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Court says Halliburton lawsuit can go forward
Court News |
2011/06/13 20:28
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The Supreme Court ruled Monday that Halliburton Co. shareholders can pursue a class-action lawsuit claiming the oil services company inflated its stock price.
The high court overturned a lower court ruling against the shareholders, who want to represent all investors who bought Halliburton stock between June 1999 and December 2001.
The lawsuit argues that Halliburton deliberately understated the company's liability in asbestos litigation, inflated how much money its construction and engineering units would bring in and overstated the benefits of a merger with Dresser Industries. When Halliburton made corrective disclosures, it made the stock price drop and caused investors to lose money, the lawsuit said.
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2 ex-judges, lawyer back to prison in Miss scheme
Headline Legal News |
2011/06/13 20:28
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Two ex-judges and an attorney from Mississippi must return to federal prison for their convictions in a loan scheme.
A federal appeals court had vacated their bribery convictions but upheld the guilty verdicts on corruption charges. So they needed to be resentenced.
U.S. District Judge Henry T. Wingate denied requests by Paul Minor and former Harrison County judges Wes Teel and John Whitfield to be re-sentenced to time they have already served.
Wingate on Monday sentenced Minor to eight years, Teel to four and Whitfield about six — all less than previous.
Prosecutors said Minor would guarantee loans for the judges, then used cash and third parties to pay off the debts. Judges then ruled in his favor in civil cases. He has long said he is innocent and was making loans to help friends.
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Toyota class action suit to start with Utah case
Opinions |
2011/06/12 20:28
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A federal judge expects the first lawsuit to go to trial in a massive class action against Toyota Motor Corp. over a sudden acceleration problem that led the company to recall 14 million cars will involve a crash that killed two people in Utah.
U.S. District Judge James Selna told attorneys Friday that the case of Paul Van Alfen and Charlene Jones Lloyd -- whose Toyota Camry slammed into a wall in Wendover, Utah, in 2010 -- will go to trial in early 2013.
The case will be the first of several bellwether lawsuits, intended to determine how the rest of the litigation will proceed.
Toyota says it welcomes the first suit because it will focus on what it calls the alleged technical defects at the heart of the cases.
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Court orders reconsideration of parole judgment
Attorney News |
2011/06/11 20:29
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The Supreme Court has ordered a lower court to reconsider its decision to release a criminal on parole.
The high court threw out a lower court decision ordering John Pirtle and other prisoners released from prison on parole.
Pirtle was convicted of killing his wife, and the parole board started denying him parole in 2002. Pirtle sued in federal court, saying his parole was denied without any proof that he posed a danger if he got out.
The lower courts agreed with him and ordered him and other prisoners in similar situations released on parole.
The high court threw out that decision in a summary judgment and ordered the 9th U.S. Circuit Court of Appeals in San Francisco to reconsider it.
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Fed proposes expanding capital reviews to 35 banks
Legal Business |
2011/06/10 23:51
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The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.
The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.
Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.
The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.
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