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Goldman Sachs Sued By New York Law Firm
Headline News | 2010/05/04 10:55

Law firm Wolf Popper, LLP announced Monday it has filed a class action lawsuit against investment bank Goldman Sachs on behalf of investors who purchased securities, options or common stock between August 2009 and April 2010. The suit claims Goldman Sachs did not disclose to shareholders that it was under investigation by the Securities Exchange Commission.

The SEC began investigating Goldman in 2008 for its role in the sale of a package of mortgage-related securities that were allegedly constructed and sold with the knowledge it would perform poorly. More recently, the SEC filed formal charges of fraud against the bank and one of its officials.

When the news of the SEC’s suit went public in mid-April, Goldman stock fell 13% in one day. Two weeks later, Goldman’s stock fell more than 9% in a single day.

According to Wolf Popper, Goldman never disclosed to its shareholders the SEC investigation, and knowingly misled investors to think Goldman was committed to its clients’ best interests.

The Wolf Popper press release did not specify a court date or contain any additional information on the suit.



UK court rules bars secret evidence in Gitmo suit
Legal World News | 2010/05/04 08:54
A British court says the government will not be allowed to keep evidence secret from former Guantanamo prisoners who are suing the U.K. over its alleged complicity in their detention.

The seven former inmates allege that Britain was complicit in their alleged abuse in the U.S. military prison camp on the southwestern tip of Cuba, as well as elsewhere, and are seeking damages from the government.

Their civil suit has yet to come to trial, but the government won a preliminary victory last year by securing the right to keep selected pieces of information secret.

Lawyers for the men said Tuesday that a three-judge panel overturned that ruling because secret evidence violated the principle of open justice.

The government has not yet indicated whether it will appeal.



High Court Rejects Pfizer Appeal in Investor Suit
Legal Career News | 2010/05/03 15:15

The U.S. Supreme Court on Monday rejected an appeal by Pfizer Inc. that sought to thwart a securities lawsuit alleging the drugmaker misrepresented the safety profile of the blockbuster pain drug Celebrex.

The plaintiffs alleged that Pfizer's Pharmacia unit deliberately withheld the full results of a medical study that showed no safety advantage to using Celebrex over less expensive anti-inflammatory drugs.

Pfizer argued that investors missed a two-year statute of limitations to bring the lawsuit. The investors said there was no evidence of a possible fraud until the Washington Post published an article about missing Celebrex data in August 2001, meaning their April 2003 lawsuit was within two years of that development.

The 3rd U.S. Circuit Court of Appeals in Philadelphia ruled last year that the lawsuit was not filed too late. The Supreme Court let that ruling stand without comment.

The high court's denial of Pfizer's appeal comes a week after the justices ruled unanimously that investors didn't wait too long to file securities lawsuits alleging that Merck & Co. misrepresented the safety of painkiller drug Vioxx. Pfizer's appeal had been on hold pending the outcome of the Merck case.



Brit on Texas death row loses high court appeal
Court Feed News | 2010/05/03 15:13

The Supreme Court has refused to review the case of a British woman on death row in Texas for killing a young mother.

The justices on Monday rejected an appeal from Linda Carty, who was convicted of kidnapping and killing a woman whose child she also snatched in Houston in 2001. Carty has complained that her trial lawyers were deficient.

The British government and human rights groups have aided Carty's cause.

Carty is one of 10 condemned women in Texas. She is a former teacher from St. Kitts in the British Virgin Islands.

In September, a taped voice recording of Carty begging Britons to help save her life was broadcast into London's Trafalgar Square.



US women due in court in Philly in terrorism case
Lawyer Blog News | 2010/05/03 13:13

Two American women charged in a global terrorism plot allegedly aimed at killing a Swedish artist are due in court in Philadelphia.

Court papers show the case is largely built on e-mails and online postings allegedly made by 46-year-old Colleen LaRose of Pennsburg and 31-year-old Jamie Paulin-Ramirez of Leadville, Colo.

The Colorado woman's defense lawyer, Jeremy Ibrahim, says he will ask Monday for copies of computer evidence. A judge may have to screen it first because prosecutors say some of it may be classified.

LaRose is also expected to enter a plea to a superseding indictment. Both women have previously pleaded not guilty. They were arrested this year after returning from Europe.



Judge from Montana interviewed for Supreme Court‎
Legal Career News | 2010/04/30 15:15

President Barack Obama has accelerated his search for his next Supreme Court nominee, meeting in the Oval Office with one of the candidates, federal judge Sidney Thomas of Montana, a person familiar with the conversation says.

Obama's meeting with Thomas on Thursday was his first known formal interview for the upcoming vacancy on the court. He is holding conversations with other candidates, and it is not clear whether he has already had other personal meetings with contenders.

Vice President Joe Biden interviewed Thomas at the White House in a separate meeting Thursday, said the person familiar with the conversations, who spoke on condition of anonymity to discuss Obama's private deliberations.

The White House had no comment. A call to Thomas' chambers was not answered.

The personal time Obama devoted to Thomas suggests that the federal judge, well respected within legal circles but hardly a familiar name in Washington, is under a higher level of consideration by the president.

The news of his interview by the president and vice president works to the White House's advantage in signaling that Obama is giving a hard review to a candidate who comes from outside the Washington Beltway and does not neatly fit into conventional wisdom.



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