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French court hits Swiss bank UBS with $5.1 billion penalty
Law Firm Press Release |
2019/02/20 09:43
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A French court ordered Switzerland’s largest bank, UBS, to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, sending a stern warning to tax dodgers and the banks that aid them.
The Paris court convicted Zurich-based UBS AG on Wednesday of aggravated money laundering of the proceeds of tax fraud and illegal bank soliciting, issuing what French media called a record fine.
UBS, one of the world’s largest wealth management banks, slammed the ruling and vowed to appeal. It denied criminal wrongdoing, saying in a statement that the conviction was based on “unfounded allegations of former employees.”
UBS suggested the ruling was based on prejudices in France — which is known for its high taxes — against Swiss tax practices. It insisted that the bank was only offering “legitimate and standard services under Swiss law that are also common in other jurisdictions.”
The Paris court disagreed, and ordered exceptional criminal fines of 3.7 billion euros ($4.2 billion) for UBS’ Swiss head office and 15 million euros ($17 million) for its French subsidiary, and civil damages of 800 million euros ($907 million). Five former UBS executives were also given fines and suspended prison sentences.
Investigators say the Swiss bank sent employees to solicit business from wealthy executives or athletes during sports or music events in France, urging them to place their money in Switzerland.
The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted to some 10 billion euros ($10.75 billion).
French government attorney Xavier Normand Bodard called Wednesday’s verdict a “very important” ruling and suggested it could set a legal precedent for cases involving the laundering of proceeds of tax fraud.
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Liberals eye 2020 takeover of Wisconsin Supreme Court
Law Firm Press Release |
2019/02/08 02:37
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Wisconsin liberals hope to take a key step this spring toward breaking a long conservative stranglehold on the state's Supreme Court, in an election that could also serve as a barometer of the political mood in a key presidential swing state.
If the liberal-backed candidate wins the April 2 state Supreme Court race, liberals would be in prime position to take over the court when the next seat comes up in 2020 — during a presidential primary when Democrats expect to benefit from strong turnout.
The bitterly partisan court, which conservatives have controlled since 2008, has upheld several polarizing Republican-backed laws, none more so than former GOP Gov. Scott Walker's law that essentially eliminated collective bargaining for public workers.
If liberals can win in April and again in 2020, they would have the majority until at least 2025.
"It is absolutely critical we win this race," liberal attorney Tim Burns, who lost a Wisconsin Supreme Court race in 2018, said of the April election. "It does set us up for next year to get a court that's likely to look very differently on issues of the day like voters' rights and gerrymandering."
The court could face big decisions on several partisan issues in the coming years, including on the next round of redistricting that follows the 2020 Census, lawsuits challenging the massive Foxconn Technology Group project backed by President Donald Trump, and attempts to undo laws that Republicans passed during a recent lame-duck session to weaken the incoming Democratic governor before he took office. |
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Ginsburg makes 1st public appearance since cancer surgery
Law Firm Press Release |
2019/02/03 11:31
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Supreme Court Justice Ruth Bader Ginsburg is making her first public appearance since undergoing lung cancer surgery in December.
The 85-year-old Ginsburg is attending a concert at a museum a few blocks from the White House that is being given by her daughter-in-law and other musicians. Patrice Michaels is married to Ginsburg’s son, James. Michaels is a soprano and composer.
The concert is dedicated to Ginsburg’s life in the law.
Ginsburg had surgery in New York on Dec. 21. She missed arguments at the court in January, her first illness-related absence in more than 25 years as a justice.
She has been recuperating at her home in Washington since late December.
Ginsburg had two previous bouts with cancer. She had colorectal cancer in 1999 and pancreatic cancer in 2009.
The justice sat in the back of the darkened auditorium at the National Museum of Women in the Arts.
The National Constitution Center, which sponsored the concert, did not permit photography.
James Ginsburg said before the concert that his mother is walking a mile a day and meeting with her personal trainer twice a week.
The performance concluded with a song set to Ginsburg’s answers to questions.
In introducing the last song, Michaels said, “bring our show to a close, but not the epic and notorious story of RBG.” |
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Out-of-state money boosts Collins after Supreme Court vote
Law Firm Press Release |
2019/02/02 11:34
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Maine Republican U.S. Sen. Susan Collins had the best fundraising quarter of her career after she delivered a pivotal vote that helped seat Brett Kavanaugh on the Supreme Court, according to documents filed with the Federal Election Commission.
The Bangor Daily News reports that after announcing her decision to vote in favor of Kavanaugh's nomination during a speech on the Senate floor in early October, Collins raised $1.8 million in the final quarter of 2018.
The records show that of the nearly $900,000 Collins received from individual donors who contributed more than $200 to her campaign, just $19,000 came from individuals with Maine addresses.
"We made an effort to have a strong quarter because we wanted to send the message that Senator Collins will be prepared to run a vigorous campaign in 2020," said Amy Abbott, the deputy treasurer of Collins' campaign committee. "We focused our fundraising efforts nationally, which we typically do until the election year, which is why there were relatively fewer donations from Maine."
She said the campaign received "many contributions" from Maine that were under the $200 reporting threshold.
In the quarter before her Kavanaugh vote, Collins raised $140,000.
Collins' decision to support Kavanaugh's nomination led to a burst of donations for a potential 2020 challenger. So far no Democrats have emerged to challenge Collins next year.
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