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Shareholder class action hits Leighton
Press Release |
2011/09/01 09:47
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Shareholders set to take legal action against Leighton over alleged failures to properly report a $907 million turnaround in financial performance.
Law firm Maurice Blackburn on Thursday said it intended to launch a class action against the company, alleging Leighton breached continuous disclosure obligations as set out in the Corporations Act.
On April 11 this year, the Leighton announced it was expecting to post a loss of $427 million for the 2010/11 financial year, a turnaround from a $480 million profit in 2009/10.
The announcement came after a review of its operations, which led to a $282 million drop in profit from its desalination plant project at Wonthaggi in Victoria, a before-tax loss of $430 million on the Brisbane Airport Link and a $295 million write-down on its equity in the Middle East-focused Habtoor Leighton Group.
Maurice Blackburn principal Andrew Watson said Leighton should have told the market about those write-downs by November 2, 2010, or, at the very latest, February 14 this year.
'Shareholders expect a company like Leighton to have proper risk management and internal reporting systems to ensure timely announcements are made when there are difficulties,' Mr Watson said.
Maurice Blackburn says it believes Leighton was seeking approval for design changes on the Brisbane Airport Link because of expected delays as early as April 2009.
Leighton also advised the market that construction of the Victorian desalination plant was on time at least five times between November 2010 and March 2011, Maurice Blackburn alleges.
In response to a query from the Australian Securities Exchange (ASX) several days after its announcement of the losses, Leighton said it informed the market of its expected losses as soon as it was aware of them.
'At all times, the company has been mindful of its continuous disclosure obligations,' Leighton secretary Ashley Moir said on April 18.
Last week, the Leightonboard terminated the contract of chief executive David Stewart, who took over from long-time chief executive Wal King in January.
That followed chairman David Mortimer's decision to depart the Leighton board a day earlier. |
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SD Supreme Court upholds school funding system
Court Watch |
2011/09/01 09:46
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The South Dakota Supreme Court on Thursday upheld the constitutionality of the state's system for funding school districts, rejecting the schools' arguments that the current arrangement does not provide enough money to assure students of an adequate education.
In a unanimous ruling, the high court said a lawsuit supported by about two-thirds of the state's school districts raises serious questions about the funding system and shows that some districts struggle to provide adequate facilities and qualified teachers.
"Even so, reasonable doubt exists that the statutory funding mechanisms or level of funding are unconstitutional," Justice Judith Meierhenry wrote for the court.
The 41-page main decision upholds a ruling by Circuit Judge Lori Wilbur of Pierre, who ruled in 2009 that the school funding system is constitutional because it provides students with an adequate education that prepares them for life after high school. Wilbur has since been appointed to the Supreme Court, but did not take part in Thursday's ruling. |
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Appeals Court upholds sanctions against doctor
Legal Business |
2011/09/01 09:46
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An appeals court has upheld sanctions against a former University of Wisconsin Hospital doctor who was accused of fondling female patients.
The 4th District Court of Appeals said in its decision Thursday that the state Medical Examining Board properly sanctioned Dr. Frank Salvi in 2009. He was suspended for 90 days and required to undergo a mental evaluation and five years of supervision.
Salvi denied charges made by four female patients that accused him of fondling them in 2004 and 2005.
A Dane County judge ruled last year that the state medical board improperly sanctioned Salvi, but the board appealed. The Appeals Court reversed that decision, saying the board properly disciplined Salvi.
Salvi's attorney Lester Pines had not seen the decision and had no immediate comment.
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2 law firms in Louisiana and Mississippi to merge
Topics in Legal News |
2011/08/31 08:46
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A New Orleans-based law firm is expanding into Mississippi as it merges with a firm based in Jackson.
The New Orleans firm is Jones, Walker, Waechter, Poitevent, Carrere & Denegre L.L.P.
It is combining with Watkins Ludlam Winter & Stennis, P.A., a firm that includes former Mississippi Gov. William Winter.
The firms say in a news release Tuesday that the merger should be complete by Jan. 1, and the combined firm will have 375 attorneys.
It will go by the current name of the New Orleans firm, Jones Walker.
After the merger is complete, Jones Walker will have 15 offices in Louisiana, Alabama, Arizona, Florida, Mississippi, Texas and the District of Columbia.
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A Court Cannot Exclude Evidence Because It Is Self-Serving
Court Watch |
2011/08/31 08:46
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In Reed v. City of Evansville, _ N.E.2d _ (Ind. Ct. App. 2011), Cause No. 82A05-1012-PL-768, Evansville sought to have some of the evidence the Reeds submitted in opposition to the City's motion for summary judgment because it was "self-serving." Today, the Court of Appeals clearly stated that parties should not make this same objection in the future.
The Reeds filed a claim against Evansville and Evansville moved for summary judgment, arguing that the notice was not timely under the Tort Claims Act. The trial court granted that motion and the Reeds appealed.
On appeal, the Court held that the trial court erred when granting summary judgment to the City, because there were genuine issues of material fact. The court then addressed the City's cross-appeal, which challenged the trial court's denial of the City's motion to strike some of the Reeds' evidence. The City moved to strike some of that evidence because it was "self-serving." The Court had none of it.
http://www.indianalawupdate.com/entry/A-Court-Cannot-Exclude-Evidence-Because-It-Is-Self-Serving
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