|
|
|
Mich. man sues, wants Chevron stock at '04 price
Legal Topics |
2011/07/04 07:03
|
A former lawyer intrigued by the global demand for energy says he chose to invest $100,000 in oil giant Chevron Corp. back in 2004, a smart stock bet that now would have doubled seven years later.
But Perry Christy has a big problem: He says Chevron's stock agent never deducted money from his bank account. As a result, he has no records to show he actually owns a certain number of shares.
So Christy, 69, is suing Chevron and Mellon Investor Services and seeking an extraordinary remedy. He wants a federal judge to declare that he should be credited with buying the stock at a June 2004 price, plus any additional shares that would have piled up by reinvesting dividends. Then he'll pay $100,000.
Based on the terrific rise in San Ramon, Calif.-based Chevron's stock, it would be like winning the lottery—and then buying a ticket.
"There was some kind of mix-up on the day I placed the order," Christy insisted in an interview at his home in the Detroit suburb of Northville. "Whether mechanical or electronic, I don't think we'll ever know. But it's their screw-up. When you deal with any large bureaucracy, people are focused on their own narrow niche."
After more than a year in court, Chevron and Mellon smell a scam and want the case dismissed, even suggesting that Christy's story of a genuine yet botched investment simply is a lie. |
|
|
|
|
|
|
Law school enrollment in Missouri lags as legal jobs dry up
Areas of Focus |
2011/07/03 18:03
|
Missouri law schools expect fewer students in the fall after several years of significant enrollment growth both regionally and nationally.
The St. Louis Post-Dispatch reported this week that the University of Missouri's flagship campus in Columbia has received 17 percent fewer applications this year. Applications at Washington University dropped 13.3 percent, while St. Louis University is seeing a nearly 20 percent decline.
A national group that tracks law school enrollment says that applications are down more than 10 percent overall compared to this time last year.
The economic downturn means that law school graduates can no longer count on landing lucrative jobs straight out of college. The declining interest comes one year after many schools reported record enrollment.
"The stories about the legal market have certainly dampened some people's enthusiasm," said Paul Pless, assistant dean for admissions and financial aid at the University of Illinois at Urbana-Champaign College of Law. Applications at Illinois are down nearly 8 percent so far this year.
Melissa Hamilton, 35, is a recent University of Missouri law school graduate still looking for a job. She's applied for a few government positions but is waiting until she passes the bar exam before making a stronger push. She's also looking into jobs where she could also use her master's degree in social work. |
|
|
|
|
|
|
Former Wyoming governor joins law firm
Court Watch |
2011/07/03 07:03
|
Former Wyoming Gov. Dave Freudenthal has joined the international law firm of Crowell & Moring as senior counsel.
Freudenthal says in a telephone interview with The Associated Press that the firm will open an office in Cheyenne, where he will be based. He will work for the firm's Environment and Natural Resources Group.
He says he will advise clients on issues that he handled during his two terms as governor, including minerals, natural resources development and environmental permitting.
Freudenthal says he will continue to teach at the University of Wyoming College of Law and serve on the Arch Coal Inc. board of directors.
Crowell & Moring has nearly 500 lawyers with offices in Washington, New York, Los Angeles, London, Brussels and elsewhere. |
|
|
|
|
|
|
Terms & Conditions
Opinions |
2011/07/01 20:59
|
PLEASE READ THESE TERMS AND CONDITIONS OF USE CAREFULLY BEFORE USING THE WEB SITE.
By using this Web site, you signify your assent to these terms of use. If you do not agree to these terms of use, please do not use the site. We reserve the right, at our discretion, to change, modify, add, or remove portions of these terms at any time. Please check these terms periodically for changes. Your continued use of the Web site following the posting of changes to these terms will mean you accept those changes.
DISCLAIMER. THE CONTENT IN THE WEB SITE IS PROVIDED "AS IS" AND WITHOUT WARRANTIES OF ANY KIND EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, CLICKTHELAW.COM. DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CLICKTHELAW.COM DOES NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE CONTENT WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE WEB SITE OR THE SERVER(S) THAT MAKES THE WEB SITE AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.
LIMITATION OF LIABILITY. UNDER NO CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, SHALL CLICKTHELAW.COM BE LIABLE FOR ANY SPECIAL OR CONSEQUENTIAL DAMAGES THAT RESULT FROM THE USE OF, OR THE INABILITY TO USE, THE CONTENT ON THE WEB SITE, EVEN IF CLICKTHELAW.COM AUTHORIZED REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
APPLICABLE LAW MAY NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU. IN NO EVENT SHALL CLICKTHELAW.COM'S TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT, TORT (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE), OR OTHERWISE) EXCEED THE AMOUNT PAID BY YOU, IF ANY, FOR ACCESSING THE WEB SITE. GUESTS ON OUR SHOWS MAY HAVE PAID A FEE TO APPEAR.
IF APPLICABLE LAW DOES NOT ALLOW ALL OR ANY PART OF THE ABOVE LIMITATION OF LIABILITY TO APPLY TO YOU, THE LIMITATIONS WILL APPLY TO YOU ONLY TO THE EXTENT PERMITTED BY APPLICABLE LAW.
The following terms apply to content submitted by users, and user conduct, on the Site's Interactive Areas
NOT LEGAL ADVICE. The Content contained on the Web site has been prepared by Click The Law Legal News as a service to the internet community and is not intended to constitute legal advice. Click The Law Legal News has used reasonable efforts in collecting, preparing and providing quality information and material, but does not warrant or guarantee the accuracy, completeness, adequacy or currency of the information contained on or linked to the Web site. Users of information from the Web site or links do so at their own risk.
