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Madoff faces 150 years in alleged Ponzi scheme
Lawyer Blog News | 2009/03/11 13:50
Bernard Madoff has been placed under oath in a federal courtroom to answer questions from a judge about potential conflicts of interest with his attorney.


After stating his name and age, the 70-year-old disgraced financier was asked by the judge Tuesday whether he is satisfied with the legal counsel of his lawyer, Ira Sorkin.

"I am," Madoff said.

Sorkin is expected to represent Madoff when the former Wall Street financier pleads guilty on Thursday to swindling investors out of billions of dollars.

Prosecutors have asked the judge to rule on three potential conflicts of interest to clear the way for the plea. One of them involves $900,000 that Sorkin's parents invested with Madoff's firm.



Toxic-asset plan details coming, Geithner says
Business Law Info | 2009/03/11 11:46
The Obama administration will unveil within the next couple of weeks details of its plan for dealing with the toxic assets that lie at the heart of the financial crisis, Treasury Secretary Timothy F. Geithner said Tuesday.


He predicted the plan, calling for federal financing to help private investors buy the bad assets held by banks, would succeed, but he said it would take time to end the crisis.

"It's going to take a lot to work through this" because the starting point is "just a deep mess," Geithner said on "The Charlie Rose Show."

Geithner unveiled the overhaul of the government's $700-billion financial rescue program Feb. 10, but stocks tumbled as investors expressed disappointment with a lack of details, particularly on the plan to deal with toxic assets.


Court turns down NYC case against gun industry
Legal Career News | 2009/03/10 15:53
The Supreme Court has turned away pleas by New York City and gun violence victims to hold the firearms industry responsible for selling guns that could end up in illegal markets.


The justices' decision Monday ends lawsuits first filed in 2000. Federal appeals courts in New York and Washington threw out the complaints after Congress passed a law in 2005 giving the gun industry broad immunity against such lawsuits.

The city's lawsuit asked for no monetary damages. It had sought a court order for gun makers to more closely monitor those dealers who frequently sell guns later used to commit crimes.

But the 2nd U.S. Circuit Court of Appeals ruled that federal law provides the gun industry with broad immunity from lawsuits brought by crime victims and violence-plagued cities. The Supreme Court refused to reconsider that decision.

The lawsuit was first brought in June 2000 while Rudy Giuliani was New York mayor. It was delayed due to the Sept. 11, 2001 terrorist attacks on the World Trade Center and because of similar litigation in the state courts.



Alleged sleeper agent appears in US criminal court
Legal World News | 2009/03/10 15:53
Alleged al-Qaida sleeper agent Ali al-Marri appeared in a U.S. court Tuesday to face terror charges for the first time after being held for more than five years as an enemy combatant.


Al-Marri is charged with providing material support to terror and conspiracy and is expected to be sent to Illinois to enter a plea. On Tuesday, he answered affirmatively when a federal magistrate asked the 43-year-old Qatar native whether he understood the counts against him.

First, al-Marri is to appear again in Charleston federal court on March 18 for a detention hearing where a judge will decide whether he can be released on bail. Until his transfer, prosecutors and defense attorneys agreed to keep al-Marri in a civilian cell at the Navy brig where he's been held since 2003 so that he has more access to his lawyers.

Wearing a gray, hooded sweat shirt, gray sweat pants, a long black beard flecked with gray and a close-fitting cap, al-Marri entered the courtroom for the 10-minute hearing and shared a quiet laugh with his attorney. He smiled and glanced around the courtroom as lawyer Andy Savage appeared to point out the different courtroom officials.



Court rules for prosecutors in speedy trial case
Lawyer Blog News | 2009/03/10 15:52
A Vermont man's freedom from jail could be short-lived after the U.S. Supreme Court ruled Monday that a state ordinarily is not responsible for a public defender's delays in bringing a criminal case to trial.


The court by a 7-2 vote reversed a state Supreme Court decision in favor of Michael Brillon, whose conviction for assaulting his girlfriend was overturned. The state court said Brillon's Sixth Amendment right to a speedy trial was violated after he was jailed for three years and went through six defense attorneys before his trial.

Hours after Monday's decision, Bennington County State's Attorney Erica Marthage filed the paperwork with the Vermont District Court to have Brillon re-arrested. He was released in April after his 12- to 20-year sentence was cut short by the state court's decision.

"It creates a sense that someone gaming the system, like he was, isn't going to be able to get away with it," Marthage said Monday of the Supreme Court ruling. "It puts some faith back into the system."

Marthage said she didn't know how the state court that will consider her motion would rule because the case was so unusual.

The Supreme Court decision, written by Justice Ruth Bader Ginsburg, said taxpayers may foot the bill for a public defender, but the lawyer represents his client. It sent the case back to the Vermont Supreme Court for reconsideration.



Bernard Madoff expected to speak in court Tuesday
Court Feed News | 2009/03/10 15:52
Bernard Madoff (MAY'-dawf) was likely to speak in court in an attempt to clear his lawyer of any potential conflicts of interest.


Defense attorney Ira Lee Sorkin's late father once had an account with Madoff. The lawyer also represented two Madoff-linked accountants in a securities case 17 years ago.

Madoff is expected to say he doesn't mind the potential conflict.

Prosecutors have sought a hearing Tuesday before Judge Denny Chin in federal court.

The court appearance is expected to be a warmup to Madoff's Thursday plea hearing when he is expected to plead guilty in the case. At least 25 investors have indicated they'd like to speak Thursday.

The 70-year-old Madoff was arrested in December and accused in a $50 billion fraud.



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