Tuesday, June 30, 2009
Court Rules Franken Has Won Senate Seat
The Minnesota Supreme Court on Tuesday issued its long-awaited judgment in the Senate race, declaring that the Democrat, Al Franken, is the winner.
Monday, June 29, 2009
Justices Rule for White Firefighters in Bias Case
The Supreme Court ruled on Monday that white firefighters in New Haven were subjected to race discrimination when the city threw out a promotional examination on which they had done well and black firefighters poorly.
Read the whole article at http://bit.ly/fGdiT
Is this a fair ruling?
Read the whole article at http://bit.ly/fGdiT
Is this a fair ruling?
Bernard Madoff Gets 150-Year Prison Term
It’s Now Legal to Catch a Raindrop in Colorado
It's Now Legal to Catch a Raindrop in Colorado
As amazing as that sounds, it was illegal to catch water from the gutters of your home to water your garden...until now. Check out http://bit.ly/7MBvR
As amazing as that sounds, it was illegal to catch water from the gutters of your home to water your garden...until now. Check out http://bit.ly/7MBvR
McKenna argues against federal preemption of consumer laws
OLYMPIA, Wash. (Legal Newsline)-The federal government should be careful not to fetter efforts by state attorneys general to go after consumer frauds in the banking industry, Washington Attorney General Rob McKenna said.
In an interview with Legal Newsline, McKenna said states ought to be able to pursue banking and financial services companies who break state laws.
"We need to be able to enforce our consumer protection laws without being preempted by the federal government," said McKenna, a Republican.
On Monday, the U.S. Supreme Court ruled that state attorneys general can investigate national banks but they cannot on their own subpoena financial institutions that have branches in other states.
The nation's highest court did say, however, that national banks are subject to some state laws under the National Banking Act. Given the federal law, the high court said that attorneys general may seek a court's help to enforce those state laws.
On whether state attorneys general should have more power over banks and the financial industry, McKenna said there is a balance that ought to be struck between state and federal oversight.
"It's important to have a national bank regulatory system," McKenna said. "I don't think that we should have 50 different state systems."
The attorney general added that there has been significant cooperation between the states and the federal government in addressing the subprime mortgage meltdown and the ensuing tide of home foreclosures.
McKenna, a member of the State Foreclosure Prevention Working Group, said the federal government is now "emulating" AGs' settlement with Bank of America's Countrywide Financial Corp.
The $8.4 billion multistate settlement ended some AGs' claims of predatory lending practices by Countrywide. The settlement, among other things, called for loan modifications.
"There is plenty of room for cooperation if the federal government wants to cooperate with the states," McKenna said. "Now we are seeing that interest in cooperation."
From Legal Newsline: Reach staff reporter Chris Rizo at chrisrizo@legalnewsline.com.
In an interview with Legal Newsline, McKenna said states ought to be able to pursue banking and financial services companies who break state laws.
"We need to be able to enforce our consumer protection laws without being preempted by the federal government," said McKenna, a Republican.
On Monday, the U.S. Supreme Court ruled that state attorneys general can investigate national banks but they cannot on their own subpoena financial institutions that have branches in other states.
The nation's highest court did say, however, that national banks are subject to some state laws under the National Banking Act. Given the federal law, the high court said that attorneys general may seek a court's help to enforce those state laws.
On whether state attorneys general should have more power over banks and the financial industry, McKenna said there is a balance that ought to be struck between state and federal oversight.
"It's important to have a national bank regulatory system," McKenna said. "I don't think that we should have 50 different state systems."
The attorney general added that there has been significant cooperation between the states and the federal government in addressing the subprime mortgage meltdown and the ensuing tide of home foreclosures.
McKenna, a member of the State Foreclosure Prevention Working Group, said the federal government is now "emulating" AGs' settlement with Bank of America's Countrywide Financial Corp.
The $8.4 billion multistate settlement ended some AGs' claims of predatory lending practices by Countrywide. The settlement, among other things, called for loan modifications.
"There is plenty of room for cooperation if the federal government wants to cooperate with the states," McKenna said. "Now we are seeing that interest in cooperation."
From Legal Newsline: Reach staff reporter Chris Rizo at chrisrizo@legalnewsline.com.
A securities class action has been filed against Oppenheimer Rochester National Municipals Fund
A securities class action has been filed against Oppenheimer Rochester National Municipals Fund (N.D.FLA) (ORNAX, ORNBX, ORNCX) (the "Fund") on behalf of all purchasers of shares in the Fund in the United States District Court for the Northern District of Florida.
