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Supreme Court allows Stanford Ponzi scheme suits
Class Action News |
2014/03/01 00:06
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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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Arizona high court bars cuts to public pensions
Attorneys News |
2014/02/24 23:49
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The Arizona Supreme Court ruled Thursday that the Legislature can't cut cost-of-living increases promised to judges and state elected officials.
The court unanimously upheld a Superior Court judge's ruling in favor of retired judges who challenged the Legislature's 2011 decision to cut benefits increases for retirees in the state plan for judges and other elected officials.
The Legislature cut the cost-of-living increases after the judges' retirement system lost money in the Great Recession after gradually becoming underfunded in previous years.
Denying an appeal by state officials, the high court agreed the increases are part of a promised retirement benefit and are protected by the pension clause of the Arizona Constitution. That clause bars "diminishing or impairing" public retirement benefits.
Lawyers for the retired judges had argued that the clause protected both their retirement benefits and the increases to those benefits, while lawyers for the state argued that the protection only applied to benefits with increases calculated by current methods.
Arizona is not alone in grappling with the problem of underfunded public pensions. A proposed ballot initiative in California would allow cities to renegotiate public workers' future pension and retirement benefits. Oregon's Legislature passed a law similar to what Arizona passed in 2011 that cuts future cost-of-living adjustments. |
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Court: Spain can extradite Liberty Reserve founder
Headline News |
2014/02/24 23:49
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A Spanish court has ruled that a man accused of being behind one of the world’s biggest money laundering businesses can be extradited to the U.S. to face charges there.
Arthur Budovsky, who founded currency transfer and payment processing company Liberty Reserves, can appeal the ruling, the National Court said late Friday. Spain’s government must also approve the decision for an extradition to happen.
It wasn’t immediately clear if Budovsky would appeal. The 40-year-old Costa Rican, who was arrested at Madrid airport in May 2013, has acknowledged founding Liberty Reserve in 2006, but says he sold his share to stay on only as a consultant.
U.S. officials accuse Budovsky of using Liberty Reserve as a kind of underworld bank which handled about $6 billion worth of illicit transactions. |
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Fla. man guilty of lesser counts in music shooting
Court Feed News |
2014/02/20 23:58
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Prosecutors say they may retry a Florida man on first-degree murder charges in the fatal shooting of a teenager after an argument over loud music.
A jury convicted Michael Dunn, a 47-year-old software developer, on Saturday of attempted murder for shooting into a carful of teenagers after the argument, but jurors couldn't agree on the most serious charge of first-degree murder. A mistrial was declared on that charge. State Attorney Angela Corey said her office would consider seeking a retrial.
Meanwhile, defense attorney Cory Strolla said he plans to appeal based on several issues, including how the jury could reach guilty verdicts on four counts and deadlock on another.
Dunn was charged with fatally shooting 17-year-old Jordan Davis, of Marietta, Ga., in 2012 after the argument over loud music coming from the SUV occupied by Davis and three friends outside a Jacksonville convenience store. Dunn, who is white, had described the music to his fiancee as "thug music." He claimed he acted in self-defense.
The trial was Florida's latest to raise questions about self-defense and race, coming six months after George Zimmerman was acquitted in the shooting of 17-year-old Trayvon Martin in Sanford, about 125 miles south of Jacksonville. The Dunn trial was prosecuted by the same State Attorney's Office that handled the Zimmerman case.
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Gov. Snyder signs jury duty, trampoline court laws
Legal Career News |
2014/02/20 23:57
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Michigan Gov. Rick Snyder has signed a law letting full-time college students postpone jury duty until the end of the school year.
The governor on Tuesday also approved rules for indoor trampoline parks where adults and kids can bounce around for a fee.
Snyder says jury duty is "an important part of our civil responsibility" but can be disruptive to college students' studies. A similar exemption already exists for high school students.
The other law requires trampoline courts to publicly display rules and inform customers of the activity's inherent dangers. Trampoliners also must adhere to rules specified in the law.
A trampoline user, spectator or operator who violates the law is liable for damages in civil lawsuits. |
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Vietnamese court rejects appeals by dissident
Headline News |
2014/02/18 23:31
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A Vietnamese appeals court on Tuesday upheld the conviction and 30-month prison sentence against a U.S.-trained lawyer and well-known dissident found guilty of tax evasion in a case that international rights groups say was politically motivated.
The court in Hanoi rejected Le Quoc Quan’s appeal after a half-day trial on Tuesday. His lawyer Ha Huy Son quoted judges as saying they found no new evidence, and that the conviction by the intermediate court was well founded.
The lawyer said Quan maintained his innocence throughout the trial.
‘‘I told the court that the case should not be criminalized, but should be resolved through administrative procedures instead.’’ Son said in a telephone interview. ‘‘But the court rejected my arguments.’’
Quan was sentenced to 30 months in jail in October.
About 100 people gathered near the courthouse demanding Quan’s release, and police sealed off the area. |
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