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Italian court convicts 2 in asbestos-linked deaths
Court Watch |
2012/02/13 10:16
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An Italian court Monday convicted two men of negligence in some 2,000 asbestos-related deaths blamed on contamination from a construction company, sentencing each of them to 16 years in prison and ordering them to pay millions in what officials called a historic case.
Italian Health Minister Renato Balduzzi hailed the verdict by the three-judge Turin court as "without exaggeration, truly historic," noting that it came after a long battle for justice.
"It's a great day, but that doesn't mean the battle against asbestos is over," he told Sky TG24 TV, stressing that it is a worldwide problem.
Prosecutors said Jean-Louise de Cartier of Belgium and Stephan Schmidheiny of Switzerland, both key shareholders in the Swiss construction firm Eternit, failed to stop asbestos fibers left over from production of roof coverings and pipes at its northern Italian factories from spreading across the region.
During the trial, which has stretched on since December 2009, some 2,100 deaths or illnesses were blamed on the asbestos fibers, which can cause grave lung problems, including cancer. Prosecutors said the contamination stretched over decades.
The defendants had denied wrongdoing.
Hundreds of people, many of them who had lost parents or spouses to asbestos-linked diseases, crowded the courtroom and two nearby halls to gather for the verdict. When the convictions were announced, some of the spectators wept.
Two hours after announcing the convictions, Judge Giuseppe Casalbore was still reading the court's complete verdict, which included awards of monetary damages from civil lawsuits from some 6,300 victims or their relatives who alleged that loved ones either died or were left ill from asbestos. |
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Student bra search case goes to NC Supreme Court
Court Watch |
2012/02/13 10:16
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The North Carolina Supreme Court is hearing arguments over whether school officials should be allowed to search students' bras for drugs.
A student at an alternative school sued after students had to untuck their shirts and pull out their bras with their thumbs in front of two men in 2008. The searches were done after the principal at Brunswick County Academy received a tip that pills were being brought into the school.
An appeals court ruled last year the searches were "degrading, demeaning and highly intrusive."
The attorney general's office is representing the school. The office says no skin was shown during the search, and students who are assigned to an alternative school because of disciplinary problems have a lesser expectation of privacy than other students. |
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BofA investor lawsuit wins class-action status
Court Watch |
2012/02/08 09:42
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Investors suing Bank of America Corp won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and the size of Merrill's losses and bonus payouts.
U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions.
Among the other defendants who were also sued and opposed class certification were former Bank of America Chief Executive Kenneth Lewis, former Merrill Chief Executive John Thain, former Bank of America Chief Financial Officer Joe Price, and Bank of America's board of directors.
Lewis had won initial praise for saving Merrill from possible collapse when he agreed to buy it on September 15, 2008, the day Lehman Brothers Holdings Inc went bankrupt.
But investors later faulted the bank for not disclosing the scope of Merrill's soaring losses, which reached $15.84 billion in the fourth quarter of 2008, before December 2008 shareholder votes on the merger. They also objected to Merrill's having paid $3.6 billion of bonuses despite the losses.
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Izard Nobel LLP Announces Class Action
Court Watch |
2012/02/06 09:59
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the common stock of Cablevision Systems Corporation between February 16, 2011 and October 28, 2011, inclusive (the "Class Period").
The Complaint alleges that Cablevision and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area -- the Company's main service area -- due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011, the period ended September 30, 2011. On that same day, Cablevision held a conference call with analysts and investors to discuss the earnings announcement and the Company's operations, including the Company's subscriber loss. In reaction to the Company's announcement, the price of Cablevision stock fell $2.17 per share, or 13%, to close at $15.14 per share.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/cablevision |
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Goldman to face mortgage debt class-action lawsuit
Court Watch |
2012/02/03 10:04
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Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.
These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.
Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.
Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.
Goldman spokesman Michael Duvally declined to comment.
The bank is one of many accused by Congress, regulators and others of having fueled the nation's housing crisis and 2008 financial crisis in part by having misled investors about the quality of mortgage debt they sold.
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