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Mo. court rejects challenge to land tax credits
Headline Legal News |
2011/08/03 08:45
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A developer promising a multi-billion dollar makeover for impoverished north St. Louis won a legal battle Tuesday as the Missouri Supreme Court rejected a challenge to a state law directing tens of millions of dollars of tax credits toward his project.
The seven-member Supreme Court was divided in its reasoning but united in the ultimate result of its ruling, which secures state financing for the developer to assemble and maintain large swaths of land. Eventually, Paul McKee's NorthSide Regeneration LLC wants to build 10,000 homes and millions of square feet of office space in a two-square-mile area north of downtown St. Louis.
A lawsuit by two local residents took issue with a 2007 state law enacted with McKee's project in mind. That law authorizes up to $95 million of tax credits to offset part of the cost of buying and maintaining large amounts of property in impoverished areas. NorthSide Regeneration so far has received about $28 million in tax credits.
Tax credits reduce the amount of state income tax owed by a taxpayer. The lawsuit claimed the credits were similar to getting cash from the state and thus violated the Missouri Constitution by granting public money to a private person or corporation. A Cole County judge ruled against the plaintiffs in March 2010 and the case was appealed to the state Supreme Court.
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Kansas workers seek to bar immigration questions
Court Watch |
2011/08/03 08:45
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Workers who filed a class-action lawsuit against a Kansas slaughterhouse for unpaid wages and overtime have asked a federal judge to bar Creekstone Farms Premium Beef from discovering their immigration status during the litigation.
The employees have asked U.S. District Judge Eric Melgren for a protective order prohibiting the Arkansas City meatpacker from receiving from the named plaintiffs — or any other workers who opt into the lawsuit — any information pertaining to their present names or any other names they may have used.
They also seek to avoid having to disclose their place of birth, Social Security number and any present or prior addresses. The plaintiff's motion also seeks an order protecting the workers from having to turn over to Creekstone Farms any tax returns or any other tax forms filed under any of their identities or having to disclose the dates and times of entry into the United States. They also want to avoid turning over all identification documents likely to lead to the discovery of their immigration status.
Their attorney, Mark Kistler, told The Associated Press Tuesday that the courts already have decided that these types of information which could lead to discovery of immigration status should be protected from discovery during a lawsuit.
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Court tosses Wisconsin limit on PAC donations
Legal Business |
2011/08/02 08:44
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A federal appeals court ruling could lead to even more spending in Wisconsin's recall elections.
A 7th U.S. Circuit Court of Appeals panel ruled Monday that the state's $10,000 annual contribution limit on so-called "super PACs," or political action committees that do not coordinate with specific candidates or their campaigns, can't be enforced while a lawsuit from one of the groups is pending.
The lawsuit was brought by Wisconsin Right to Life's political action committee, and the group's attorney said it will immediately begin soliciting big-dollar donations to spend in the recalls targeting six Republicans and two Democrats.
"They will raise money in excess of the limits," said Right to Life attorney James Bopp, Jr.
To date, Wisconsin Right to Life's PAC reported spending only $325 on telephone calls in support of Republican Sen. Randy Hopper and against his Democratic challenger, Jessica King.
The appeals court said the donation limit can be exceeded while the underlying lawsuit is pending. Wisconsin Right to Life argues that the limits are an unconstitutional restriction on free speech.
Oral arguments were tentatively planned for September, after both the Aug. 9 elections targeting six Republican state senators and elections a week later involving two Democratic incumbents.
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Oklahoma Supreme Court sets hearing in bribery case
Legal Business |
2011/08/01 09:02
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The Oklahoma Supreme Court has agreed to hear a former state senator's request to dismiss a bribery charge against her and scheduled oral arguments for September.
Former Sen. Debbe Leftwich, D-Oklahoma City, faces bribery charges along with Rep. Randy Terrill, R-Moore. Prosecutors say Terrill offered Leftwich an $80,000-a-year job at the state Medical Examiner's Office in exchange for Leftwich not running for re-election and clearing the way for Republican Rep. Mike Christian of Oklahoma City to run. Christian has not been charged a crime and is expected to be a witness.
Leftwich's attorney, Robert McCampbell, filed a motion to dismiss the charge that maintains Leftwich is exempt from prosecution for alleged wrongdoing in the performance of her professional duties under the speech and debate clause of the Oklahoma Constitution.
The court scheduled oral arguments from her defense, Oklahoma County District Attorney David Prater and attorneys for the Oklahoma Senate for Sept. 13, according to an entry posted Thursday on the Supreme Court's website. The entry also says Leftwich's case is on hold until the court makes a decision.
The Senate's attorneys also will have a chance to express lawmakers' concerns about language in a recent Court of Criminal Appeals decision denying Leftwich's motion to dismiss, the entry said.
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The Rosen Law Firm Announces Class Action Lawsuit Against JBI, Inc.
Press Release |
2011/08/01 09:02
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The Rosen Law Firm, P.A. announces that a class action lawsuit for violations of the federal securities laws has been filed against JBI, Inc. /quotes/zigman/573088 JBII +5.11% based on allegations that the company issued materially misleading financial statements to the investing public. If you purchased JBI stock during the period from August 28, 2009 to July 20, 2011 you can join the class action and seek to recover your investment losses.
To join the JBI class action, visit the firm's website at http://www.rosenlegal.com , or call Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email jhorne@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the District of Nevada.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that JBI materially overstated its income in connection with its acquisition of JavaCo, Inc. in 2009. As part of the transaction JBI exchanged 1 million shares of its stock for $9,997,134 worth of media credits. The Complaint alleges that JBI's financial statements were false and misleading because (1) the media credits acquired by the Company in connection with the acquisition of JavaCo were substantially overvalued; (2) that the Company was improperly accounting for acquisitions; (3) that, as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On May 21, 2010, JBI disclosed that its previously issued financial statements for the 2009 fiscal year and third quarter should no longer be relied upon. On July 14, 2011, the Securities and Exchange Commission advised the Company that it was recommending enforcement action against it and possibly one or more of its former officers in connection with the Company's issuing materially inaccurate financial statements.
News that JBI was required to restate its financial statements and was subject to an SEC enforcement action for violation of the federal securities laws has caused its stock price to drop substantially, damaging investors.
You may participate in the securities class action lawsuit to recover your investment losses. If you purchased JBI stock, please visit the website at http://rosenlegal.com to participate in the class action and to obtain more information. You may also contact Laurence Rosen or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at or lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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