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$450m class action launched against NAB
Legal Business | 2010/11/26 22:14

A $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt.

Legal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow.

The firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market.

It will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure.




Apotheker a no-show in Oracle-SAP trial
Headline Legal News | 2010/11/20 22:10

An industrial espionage trial between Oracle Corp. and SAP AG, two of the world's biggest business software makers, ended Friday without the testimony of one of its most anticipated witnesses.

The evidence part of the three-week trial wrapped up Friday without an in-person appearance by the new CEO of Hewlett-Packard Co., Leo Apotheker, and without Oracle playing a videotaped deposition he gave.

The cat-and-mouse game of Oracle trying to force Apotheker to testify, and HP refusing to allow it, has captivated technology watchers and overshadowed Apotheker's start as head of the world's biggest technology company by revenue.

Oracle wanted Apotheker to testify because he was previously SAP's CEO.

But Oracle says that HP refused to accept a subpoena on Apotheker's behalf. HP accused Oracle of harassing Apotheker.

Oracle hired investigators to track down Apotheker, but since he started the HP job Nov. 1, he wasn't spotted close enough to the federal courthouse in Oakland, where the case is being tried, for Oracle to serve him with the subpoena. The subpoena only applies within 100 miles of the courthouse, which includes HP's headquarters in Palo Alto.

HP hasn't disclosed Apotheker's whereabouts. Representatives have



Victorian Village bar loses smoking-ban appeal
Topics in Legal News | 2010/11/19 22:11

The Ohio Supreme Court will get a chance to determine the legality of the state's smoking ban after an appeals court ruled that state officials didn't overstep their bounds when they repeatedly cited a Victorian Village bar for violating Ohio's smoking ban.

Zeno's Victorian Village is fighting a two-pronged battle against the 2006 anti-smoking law, saying that it shouldn't apply to family-owned bars and that authorities are unfairly punishing bars for violating the ban rather than the smokers themselves.

On Tuesday, the Franklin  County Court of Appeals handed Zeno's a big setback. In a  3-0 ruling, judges overturned a trial court's decision that dismissed more than $30,000 in  fines against Zeno's. The trial  court concluded that authorities had singled out bars and  restaurants for penalties while  refusing to cite smokers who  violated the ban.

The February ruling by Franklin County Common Pleas Judge David E. Cain never affected how state and local health departments enforce the no-smoking law. As of the end of August, more than 2,500 fines had been imposed totaling nearly $1.2 million, according to the Ohio Department of Health. State and local officials had collected about $400,000 of that amount.



Black farmers, Indians closer to US settlement
Legal Business | 2010/11/18 22:09

Black farmers and American Indians who say the United States discriminated against them and took their money for decades are a step closer to winning long-awaited government settlements.

Under legislation passed by the Senate on Friday, black farmers who claim discrimination at the hands of the Agriculture Department would receive almost $1.2 billion. American Indians who say they were swindled out of royalties by the Interior Department would split $3.4 billion. Both cases have languished for more than a decade, and plaintiffs say beneficiaries are dying off.

"The Senate finally did the right thing," said John Boyd, head of the National Black Farmers Association. "They stepped up and told the world civil rights still matter in America."

The legislation was approved in the Senate by voice vote Friday and sent to the House. The money had been held up for months in the chamber as Democrats and Republicans squabbled over how to pay for it.

President Barack Obama praised the Senate for finally passing the bill and urged the House to move forward on it. He said his administration is also working to resolve separate lawsuits filed against the department by Hispanic and female farmers.




Law firm signs lease for spot in former City Drug building
Law Firm News | 2010/11/15 22:12

The only national tenants in Fort Collins' Old Town, according to Les Kaplan, are Pendleton, the Audubon Society and Starbucks.

Two of them are in buildings he owns at College and Mountain avenues, an intersection many call Main and Main.

Kaplan points with pride to the plethora of locally owned restaurants, retailers and offices that give Old Town its flair. Within weeks, his old bank building will bustle with a mix of offices and restaurant.

Greeley-based law firm Otis, Coan & Peters LLC recently signed the final lease in Kaplan's former City Drug building, bringing it to full occupancy.

Otis, Coan & Peters LLC, with offices on Caribou Drive in Fort Collins, plans to move in by Feb. 1 sharing the second floor - formerly the home of Bohemian Cos. - with Premier Employment Screening Services.

The Audubon Society moved in last month, sharing the street level with Ingredient, which plans to open in early December.
The building, which is undergoing extensive exterior and interior renovations to make way for Ingredient, is expected to be completed within a couple of weeks.

All that remains for exterior work, Kaplan said, is an awning on the façade facing College Avenue, a flagpole that will restore a flag to Old Town for the first time in about six decades and an outside railing.

More than 24,300 vehicles per day pass by the building and more than 9,000 people work within a mile of the intersection, which houses Austin's American Grill on the northwest corner, BeauJo's on the northeast and Cache Bank on the southeast.

"The fact that Audubon wants to be downtown means they're looking for unique exposure that they can only get in the most pedestrian area of Fort Collins, which is downtown.

"What they were seeking is a location that would have superior exposure to the public," Kaplan said. "They want people to walk by and walk in so they can explain their mission."

The building has been vacant for more than a year, when City Drug moved a few blocks north to 209 N. College Ave. and the Bohemian Cos. moved into its new headquarters at 262 E. Mountain Ave. in December.

The building generated dozens of showings of the retail and office space, said Nick Christensen of Chrisland Commercial Real Estate Inc., which listed the property.

"Compared to the market as a whole we saw very good interest in that building and location," he said.

Interest in Old Town has been higher than other listings throughout Northern Colorado, said Christensen, who has listings throughout the region.

"Old Town is just a very attractive, authentic location that everyone enjoys and that's driven that market and kept it strong even in a down economy."




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