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NY court hears hedge fund boss' bail arguments
Headline Legal News |
2011/12/01 10:25
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A federal appeals court did not immediately rule Wednesday whether hedge fund founder Raj Rajaratnam must report to prison next week for an 11-year sentence for insider trading, the longest term ever given for the crime.
Attorney Patricia Millett told the 2nd U.S. Circuit Court of Appeals in Manhattan that Rajaratnam should remain free on bail while the appeals court hears a challenge to his conviction in the biggest insider trading case in history.
Rajaratnam, 54, was sentenced in October after his conviction this year on charges that he engaged in insider trading from 2003 through October 2009 at the Galleon Group of hedge funds that he founded. Prosecutors said insider trading schemes involved the stocks of at least 19 different public companies and resulted in at least $70 million in illegal gains.
Rajaratnam was also ordered to forfeit $53.8 million and to pay a $10 million fine.
Millett said court papers filed to secure wiretaps that provided evidence crucial to his conviction were improperly made, raising a substantial question of law that entitles him to remain free until the appeals court hears the case sometime next year. |
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Texas asks court to stop redistricting plan
Headline Legal News |
2011/11/28 09:40
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The Supreme Court has been asked to stop a federal court from implementing a state redistricting map in Texas that could increase minority representation in the state Legislature.
The state's attorney general, Greg Abbott, filed the request with the high court on Monday. The court-drawn map was drafted after minority groups challenged the original plan passed by the Republican-dominated state Legislature.
The map drawn by the San Antonio-based federal court could lead to greater minority representation and give Democrats a chance to add as many as a dozen seats in the Legislature. Abbott and other Republican leaders have denied that any of the legislature's redistricting maps would diminish minority voting power.
The court-ordered map will remain in place until the legal fights are resolved. |
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Courts weighs scrapping huge California water pact
Headline Legal News |
2011/11/21 09:31
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A vanishing lake figures large in a court battle over how Southern California gets it water, a high-stakes dispute with consequences that could ripple throughout the western United States.
A California appeals court is considering whether to overturn a landmark 2003 agreement that created the nation's largest farm-to-city water transfer and set new rules for dividing the state's share of the Colorado River. A three-judge panel of the 3rd Appellate District in Sacramento will hear arguments Monday and is expected to rule within three months.
Farmers and environmentalists involved in the lawsuit argue the pact is deeply flawed, while California water agencies say it is critical to keeping an uneasy peace on the river. The court has given each side 45 minutes to make its case and asked lawyers to focus on whether the state of California violated its constitution by essentially writing a blank check to restore the shrinking Salton Sea.
California long used more of the Colorado River than it was granted under agreements with Arizona, Colorado, Nevada, New Mexico, Utah, Wyoming and Mexico. Its overindulgence was never a big problem until Sunbelt cities like Phoenix witnessed explosive growth and other states clamored for their full share. Drought only exacerbated tensions. |
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RI pension overhaul may head to the courts
Headline Legal News |
2011/11/19 09:05
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Rhode Island is taking dramatic steps toward fixing one of the nation's most underfunded public pension systems, but the true battle with public-sector unions may be just beginning.
State lawmakers ignored jeers from public workers and the threat of a lawsuit Thursday to pass sweeping changes to the pension system covering 66,000 active and retired public workers.
The legislation is designed to save billions of dollars in future years by backing away from promises to state and municipal workers that lawmakers say the state can no longer afford. Gov. Lincoln Chafee, an independent, said he will sign the bill.
Public-sector union leaders promised a court challenge before the final votes were even cast.
"The attorneys are going to make a lot of money," Philip Keefe, president of Local 580, which represents social service, administrative and technical workers. "If this is overturned, it will be you, me and every other taxpayer that is on the hook for billions."
Supporters acknowledged that a lawsuit was inevitable but said the bill was thoroughly reviewed for any legal problems. Supporters said one of the reasons for the bill was to ensure there's money available when today's workers retire.
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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/11/10 09:42
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against Diamond Foods, Inc. and certain of its officers. The class action (CV 11 5399 RS) filed in the United States District Court, Northern District of California, is on behalf of all persons or entities who purchased or otherwise acquired the securities of Diamond during the period from December 9, 2010 through and including November 4, 2011 (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). This class action is brought under Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased DMND securities during the Class Period, you have until January 6, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) the Company overstated its earnings by improperly accounting for certain crop payments to walnut growers; (2) the Company's acquisition of Pringles snack business would be delayed; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. |
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