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Calif officials seek redevelopment compromise
Legal Topics |
2011/12/30 21:10
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The California Supreme Court on Thursday gave Gov. Jerry Brown and state lawmakers the right to eliminate community redevelopment agencies in a crucial victory on the state budget.
But the fate of the more than 400 redevelopment agencies remains unclear as cities — and even many lawmakers — vowed to seek a legislative compromise next year that would ensure the agencies' survival. Brown has little incentive to go along.
The court affirmed the state's authority to dissolve the agencies, calling it "a proper exercise of the legislative power vested in the Legislature by the state constitution." Doing so means more of the property taxes generated within redevelopment zones will go toward schools, law enforcement and other local services, freeing up as much as $1.7 billion in the state general fund during the current fiscal year. The money now is returned to the agencies to spend on future redevelopment projects.
Lawmakers and the mayors of several large cities said Thursday they were inclined to work out a compromise after the justices issued their split decision. While they affirmed the Legislature's authority to dissolve redevelopment agencies, the justices in a unanimous decision invalidated companion legislation passed last summer that was intended to keep the agencies operating by forcing them to direct a certain amount of property tax revenue to schools and other services. |
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Suspect's lawyer describes Minn. courthouse attack
Legal Topics |
2011/12/17 17:31
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In the moments after authorities say a man just convicted in a criminal trial opened fire at a small northern Minnesota courthouse, it was his defense attorney who rushed to the aid of two shooting victims.
John Lillie III described a chaotic scene Thursday just minutes after his client, Daniel Schlienz, was convicted of third-degree criminal sexual conduct. Authorities have identified Schlienz, 42, as the man who shot the prosecutor who handled his case and another man.
In an interview with the Star Tribune of Minneapolis, Lillie said he was speaking to Schlienz's mother when he heard a shot ring out inside the Cook County courthouse.
Lillie said he followed a man's pleas for help and found Gregory Thompson, of Grand Marais, wounded. He dragged Thompson outside, then re-entered the courthouse to warn workers. Lillie said he heard two more shots on the second floor and ran up to find Tim Scannell, the county prosecutor, bleeding from three gunshot wounds. |
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Court: Can lawsuit against casino go forward?
Legal Topics |
2011/12/12 18:38
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The Supreme Court will decide whether a lawsuit attempting to shut down a new tribal casino in southwestern Michigan can move forward.
The justices on Monday agreed to hear from the government and the Match-E-Be-Nash-She-Wish Band of Pottawatomi Indians, also known as the Gun Lake Tribe.
The tribe opened a casino earlier this year in Wayland Township, 20 miles south of Grand Rapids. But casino foe David Patchak sued to close the casino down, challenging how the government placed the land in trust for the tribe. A federal judge threw out his lawsuit, but the U.S. Appeals Court for the Federal Circuit said it could move forward. The justices will hear arguments next year. |
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Saxena White P.A. Files a Securities Fraud Class Action
Legal Topics |
2011/12/11 18:38
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Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Hospira, Inc. common stock on the New York Stock Exchange between March 24, 2009, and October 17, 2011, inclusive.
The complaint charges Hospira and certain of its officers and executives with violations of the Exchange Act. Hospira is a global specialty pharmaceutical and medication delivery company.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants failed to disclose that: (i) Hospira suffered from extensive quality control issues throughout the Class Period, which undermined both the viability of and the supposed financial savings that would be generated by Project Fuel, a Company program designed to optimize Hospira's operations and increase shareholder value; (ii) Hospira was unable to remedy problems identified in FDA Warning Letters related to Hospira's infusion pumps, quality control deficiencies, and manufacturing weaknesses; (iii) Hospira's revenue guidance for 2010 and 2011 was misstated and lacked a reasonable basis when made; and (iv) as a result of the foregoing, defendants' statements regarding the Company's financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.
On October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales. The Company attributed the production slowdown to the impact of an ongoing FDA investigation.
The result of the Company's negative results was a 21% drop in the price of Hospira common stock, which fell $7.85 per share to close at $29.51 per share on October 18, 2011.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Hospira, Inc. between the period of March 24, 2009, and October 17, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests. |
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Appeals court affirms Petters conviction, sentence
Legal Topics |
2011/12/10 21:14
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A federal appeals court Friday upheld the 2009 conviction and 50-year prison sentence of Minnesota businessman Tom Petters, who was found guilty of orchestrating a $3.7 billion Ponzi scheme.
The Eighth U.S. Circuit Court of Appeals ruled that Petters got a fair trial.
A three-judge panel rejected defense claims that the U.S. District Judge Richard Kyle prevented his attorneys from presenting a complete defense by restricting their ability to question a key prosecution witness, Larry Reynolds, a convicted felon and disbarred lawyer who was in the witness protection program, about his links to organized crime.
The panel also said the judge acted properly when he rejected proposed jury instructions that would have highlighted Petters' claims that he was an unwitting participant in a fraud conceived by others, and that he acted in good faith on advice from his attorney.
It ruled that the judge did not err by denying a change in venue due to the extensive media coverage the case generated. The panel also rejected defense claims of procedural errors in Petters' sentencing.
A jury found Petters guilty of 20 counts of wire fraud, mail fraud, money laundering and conspiracy. |
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Ark. court affirms $50M verdict for rice farmers
Legal Topics |
2011/12/08 21:14
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The Arkansas Supreme Court on Thursday affirmed a nearly $50 million verdict for farmers who say they lost money because a company's genetically altered rice seeds contaminated the food supply and drove down crop prices.
Bayer, the German conglomerate whose Bayer CropScience subsidiary produced the seeds, had argued that Arkansas tort laws set a limit on punitive damages and that courts should set aside jury awards that "shock the conscience." In the April 2010 verdict, a Lonoke County jury awarded $42 million in punitive damages and $5.9 million in actual damages.
The company said a lower court erred last year in ruling that a cap on punitive damages is unconstitutional.
But in its 24-page opinion released Thursday, the state Supreme Court agreed with the lower court that the cap on punitive damages was unconstitutional. Associate Justice Courtney Hudson Goodson wrote that the cap "limits the amount of recovery outside the employment relationship," while the Arkansas constitution only allows limits on compensation paid by employers to employees. |
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Bank of America settles mortgage suit for $315 mln
Legal Topics |
2011/12/06 18:56
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Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.
The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.
U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.
Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors. |
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