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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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Ark. court upholds conviction in TV anchor slaying
Legal Business |
2011/06/02 09:05
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The Arkansas Supreme Court has rejected an appeal by a man convicted of killing a Little Rock television anchorwoman.
Justices said Thursday that Curtis Vance's objections are without merit.
Vance had appealed his capital murder and rape convictions in the October 2008 death of KATV anchor Anne Pressly in her Little Rock home. Last month, the state's highest court granted Vance's request not to hold oral arguments in his appeal and instead relied on briefs that had already been filed.
Vance was sentenced to life in prison in 2009 for the rape, robbery and slaying of Pressly.
Pressly was a 26-year-old anchor on KATV's "Daybreak" program. She appeared briefly in "W," Oliver Stone's biopic on President George W. Bush.
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Wis. DOJ asks court to lift ban on union law
Legal Business |
2011/05/30 13:45
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State attorneys asked the Wisconsin Supreme Court on Friday to immediately vacate a Madison judge's decision striking down Republican Gov. Scott Walker's contentious collective bargaining law.
Judge Maryann Sumi invalidated the law on Thursday after finding Republican legislators violated Wisconsin's open records law during the run-up to passage in March. The decision came in a lawsuit Democratic Dane County District Attorney Ismael Ozanne filed challenging the law.
The state Justice Department is representing the Republicans. The agency's attorneys asked the state Supreme Court to take the case and the court set oral arguments on whether it should make a move for June 6. Deputy Attorney General Kevin St. John said in a letter to the justices late Friday they need to act now.
St. John said the issues have been fully briefed so the court can immediately vacate Sumi's decision without hearing any further argument.
He argued Sumi issued the decision on her own, even though no one involved in the case had asked for such a ruling. She didn't give any of the parties a chance to be heard on the final disposition.
He also reiterated the Justice Department's argument that the Republicans can't be sued because they enjoy legislative immunity and Sumi can't invalidate the law due to an open meetings violation. |
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Polygamous church dispute may head to Utah court
Legal Business |
2011/05/02 09:08
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An internal tug-of-war over control of jailed polygamous sect leader Warren Jeffs' southern Utah-based church may force Utah courts to walk a constitutional tightrope that experts say could tread a little too close to separation of church and state.
The presidency of the 10,000-member Fundamentalist Church of Jesus Christ of Latter Day Saints has been in question since March 28, when church bishop William E. Jessop filed papers with the Utah Department of Commerce seeking to unseat Jeffs as president of the church corporation. Under state law, the move automatically put Jessop in power.
That set into motion a flurry of filings from Jeffs loyalists removing Jessop and claiming that some 4,000 church members have pledged their loyalty to their incarcerated leader.
Monday marks the deadline set by commerce officials for both parties to resolve the dispute or a legal showdown might be set in motion since, if no agreement is reached, the state says power will revert back to Jeffs. |
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Court hears arguments in Microsoft patent case
Legal Business |
2011/04/19 08:43
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The Supreme Court on Monday heard arguments from Microsoft Corp. asking it to overturn a $290 million patent infringement judgment against the world's largest software maker, a ruling that could have a profound effect on how corporations protect and profit from their future inventions.
An eight-justice court on Monday heard arguments from the Redmond, Washington-based Microsoft, which wants the multimillion dollar judgment against it erased because it claims a judge used the wrong standard.
Business groups are closely watching this case. The U.S. government made more than $64 billion off of international licensing and royalties from patents in 2009, with an expected growth rate of 15 percent a year. A ruling for Microsoft could make companies less likely to invest in new inventions, but a ruling for i4i, the company which brought the lawsuit against Microsoft, could make it harder for large corporations to fight off such challenges.
The cost of fighting off a patent lawsuit could be as much as $4 million per defendant, companies say.
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