Click The Law Legal News may change any aspect, service or feature of the website at any time, including, but not limited to, content and equipment needed for access or use.
All trade names, trademarks, service marks, logos and trade styles on this site are owned by clickthelaw.com, its clients, or third parties where noted. Proper use is limited to use in connection with the products and services of the mark owner and no other use is permitted without the owner's prior written permission. Additionally, you may not use any mark appearing on this site:
You agree not to post or transmit any content that:
• violates or infringes in any way upon the rights of others, including any statements which may defame, harass, stalk or threaten others.
• you know to be false, misleading or inaccurate / advocates violent behavior.
• contains blatant expressions of bigotry, racism, racially or ethnically offensive content, hate speech, abusiveness, vulgarity or profanity.
This Site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.
You agree not to use any technology, service or automated system to post more User Content than an individual could upload in a given period of time. You also agree not to direct any third party to use these services, technologies or automated systems on your behalf. |
|
|
|
|
|
|
BofA Near $8.5B Deal to Settle Big Investors' Claims
Headline Legal News |
2011/06/29 05:18
|
Bank of America Corp. is close to finalizing a deal to pay $8.5 billion to settle claims by a group of investors that the bank sold them poor-quality mortgage-backed securities that went sour when the housing market tanked, according to a person familiar with the settlement talks.
The Charlotte, North Carolina, bank was continuing talks late Tuesday with the group, which includes the Federal Reserve Bank of New York, Pimco Investment Management, the world's largest bondholder, and Blackrock Financial Management. It is expected to announce an agreement as early as Wednesday, the person said on condition of anonymity because the matter was still developing.
The deal comes eight months after the group fired off a letter to Bank of America demanding that it repurchase $47 billion in mortgages that its Countrywide unit sold to them in the form of bonds. The investors have argued that Countrywide's practice of modifying loans found to have faulty paperwork or those written outside of normal underwriting standards breached signed agreements with the investors. By continuing to service bad loans rather than speeding up foreclosures, the group has claimed that Countrywide ran up servicing fees, enriching itself at the expense of investors. The New York Fed is involved because it took over assets held by American International Group Inc., which faltered under the weight of bad home loans that it insured.
Bank of America, which paid $4 billion for Countrywide in 2008, has dismissed suggestions that its handling of loan modifications and other efforts to prevent foreclosure have violated the terms of the mortgage-backed securities that the investors hold. In November, CEO Brian Moynihan said he was in day-to-day "hand-to-hand combat" with investors' demands. |
|
|
|
|
|
|
Citigroup ex-VP arrested in NYC on fraud charges
Headline Legal News |
2011/06/27 20:34
|
A former Citigroup vice president embezzled $19.2 million from the bank in a one-man "inside job" involving a series of secret money transfers, federal prosecutors said Monday.
Gary Foster, 35, of Englewood Cliffs, N.J., surrendered Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was released Tuesday on $800,000 bond after appearing in federal court in Brooklyn to face bank fraud charges carrying a maximum penalty of 30 years in prison.
Foster had been traveling in Southeast Asia when he received word of the case, defense attorney Isabelle Kirshner said after the court appearance.
"As soon as he became aware they were looking for him, he voluntarily contacted the FBI and arranged to return," Kirshner said.
Officials at Citigroup Inc. — where Foster was vice president of the treasury finance department until quitting in January — said in a statement that they were "outraged by the actions of this former employee" and hoped to see him "prosecuted to the full extent of the law."
Foster "used his knowledge of bank operations to commit the ultimate inside job," U.S. Attorney Loretta Lynch said in a statement.
According to a criminal complaint, Foster's department financed loans and processed wire transfers within Citigroup. From May 2009 through the end of last year, Foster siphoned funds from various Citigroup accounts, placed them in the bank's cash account and then wired the money into his private account at another bank in New York, the complaint alleged.
In one November 2010 transaction, Foster wired $3.9 million from a Citigroup fund in Baltimore to his New York account, the complaint says. That fraudulent transfer and seven others went undetected until a recent internal audit, it said. |
|
|
|
|
|
|
Wis. Gov: Supreme Court needs to resolve discord
Headline Legal News |
2011/06/27 20:33
|
Gov. Scott Walker took the state Supreme Court justices to task Monday, saying their infighting has to end for the sake of public confidence in the court. His comments came after a liberal member of the court accused a conservative justice of putting her in a chokehold — a charge he has denied.
Speaking on WTMJ radio, Walker said that regardless of a person's political beliefs, "there's got to be confidence that the people on the court can rationally discuss and debate" issues.
Justice Ann Walsh Bradley told the Milwaukee Journal Sentinel that Justice David Prosser tried to choke her during an argument in her office on June 13, the day before the court handed down a decision upholding a new law eliminating most public employees' collective bargaining rights. Walker had pushed the polarizing proposal, saying state and local officials needed more flexibility to deal with the state's deficit and coming budget cuts.
Dane County Sheriff David Mahoney said in a statement Monday that his office has opened an investigation into the incident at the request of Capitol Police Chief Charles Tubbs, who had jurisdiction because the argument took place in the state Capitol.
Tubbs said in a statement he asked the sheriff to handle the matter after consulting with "members of the Supreme Court." He did not elaborate, and a spokeswoman for the agency that oversees the Capitol Police didn't immediately respond to a message. |
|
|
|
|
|
|
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media. |
|
|
