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NY court: Case against ex-AIG execs can continue
Headline Legal News |
2016/06/02 10:32
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New York's attorney general can continue his legal effort to bar two former American International Group Inc. executives from the securities industry and forfeit any improperly gained profits, the state's highest court ruled Thursday.
The Court of Appeals for the second time refused to dismiss the lawsuit originally filed in 2005 by then-Attorney General Eliot Spitzer, ruling it should go to trial.
The suit claims ex-AIG chief executive Maurice "Hank" Greenberg and ex-chief financial officer Howard Smith had engaged in fraudulent reinsurance transactions to conceal from investors a deteriorating financial condition.
AIG itself resolved state charges as part of a $1.64 billion agreement with regulators in 2006. The insurance giant was bailed out by the federal government in the 2008 financial crisis.
Greenberg and Smith settled related federal Securities and Exchange Commission complaints without admitting wrongdoing in 2009.
Their attorneys challenged the state lawsuit, arguing that New York's Martin Act against securities fraud authorizes neither a permanent industry ban nor disgorgement of profits, and that releases from other settlements barred further financial forfeit.
"As we have previously stated, in an appropriate case, disgorgement may be an available 'equitable remedy distinct from restitution' under the state's anti-fraud legislation," Judge Leslie Stein wrote. "Moreover, as with the attorney general's claim for an injunction, issues of fact exist which prevent us from concluding, as a matter of law that disgorgement is unwarranted."
The court rejected another dismissal motion two years ago, concluding there was sufficient fraud evidence for trial. |
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Spanish court seeks arrest of Putin-linked Russians
Headline Legal News |
2016/05/08 13:09
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A Spanish judge wants two senior Russian officials with links to the Kremlin arrested so they can be questioned in court about suspected money laundering and criminal association.
National court judge Jose de la Mata Amaya has issued international arrest warrants for Nikolai Aulov, deputy director of Russia's federal drug control agency, and Vladislav Reznik, who is a member of parliament's lower house for the main Kremlin party and deputy chairman of its financial markets committee. Both men are viewed as allies of President Vladimir Putin.
They are among 15 suspects in a years long investigation into alleged Russian mafia activities in Spain, according to court documents released this week. The court said their whereabouts are not known.
The judge handed down his ruling in January. A national court spokesman said the case was never placed under judicial secrecy after the arrest orders were issued on Jan. 22 but it only became publicly known after Spain's El Mundo on Tuesday published a story based on documents outlining the judge's order.
The spokesman said he did not know whether those named in the document had Spanish lawyers. He spoke on condition of anonymity, in keeping with court policy.
The Russian federal drug control agency said the Spanish judge's decision to seek Aulov's arrest was "legally unprofessional, a political hit job and perhaps connected with drug mafia revenge," the state RIA Novosti news agency reported.
A lawyer for Reznik, Alexander Gofshtein, also has described the case as being politically driven.
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Tribunal: India, Italy should agree on Italian marine's bail
Headline Legal News |
2016/05/07 13:10
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India and Italy should work toward an agreement to allow an Italian marine to return home while an arbitration process continues in the fatally shootings of two Indian fishermen in 2012, a tribunal said Tuesday.
The two countries should present their arguments over relaxing the marine's bail conditions to India's Supreme Court, the tribunal in The Hague said.
The case against Salvatore Girone and another Italian marine, Massimiliano Latorre, has strained relations between the two countries, which disagree on the facts of the case and who has jurisdiction. Italy has also complained bitterly about the fact that, in four years, India has never formally charged the two with a crime.
An arbitration tribunal is hearing the dispute over jurisdiction, and in the ruling announced Tuesday said the two countries should approach India's Supreme Court about changing Girone's bail terms to allow him to return to Italy. Latorre has been in his home country since September 2014 on medical treatment after suffering a stroke in India.
Both India and Italy welcomed the tribunal's ruling, which had been shared with officials from the two countries on Monday. India was happy that the ruling confirmed its jurisdiction to decide bail, while Italy found relief in the possibility of Girone's return.
"We see the tribunal's order not just as a recognition of India's consistent positions and key arguments but also as an affirmation of the authority of the Supreme Court of India," Indian Finance Minister Arun Jaitley, speaking Tuesday in Parliament on behalf of the foreign affairs minister.
In Rome, the defense minister expressed confidence that Italy would be proven right through the arbitration process. |
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Supreme Court will hear Samsung-Apple patent dispute
Headline Legal News |
2016/03/21 00:41
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The Supreme Court has agreed to referee a pricy patent dispute between Samsung and Apple.
The justices said Monday they will review a $399 million judgment against South Korea-based Samsung for illegally copying patented aspects of the look of Apple's iPhone.
Apple, based in Cupertino, California, and Samsung are the top two manufacturers of increasingly ubiquitous smartphones.
The two companies have been embroiled in patent fights for years.
The justices will decide whether a court can order Samsung to pay Apple every penny it made from the phones at issue, even though the disputed features are a tiny part of the product.
The federal appeals court in Washington that hears patent cases ruled for Apple.
None of the earlier-generation Galaxy and other Samsung phones involved in the lawsuit remains on the market, Samsung said.
The case involved common smartphone features for which Apple holds patents: the flat screen, the rectangular shape with rounded corners, a rim and a screen of icons.
The case, Samsung v. Apple, 15-777, will be argued in the court's new term that begins in October. |
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Federal appeals court to rehear Texas voter ID case
Headline Legal News |
2016/03/02 00:43
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A federal appeals court will hold a new hearing on whether a Texas voter ID law has discriminatory effects on minorities ? a potential blow to the Obama administration's efforts to fight new ballot-box restrictions passed by conservative legislatures around the country.
A three-judge panel of the 5th U.S. Circuit Court of Appeals in New Orleans ruled in August that the 2011 Texas law requiring 14.6 million registered voters to show picture identification at the polls violates parts of the federal Voting Rights Act. But an order issued late Wednesday says a majority of the full court, which currently has 15 members, voted to hear the case again.
The order was issued without additional opinion, and a new hearing date hasn't been set.
Texas was allowed to enforce the voter ID law during elections in 2014 and during last week's primary. Supporters say it prevents fraud, but opponents argue its true intent is to make voting tougher for older, poor and minority voters who tend to support Democrats and are less likely to have the mandated forms of identification.
In a statement, state Attorney General Ken Paxton called the order "a strong step forward in our efforts to defend the state's Voter ID laws."
"We look forward to presenting our case before the full Fifth Circuit," said Paxton, a Republican who has been indicted on felony securities fraud charges stemming from actions he took before becoming attorney general in January 2015.
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