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BofA investor lawsuit wins class-action status
Law Firm Press Release |
2012/02/08 09:43
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Investors suing Bank of America Corp won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch amp; Co and the size of Merrill's losses and bonus payouts.
U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions.
Among the other defendants who were also sued and opposed class certification were former Bank of America Chief Executive Kenneth Lewis, former Merrill Chief Executive John Thain, former Bank of America Chief Financial Officer Joe Price, and Bank of America's board of directors.
Lewis had won initial praise for saving Merrill from possible collapse when he agreed to buy it on September 15, 2008, the day Lehman Brothers Holdings Inc went bankrupt.
But investors later faulted the bank for not disclosing the scope of Merrill's soaring losses, which reached $15.84 billion in the fourth quarter of 2008, before December 2008 shareholder votes on the merger. They also objected to Merrill's having paid $3.6 billion of bonuses despite the losses. |
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Attorney: Texas redistricting talks have stalled
Law Firm Press Release |
2012/01/31 10:17
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Negotiations between minority groups and Texas officials in a lengthy clash over new political districts appeared stalled Monday as both sides prepared to argue in Washington over whether the Republican-drawn maps violate the federal Voting Rights Act.
An attorney for the League of United Latin American Citizens, one of nine groups suing to block the maps, said negotiations to create temporary maps so Texas could salvage an April 3 primary date hit an impasse over the weekend. Both sides have another week to work out a deal, but Luis Vera, LULAC's general counsel, said he was not optimistic.
It just doesn't seem feasible, he said.
A federal court in San Antonio last week gave the sides until Feb. 6 to draw up the temporary maps that would remain in place through November's election. If they don't, Texas' primaries will be pushed back for a second time. They were originally scheduled for March.
Lauren Bean, a spokeswoman for the Texas attorney general's office, said her office was not commenting on the negotiations.
Vera said a major obstacle is that the state isn't involving all parties in the negotiations. Gary Bledsoe, president of the Texas NAACP that is among the nine plaintiffs, said the state was mainly negotiating with the Mexican American Legal Defense and Education Fund and the Mexican American Legislative Caucus. |
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NJ gov picks gay black man, Asian for top court
Law Firm Press Release |
2012/01/24 09:22
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Gov. Chris Christie moved to diversify the state's all-white Supreme Court on Monday with two firsts: the nominations of an openly gay black man and a Korean-born prosecutor to fill two vacancies.
If confirmed, Bruce A. Harris would become New Jersey's first openly gay justice, and Phillip H. Kwon would become its first Asian representative and the first justice born outside the United States.
Christie, a Republican, said he had extreme confidence in the records and intellects of his nominees, neither of whom has been a judge.
I felt strongly about making sure the court have diversity but first and foremost that the court have quality justices who make sure they take the court in a direction that is a responsible one for the future of our state and its people, Christie said at a news conference attended by the nominees and their families.
Harris, 61, is the Republican mayor of Chatham Borough in Morris County, a post Christie said he would give up if confirmed. He would be the third African-American to be seated on the court. |
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Court overturns Calif. slaughterhouse law
Law Firm Press Release |
2012/01/23 10:54
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The Supreme Court on Monday blocked a California law that would require euthanizing downed livestock at federally inspected slaughterhouses to keep the meat out of the nation's food system.
The high court ruled that the state's 2009 state law was blocked from going into effect by federal law administered by the Agriculture Department's Food Safety and Inspection Service. .
Federal law precludes California's effort ... to impose new rules, beyond any the FSIS has chosen to adopt, on what a slaughterhouse must do with a pig that becomes non-ambulatory during the production process, said Justice Elena Kagan, who wrote the court's unanimous opinion.
California strengthened regulations against slaughtering so-called downer animals after the 2008 release of an undercover Humane Society video showing workers abusing cows at a Southern California slaughterhouse. Under California law, the ban on buying, selling and slaughter of downer cattle also extends to pigs, sheep and goats.
But pork producers sued to stop the law, saying the new law interfered with federal laws that require inspections of downed livestock before determining whether they can be used for meat. |
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