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RI pension overhaul may head to the courts
Headline Legal News |
2011/11/19 09:05
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Rhode Island is taking dramatic steps toward fixing one of the nation's most underfunded public pension systems, but the true battle with public-sector unions may be just beginning.
State lawmakers ignored jeers from public workers and the threat of a lawsuit Thursday to pass sweeping changes to the pension system covering 66,000 active and retired public workers.
The legislation is designed to save billions of dollars in future years by backing away from promises to state and municipal workers that lawmakers say the state can no longer afford. Gov. Lincoln Chafee, an independent, said he will sign the bill.
Public-sector union leaders promised a court challenge before the final votes were even cast.
"The attorneys are going to make a lot of money," Philip Keefe, president of Local 580, which represents social service, administrative and technical workers. "If this is overturned, it will be you, me and every other taxpayer that is on the hook for billions."
Supporters acknowledged that a lawsuit was inevitable but said the bill was thoroughly reviewed for any legal problems. Supporters said one of the reasons for the bill was to ensure there's money available when today's workers retire.
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Fla. hired law firm with ties to Gov. Scott
Legal Business |
2011/11/18 09:04
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Florida has spent nearly a half-million dollars - and could spend even more - with a large, well-known law firm that has connections to both the Republican Party of Florida as well as Gov. Rick Scott.
Since August the state has paid nearly $400,000 to the law firm of Alston and Bird to defend a new state law that requires public employees to contribute 3 percent of their pay to the state pension fund.
The firm was hired at the urging of the Scott administration which asked Attorney General Pam Bondi to approve paying the firm hourly rates at $495 an hour or nearly $300 more than what is normally allowed.
The Scott administration and Bondi have defended the hiring of the firm, saying it specializes in the kind of litigation that the state is now involved in.
But the firm's roster also includes a one-time business associate of Scott.
While not working directly on the lawsuit, a senior counsel with the firm's Washington D.C. office is Thomas Scully. Scully is also a general partner with the New York investment firm of Welsh, Carson, Anderson & Stowe. That's the investment firm that this June purchased Scott's shares in Solantic, a chain of urgent care clinics the governor started back in 2001.
Scully, who once led the Federation of American Hospitals, was appointed to the board of directors of Solantic back in 2008. |
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Missouri Supreme Court upholds strip club restrictions
Court Watch |
2011/11/16 09:47
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The Missouri Supreme Court has upheld a 2010 state law imposing restrictions on strip clubs and other sexually oriented businesses.
In a unanimous decision Tuesday, the court rejected claims from the adult entertainment industry that the law infringed on free expression rights and was passed in violation of legislative procedures.
The court said there was enough evidence to support the Legislature's belief that the restrictions served a government interest in minimizing negative effects from sexually oriented businesses.
The law requires sexually themed businesses to close by midnight. It also bans full nudity, alcohol, minors and touching between semi-nude employees and customers.
The Supreme Court's ruling affirms a prior decision by a Cole County judge.
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Conn. teeth-whitening rules challenged in court
Legal Business |
2011/11/16 09:47
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Connecticut's rules that only a dentist can provide certain teeth-whitening services are being challenged in court.
The Institute for Justice filed the lawsuit in federal court in Hartford on Wednesday. The Arlington, Va.-based law firm says the state Dental Commission's regulations promote a monopoly for dentists by banning certain teeth whitening at salons and shopping malls.
A spokesman for the state Department of Public Health says officials haven't read the lawsuit and won't comment.
Regulations imposed in June cite inherent risks in teeth whitening and say whitening involves the practice of dentistry for diagnosing causes of discoloration, customizing treatment and other work.
The Institute for Justice, which takes on libertarian causes, says the regulations have put several practitioners out of business.
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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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