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Court rules that UBS trader should stay in custody
Headline Legal News |
2011/09/22 18:14
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An alleged rogue trader accused of losing Swiss banking giant UBS about $2.3 billion is "sorry beyond words," his lawyer said Thursday, as a judge ordered him to be held in jail until a hearing next month.
Kweku Adoboli, 31, is charged with four offenses of fraud and false accounting dating back to 2008 and accused of racking up losses in authorized trades. His arrest a week ago has heaped pressure on UBS Chief Executive Oswald Gruebel and stoked speculation that the bank could get rid of its investment banking operations.
At a court hearing in London, prosecuting lawyer David Levy added a new fraud offense to the three previous charges laid against Adoboli, and confirmed that authorities had revised upward the amount allegedly gambled away by the trader to around $2.3 billion. A previous hearing was told the trader was accused of losing $2 billion.
Patrick Gibbs, defending Adoboli, said his client ? who wore a gray suit, white shirt and dark blue tie ? was truly sorry for his actions.
"He is sorry beyond words for what has happened here, he went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations," Gibbs said.
Adoboli, who appeared confident and nodded in acknowledgment to a handful of supporters attending the hearing, spoke only to confirm his name, birth date and address. He did not enter any pleas to the charges. |
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Guilty plea for Va. man in $318K Social Security fraud
Headline Legal News |
2011/09/09 15:39
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A Bristol man has pleaded guilty to stealing Social Security benefits and making false statements in an attempt to hide the thefts.
Seventy-one-year-old David Ross entered the plea Thursday in federal court in Abingdon.
Ross faces a sentence of up to 65 years in prison on all counts.
Federal prosecutors say Ross admitted stealing more than $318,000 in benefits that had been intended for his mother, who died in 1971. He told the Social Security Administration that his mother died in December 2010. |
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Group seeks appellate action on gays in military
Headline Legal News |
2011/09/01 16:43
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The military's ban on openly gay troops will be lifted within weeks, but the policy can still be re-enacted in the future.
That's why a Republican gay rights organization that sued the Obama administration to stop enforcement of the policy says it will ask the 9th U.S. Circuit Court of Appeals on Thursday to declare the nearly 18-year-old law unconstitutional, affirming a lower court's ruling last year.
With several Republican presidential candidates, including Rep. Michele Bachmann, indicating they would favor reinstating the ban if elected, such a ruling is needed, said Dan Woods, the attorney for the Log Cabin Republicans. Declaring the law unconstitutional would also provide a legal path for thousands discharged under the policy to seek reinstatement, back pay or other compensation for having their careers cut short, Woods said.
"The repeal of 'don't ask, don't tell' doesn't say anything about the future," Woods said. "It doesn't (explicitly) say homosexuals can serve. A new Congress or new president could come back and reinstitute it. We need our case to survive so there is a constraint on the government to prevent it from doing this again."
During her campaign stop in Iowa in August, Bachmann told interviewer Candy Crowley on CNN's "State of The Union" when asked whether she would reinstitute the law: "It worked very well and I would be in consultation with our commanders, but I think, yes, I probably would."
Justice Department attorneys have filed a motion asking the appeals court to dismiss the case, arguing that the repeal process that will lift the ban Sept. 20 makes the lawsuit irrelevant.
The Log Cabin Republicans successfully won an injunction by U.S. District Judge Virginia Phillips last year that halted enforcement of "don't ask, don't tell" briefly, before the 9th Circuit reinstated it. |
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No choking charges for Wis. Supreme Court justice
Headline Legal News |
2011/08/26 17:04
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A conservative Wisconsin state Supreme Court justice who staved off an unusually intense campaign to replace him this summer will not face criminal charges over allegations that he tried to choke a liberal colleague, a prosecutor said Thursday.
Sauk County District Attorney Patricia Barrett, a special prosecutor in the case, said that after reviewing investigators' reports, she decided there's no basis to file charges against either Justice David Prosser or Justice Ann Walsh Bradley, who accused Prosser of choking her.
Barrett, who is a Republican, told The Associated Press that the accounts of the other justices who were present when the alleged altercation occurred varied widely, however she declined to elaborate.
"I believe a complete review of the report suggests there is a difference of opinion. There are a variety of statements about what occurred ... the totality of what did happen does not support criminal charges against either Justice Bradley or Justice Prosser," Barrett said.
Walsh Bradley accused Prosser of choking her in June while the justices were deliberating the merits of a lawsuit challenging Republican Gov. Scott Walker's contentious law stripping public workers of most of their collective bargaining rights. Walsh Bradley, 61, is seen as part of the court's three-justice liberal minority, while Prosser, a 68-year-old former Republican legislator, is considered part of the four-justice conservative majority. The factions have been feuding for years.
The court delivered its verdict the day after the alleged incident, ruling 4-3 to uphold the law and allowing it to finally take effect. As expected, Prosser voted with the majority. |
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NY court rejects $18M class action writers deal
Headline Legal News |
2011/08/18 16:19
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A federal appeals court in New York has rejected an $18 million class action settlement reached after freelance writers sued publishers.
The writers had said their copyrights were infringed upon when their works were reprinted online without permission.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Wednesday the 2005 deal had to be scrapped because the plaintiffs didn't adequately represent all members of the class. It says more than 99 percent of claims wouldn't be covered by the settlement because they involved writers who hadn't registered copyrights.
The settlement was reached after the Supreme Court in 2001 ruled freelance writers have online rights to their work. The case largely applied to articles, photographs and illustrations produced 15 or more years ago. |
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Man found guilty in Atlanta of killing boxer
Headline Legal News |
2011/08/18 16:18
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A Fulton County jury has found DeMario Ware guilty of felony murder and other charges in the shooting of former world champion boxer Vernon Forrest.
The jury acquitted Ware on a malice murder charge.
The 22-year-old Ware did not fire the gun that killed the 38-year-old welterweight, but was charged with malice murder, felony murder, armed robbery and aggravated assault. He could be sentenced to life in prison.
The Atlanta Journal-Constitution reports that in a police interview played for the jury, Ware admitted pointing a loaded gun at Forrest on the night of July 25, 2009, and taking the boxer's gold championship ring and Rolex watch. Police say Forrest chased Ware but failed to catch him and wound up being shot to death by Charman Sinkfield, one of Ware's codefendants. |
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EPA settles with owners of Mass. chemical plant
Headline Legal News |
2011/08/17 17:34
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The owners of a suburban Massachusetts chemical plant that exploded in 2006, destroying dozens of homes, have agreed to pay the federal government an estimated $1.3 million to help cover the cost of cleaning up the hazardous waste that was left behind.
The Environmental Protection Agency said a consent decree unveiled Monday requires the companies to pay for some of the $2.7 million spent by the agency to clean up the site after the explosion in Danvers, a town about 25 miles north-northeast of Boston.
The EPA said the action resolves claims against former operator CAI Inc. and property owners Sartorelli Realty LLC and Roy Nelson, of the Nelson Danvers Realty Trust.
The EPA also announced that CAI will pay $100,000 to settle allegations that conditions at the facility violated the federal Clean Air Act. The $1.3 million includes cash and the net proceeds from the sale of the property, assuming the property sells for its appraised value, the agency said.
A series of explosions at the ink and paint factory shared by CAI and Arnel Co. Inc. on Nov. 22, 2006, damaged 270 local homes and businesses. No one was killed or seriously injured. |
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