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Supreme Court allows Stanford Ponzi scheme suits
Topics in Legal News |
2014/02/28 15:19
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The Supreme Court ruled Wednesday that victims of former Texas tycoon R. Allen Stanford's massive Ponzi scheme can go forward with class-action lawsuits against the law firms, accountants and investment companies that allegedly aided the $7.2 billion fraud.
The decision is a loss for firms that claimed federal securities law insulated them from state class-action lawsuits and sought to have the cases thrown out. But it offers another avenue for more than 21,000 of Stanford's bilked investors to try to recover their lost savings.
Federal law says class-action lawsuits related to securities fraud cannot be filed under state law, as these cases were. But a federal appeals court said the cases could move forward because the main part of the fraud involved certificates of deposit, not stocks and other securities.
The high court agreed in a 7-2 decision, with the two dissenting justices warning that the ruling would lead to an explosion of state class-action lawsuits. |
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Argentina asks top US Court to stop 'catastrophe'
Topics in Legal News |
2014/02/20 14:51
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Argentina filed a long-shot appeal to the U.S. Supreme Court on Tuesday asking the justices in Washington to avert an "economic catastrophe" by overturning lower court rulings that could force the South American government to default on billions of dollars in debts.
Making Argentina pay cash in full to investors who didn't accept bond swaps in exchange for defaulted debt could destabilize the global economy by making other voluntary debt restructurings "substantially more difficult, if not impossible," the petition said.
"Full payment of the holdouts would cut Argentina's reserves approximately in half, an unimaginable result for any nation," Argentina's lawyers argued. "Any sovereign would protest if a foreign court issued an extraterritorial order threatening its creditors and citizens and coercing it into turning over billions of dollars from its immune reserves."
By ignoring the federal sovereign immunity law that normally protects other countries' assets from seizure outside the United States, the lower court decisions also could make U.S. assets overseas vulnerable to similar seizures by other governments, the petition said. |
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Court refuses to reopen oyster farm case
Topics in Legal News |
2014/01/16 14:37
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A federal appeals court has refused to reconsider a decision that shutters a popular Northern California oyster farm in the Point Reyes National Seashore.
The 9th U.S. Circuit Court of Appeals on Tuesday said it wouldn't appoint a special 11-judge panel to reconsider the ruling of a three-judge panel.
The three-judge panel ruled in September that the federal government had legal authority to deny Drakes Bay Oyster Co. a new lease so the waters of the Drakes Estero could be returned to wilderness.
The small oyster farm's last remaining legal option is to appeal to the U.S. Supreme Court. A lawyer for Drakes Bay didn't immediately return a phone call. |
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Chile's top court rules against coal-fired complex
Topics in Legal News |
2014/01/13 14:43
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Chile's Supreme Court sided with local fishermen who contend a coal-fired power complex harms ocean life and pollutes their community, but the judges stopped short of ordering a suspension and left it to environmental authorities to decide if operations can continue.
The ruling on the Bocamina complex released Friday was another in a series of blows to big power projects in energy-strapped Chile, where concerns over environmental issues have been rising.
In December, an appeals court halted the 350-megawatt Bocamina II part of the complex owned by Endesa Chile in the southern Bio Bio region, citing harm to fishermen's livelihood.
The 128-megawatt Bocamina I plant was allowed to keep running. But the Supreme Court said the whole complex should shut down unless officials determine the water-cooling system doesn't threaten or hurt marine life.
The company can only operate the Bocamina I and II thermoelectric plants if they don't put harm marine life or put it at risk, the high court said in a ruling made Thursday.
The court ordered Chile's environmental authorities to take all measures required, including "a halt of operations" if needed, until the problem is fixed.
Environmental groups and fishermen say the complex's use of huge amounts of seawater to cool its equipment damages the area. |
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Court denies execution stay for Fla. killer.
Topics in Legal News |
2014/01/10 15:21
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The U.S. Supreme Court has refused to block Tuesday's scheduled execution of an inmate convicted of fatally stabbing a prison guard while already on Florida's death row.
Askari Abdullah Muhammad, previously known as Thomas Knight, was set to die by lethal injection Tuesday evening.
The 62-year-old Muhammad was first condemned to die for the 1974 abduction and killings of Sydney and Lillian Gans, a Miami couple. He was sentenced to die again for killing corrections officer Richard Burke in 1980 using a sharpened spoon.
His execution has been delayed for so long because of numerous appeals and rulings, including a 1987 federal appeals court tossing out his death sentence because he hadn't been allowed to put character and background witnesses on the stand during the penalty phase.
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