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FBI investigates missing $17M in trust funds
Business Law Info |
2012/07/09 22:44
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The FBI is investigating the apparent theft of $17 million from Northern California trust fund accounts.
The San Jose Mercury News says the money has vanished from the trust funds of dozens of Santa Clara County residents who relied on a money manager to oversee their life savings.
Probate court records show the investigation centers on accounts administered by Christine Backhouse. She handles more than $104 million in assets.
Court records show she doesn't have enough insurance to cover the missing funds.
Backhouse says a boyfriend secretly wired millions of dollars out of the trusts.
The Campbell money manager mostly handled private trusts with no judicial oversight of her fees for service. |
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NY court: Gay marriage caucus didn't break rules
Headline News |
2012/07/06 23:39
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A state appeals court rejected a challenge to New York's year-old same-sex marriage law Friday, ruling closed-door negotiations among senators and gay marriage supporters including Gov. Andrew Cuomo did not violate any laws.
The Appellate Division of state Supreme Court in Rochester ruled against gay marriage opponents who argued that Republican state senators violated New York's open meeting rules ahead of the law's passage last year.
The marriage law was given final legislative approval by the state Senate after weeks of intensive lobbying and swiftly signed by Cuomo, making New York the largest state to legalize same-sex weddings. Same-sex couples began marrying by the hundreds on July 24, 2011, the day the law became official.
"The court's decision affirms that in our state, there is marriage equality for all, and with this decision New York continues to stand as a progressive leader for the nation," Cuomo said after the court's ruling.
New Yorkers for Constitutional Freedoms said Cuomo and another gay marriage supporter, New York City Mayor Michael Bloomberg, met behind closed doors with the Senate's Republican majority in violation of the open meeting law. |
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Ohio court to hear appeal of teacher in Bible case
Headline News |
2012/07/05 22:03
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The Ohio Supreme Court on Thursday agreed to hear the appeal of a fired public school science teacher who kept a Bible on his desk and was accused of preaching religious beliefs in class.
The Mount Vernon School Board dismissed John Freshwater last year after investigators reported that he preached Christian beliefs in class when discussing topics such as evolution and homosexuality, and was insubordinate in failing to remove the Bible from his classroom.
The Supreme Court's 4-3 decision Thursday to hear Freshwater's appeal of his firing sets the stage for written and oral arguments before the court later this year.
The court said Freshwater can argue that it is unconstitutional to fire someone without clear guidance on what teaching materials or methods are acceptable. Freshwater also can argue that it is unconstitutional to fire someone over the mere presence of a religious text like the Bible in the classroom. |
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Report: Syracuse sex-abuse probe prompt but flawed
Court Feed News |
2012/07/05 22:02
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Syracuse University's prompt response to allegations of sexual abuse against an assistant basketball coach was done in good faith but was flawed because, among other things, there was no direct contact with law enforcement, a special committee of the university's board of trustees said in a report released Thursday.
Although the 52-page document states there was no attempt to "cover up" any conduct, it reiterates a criticism voiced by Onondaga County District Attorney William Fitzpatrick that police and the district attorney should have been notified immediately so they could conduct the investigation with all the experience and tools available to law enforcement.
The committee assessed the university's response to allegations that Bernie Fine had sexually abused former ball boy Bobby Davis. It said Davis' allegations "should have been viewed from the outset as involving serious alleged crimes."
Davis, now 41, claims Fine molested him for years beginning when he was around 12 years old. He took the claims to university officials in September 2005.
Fine, in his 36th year on the basketball staff, was fired in November 2011 after the allegations were made public. |
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Assembly OKs adding bank settlement into Calif law
Business Law Info |
2012/07/03 22:03
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California would become the first state to write into law much of the national mortgage settlement negotiated this year with the nation's top five banks, and expand it to all lenders, under wide-ranging legislation state lawmakers approved Monday.
Majority Democrats sent the homeowner protection package to Gov. Jerry Brown despite opposition from business and lending organizations and most Republican legislators.
The Assembly approved the legislation on a 53-25 vote, and the Senate followed by voting 25-13.
The legislation would require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while the lenders consider homeowners' request for alternatives to foreclosure. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law. |
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Solar firm that got DOE loan to declare bankruptcy
Business Law Info |
2012/07/01 22:02
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A Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration said Thursday it will file for bankruptcy, the latest setback for an industry battered by the recession and stiff competition from companies in China.
Abound Solar of Loveland, Colo., said it will suspend operations next week, after talks with potential buyers broke down. The company received about $70 million from the Energy Department before officials froze its credit line last year.
Abound is the third clean-energy company to seek bankruptcy protection after receiving a loan from the Energy Department under the economic stimulus law. California solar panel maker Solyndra and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee. |
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