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Kimberly Area School District's investment lawsuit goes to court
Legal Business |
2009/11/02 09:41
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KIMBERLY — An investment made by five Wisconsin school districts in 2006 would have been enough to cover more than two-thirds the cost of the 2003 Lambeau Field renovation.
Today, what's left of those dollars wouldn't be enough to cover one year of Green Bay Packers quarterback Aaron Rodgers' salary.
It's a tough break, say attorneys for two financial firms. Still, they argue, it's not fraud as Kimberly and four other school districts allege.
A Milwaukee County judge on Tuesday will hear dismissal motions filed by the firms that argue the districts, which include the Kimberly Area School District, shouldn't be able to recoup a total $200 million through a civil lawsuit.
As of September, the investment held just 3.4 percent of its sale value. The districts filed the lawsuit in September 2008.
Tuesday's hearing, set for 9 a.m. in Judge William Brash's court, will be the first time the matter reaches a courtroom.
Terry Johnson, an attorney for the Royal Bank of Canada, argued in court documents the districts accepted the risk of their investment in collateralized debt obligations and initially benefited from strong returns. |  | | Page rank | | |
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Google sued for selling law firm names
Legal Business |
2009/05/29 08:58
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| Connecticut law firm Stratton, Faxon has sued Google for US$50,000 on discovering that a competitor's name appeared in display ads when Stratton's name was typed into the Google search box It is also seeking an injunction preventing Google from selling law firm names in its Adwords business in Connecticut. According to the Connecticut Law Journal, Stratton searched its own name, only to discover that an ad for its competitor, Silver, Golub & Teitell, turned up in the ads. Silver, Golub said it didn't know its marketing agency had purchased the Stratton keyword to enable the advertising. |
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California voters soundly reject budget measures
Legal Business |
2009/05/20 09:07
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California Gov. Arnold Schwarzenegger and lawmakers are facing the arduous task of closing a state budget gap of more than $21 billion after ballot measures aimed at bolstering the state's finances were soundly defeated by voters.
Results for Tuesday's special election posted on the California's secretary of state's website showed more than 60 percent of voters rejected the five fiscal measures on the ballot.
A sixth measure barring pay increases for state officials amid deficits was approved by about 74 percent of the voters.
Surveys in recent weeks had found little support for the fiscal measures, and Schwarzenegger all but conceded defeat by joining President Obama in Washington on Tuesday for his announcement on auto emission rules instead of campaigning for the measures through election day. |
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Feds appeal ruling in oil royalties case
Legal Business |
2009/03/30 09:41
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| The federal government on Monday asked a group of appeals court judges to overturn a ruling that could prevent the U.S. Interior Department from collecting billions in royalties on oil and natural gas leases. In January, a smaller three-judge panel of the 5th U.S. Circuit Court of Appeals upheld a lower court ruling that said the Interior Department could not collect royalties from eight deepwater leases held by Anadarko Petroleum Corp. in the Gulf of Mexico. The leases were obtained between 1996 and 2000 by Kerr-McGee Corp., which Anadarko later acquired. Government lawyers are now asking for an "en banc" review of the case, bringing it before the entire New Orleans-based 5th Circuit. A court spokesman said the circuit has 17 active judges. At issue is interpretation of a 1995 federal law designed to provide a break from royalties at a time when oil and natural gas prices were extremely low. The law waived all royalty payments until a specific amount of oil and gas was produced. The Interior Department has contended it had the authority to lift the royalty relief once prices reached a certain level. The law became particularly prickly as oil prices rose and oil companies began posting huge profits. |
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Facebook & ConnectU Settlement Figure Revealed
Legal Business |
2009/02/10 10:34
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When the founders of ConnectU agreed last year to settle their 2004 lawsuit charging Facebook with stealing its idea for a social networking site, one of the key provisions was that the amount Facebook paid would be a secret.
And it remained secret--until ConnectU's former firm, Quinn Emanuel Urquhart Oliver & Hedges, published the settlement figure ($65 million) in a brochure touting its litigation wins from 2008, according to this fantastic story in the Recorder, an Am Law Daily sibling publication.
Firm chair John Quinn told the Recorder that the figure's inclusion was an oversight and asked the paper not to publish the story. It's even more than an oversight, considering ConnectU fired Quinn over the firm's $13 million fee request in the Facebook case. The firm and its former client currently are in arbitration in New York over the matter, according to the Recorder. |
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