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Top court orders Italian marines tried in India
Legal Business |
2013/01/19 11:25
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India's Supreme Court ruled Friday that two Italian marines accused of killing a pair of fishermen off the coast of India last year will be tried in a special court to be set up by the Indian government. Italy had argued that the shootings should be dealt with by an Italian court and said the killings took place in international waters, which India disputes. The trial is expected to further strain ties between Italy and India that have been frayed by the yearlong fight over the marines' fate. Top Italian officials have visited the marines, Massimiliano Latorre and Salvatore Girone, at a guesthouse in the southern state of Kerala to lend their support and the Indian government allowed them to go home for two weeks to celebrate Christmas with their families. The marines were part of a military security team aboard a cargo ship when they opened fire on a fishing boat last February they said they mistook for a pirate craft and killed two Indian fishermen. The court ruled Friday that the trial should take place in India in a special court to be set up by the central government in consultation with the chief justice, according to the Press Trust of India. The order removed the case from the jurisdiction of the southern state of Kerala, near where the shooting took place. |
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NC regulators hire law firm to probe Duke Energy
Legal Business |
2012/08/17 11:00
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North Carolina utilities regulators said Wednesday they have hired a former federal prosecutor with experience digging into corporate affairs to reveal whether regulators were misled ahead of a takeover that created America's largest electric company.
The North Carolina Utilities Commission said it has hired Anton Valukas and the Jenner & Block law firm, which he heads in Chicago. The ex-prosecutor and his firm are tasked with investigating what happened before regulators approved Charlotte-based Duke Energy Corp. taking over Raleigh-based Progress Energy Inc.
State law allows the costs associated with the utilities commission's investigation to be charged to Duke Energy and its shareholders rather than allowing the company to pass them along to its 3.2 million North Carolina customers.
A Duke Energy spokesman said the company was cooperating with regulators in their investigation.
The company on Wednesday separately sought to begin passing along to Carolinas energy consumers the first $89 million of $650 million in merger-related savings promised over the next five years. If that is approved, the average residential customer in North Carolina and South Carolina could save between 80 cents and 92 cents a month beginning in September.
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Goldman agrees to settle mortgage debt class action
Legal Business |
2012/07/18 16:07
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Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.
Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.
Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.
A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.
The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.
The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates. |
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Japan whistleblower sidelined despite court ruling
Legal Business |
2012/07/11 15:39
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An employee at Japanese medical equipment maker Olympus said Wednesdaythat his humiliating treatment has not changed despite a Supreme Courtruling that his demotion for whistleblowing was illegal.Masaharu Hamada said he is still isolated in the office and after lastmonth's court judgment is not given any work. His was the firstwhistleblower case to reach Japan's highest court.His lawyer Koichi Kozen said Hamada may have to file another lawsuit,complaining of human rights violations. Japan remains behind Westerncountries in penalizing companies that fail to abide by court rulings,and some fines are so small companies would rather pay up than abide,Kozen said."We would hope the company would respond quickly, but there has beenno response," Kozen said. "We want Mr. Hamada to get a new assignment,where he can be happy."Hamada, 51, an Olympus salesman with experience in the United States,first sued in 2008, alleging punishment for relaying a supplier'scomplaint.He is considered a whistleblower in Japan because he raised questionsabout colleagues' professional behavior and was subjected to bizarreand humiliating punishment, such as taking rudimentary tests. |
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Romney calls Obama's health care requirement a tax
Legal Business |
2012/07/05 02:08
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Mitt Romney on Wednesday said requiring all Americans to buy health insurance amounts to a tax, contradicting a senior campaign adviser who days ago said the Republican presidential candidate viewed President Barack Obama's mandate as anything but a tax.
"The majority of the court said it's a tax and therefore it is a tax. They have spoken. There's no way around that," Romney told CBS News. "You can try and say you wish they had decided a different way but they didn't. They concluded it was a tax."
Romney's comments amounted to a shift in position. Earlier in the week, senior adviser Eric Fehrnstrom said Romney viewed the mandate as a penalty, a fee or a fine - not a tax.
The Supreme Court last week ruled that the federal requirement to buy health insurance or pay a penalty is constitutional because it can be considered a tax. The requirement is part of the broad health care overhaul that Obama signed into law in March 2010.
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