of big government yet historically unable to guarantee affordable basic coverage to its citizens.
"Either way it rules, the Supreme Court decision will not end the debate on health care," said former Senate Majority Leader Tom Daschle, an influential Democratic adviser. "It is, and will largely remain, a debate on the role of government."
The Supreme Court's announcement on Monday that it will take up the constitutional challenge to what Republicans deride as "Obamacare," sets the stage for a decision next summer in the heat of the presidential election campaign.
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UIHC Social Worker Fired After Guilty Plea
Attorney News |
2011/11/14 11:24
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The University of Iowa Hospitals and Clinics has fired a veteran social worker weeks after he pleaded guilty to disorderly conduct following an arrest on charges that he assaulted his teenage daughter.
UI spokesman Tom Moore said last week that Frank Sammet's "term of service" ended Oct. 19 but would not say whether he resigned or was fired. After repeated follow-up questions and an appeal to his superior by The Associated Press, Moore acknowledged Sammet was fired but wouldn't say why.
The firing is a change for the university, which had allowed Sammet to continue seeing patients for months even as he was fighting a domestic abuse charge alleging that he choked, punched and kicked his 18-year-old daughter Feb. 2.
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Russia court rejects $16 billion claim against BP
Court News |
2011/11/14 11:24
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A Russian court on Friday rejected a $16 billion claim against BP PLC filed by an obscure minority shareholder in BP's Russian venture, TNK-BP.
The court victory may have softened the blow that BP sustained when Rosneft dropped it as a partner in developing Russia's untapped Arctic oil and gas riches. The multibillion dollar deal broke down after TNK-BP's Russian billionaire shareholders blocked it, claiming that BP should be pursuing it through TNK-BP.
The Arbitration Court in the Tyumen region in Siberia on Friday dismissed two motions filed by a group of minority shareholders led by Andrei Prokhorov, who owns 0.0000106 percent in TNK-BP. The lawsuits are a $13 billion claim against BP and a $2.8 billion suit against two BP-nominated directors on TNK-BP's board.
Prokhorov and other shareholders claimed that BP and its representatives damaged TNK-BP's interests by failing to include the Russian venture in the Arctic deal with Rosneft.
BP's Russian partners in TNK-BP have denied any connection to the minority shareholder's suit. The claim was the reason why Russian police raided BP's office in August, which happened just days after Rosneft teamed up with ExxonMobil to develop the Arctic. |
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