The complaint alleges that in public filings and in annual and semi-annual reports to the Fund's shareholders, defendants made omissions and misstatements of material fact concerning the Fund and its assets, and failed to accurately describe the risks involved in owning shares of the Fund, including the risks posed by illiquidity and uncertain valuation of the Fund's assets. The annual and semi-annual reports to the Fund's shareholders also failed and continue to fail to disclose the true illiquidity of the Fund's assets and overstated and continue to overstate the true value of its municipal bonds or "special assessment" bonds and the fact that a great portion of the "special assessment" bonds are in default and/or are involved in foreclosure proceedings.
OppenheimerFunds, Inc. ("Oppenheimer") managed the Fund and owed duties to the Fund's shareholders and the investing public with respect to its activities as the Fund's manager and investment advisor. Had Oppenheimer carried out its duties properly in connection with the management of the financial statements of the Fund, it would have ascertained that the Fund was not properly pricing the securities contained in the Fund's portfolio and was engaged in prohibited transactions. As a result, Oppenheimer violated its duties to the Fund's shareholders with respect to the management of the Fund's assets.
Class Period: On behalf of all purchasers of shares in the Oppenheimer Rochester National Municipals Fund
Lead Plaintiff
Deadline: TBD
Date Filed: June 26, 2009
Court: USDC Northern Florida
Please contact Scott+Scott LLP either via e-mail at scottlaw@scott-scott.com, call (800) 404-7770 or (860) 537-5537, or visit our website at www.scott-scott.com if you would like further information about this lawsuit.
The complaint alleges that in public filings and in annual and semi-annual reports to the Fund's shareholders, defendants made omissions and misstatements of material fact concerning the Fund and its assets, and failed to accurately describe the risks involved in owning shares of the Fund, including the risks posed by illiquidity and uncertain valuation of the Fund's assets. The annual and semi-annual reports to the Fund's shareholders also failed and continue to fail to disclose the true illiquidity of the Fund's assets and overstated and continue to overstate the true value of its municipal bonds or "special assessment" bonds and the fact that a great portion of the "special assessment" bonds are in default and/or are involved in foreclosure proceedings.
OppenheimerFunds, Inc. ("Oppenheimer") managed the Fund and owed duties to the Fund's shareholders and the investing public with respect to its activities as the Fund's manager and investment advisor. Had Oppenheimer carried out its duties properly in connection with the management of the financial statements of the Fund, it would have ascertained that the Fund was not properly pricing the securities contained in the Fund's portfolio and was engaged in prohibited transactions. As a result, Oppenheimer violated its duties to the Fund's shareholders with respect to the management of the Fund's assets.
Class Period: On behalf of all purchasers of shares in the Oppenheimer Rochester National Municipals Fund
Lead Plaintiff
Deadline: TBD
Date Filed: June 26, 2009
Court: USDC Northern Florida
Please contact Scott+Scott LLP either via e-mail at scottlaw@scott-scott.com, call (800) 404-7770 or (860) 537-5537, or visit our website at www.scott-scott.com if you would like further information about this lawsuit.
Thursday, June 25, 2009
Hedge Fund Managers Twitter To Gain Advantage
The Daily Telegraph reports that traders at certain hedge funds are using technology to monitor 'tweets' on Twitter to capture and analysis 'event based' information which is fed into automated trading platforms.
And Reuters reports that Mount Kellett Capital Management, a private equity firm run by former Goldman Sacher Mark McGoldrick (known as 'Goldfinger' because of his earnings power) is said to have raised $2.5bn for a new fund to be invested in opportunities in Asia, especially China.
Zhao Danyang, the hedge fund manager who paid last year's record $2.11m to lunch with Warren Buffett (all for charity), told Bloomberg TV that he owed the 600% return his firm has generated over the last 6 years to the Sage. 'Buffett is my teacher', he said. 'In my heart, I am really thankful to him'.
The New York Times reports that convicted fraudster Bernie Madoff is hoping to be let-off with a 12-year jail sentence when he comes before a judge later this month. Madoff's lawyer, Ira Sorkin, wrote to the judge, pointing out that his client 'is currently 71 years old, and has an approximate life expectancy of 13 years.....A prison term of 12 years - just short of an effective life sentence - will sufficiently address the goals of deterrence, protecting the public, and promoting respect for the law'. Bernie faces a maximum sentence of 150 years.
Finally, The Times reports that billionaire financial Sir Allen Stanford has now returned to Texas under the custody of US Marshals, after being arrested by the FBI last week. Stanford, who (with others) has been accused of engaging in a $7bn Ponzi scheme, will appear at a bail hearing in Houston Thursday.
And Reuters reports that Mount Kellett Capital Management, a private equity firm run by former Goldman Sacher Mark McGoldrick (known as 'Goldfinger' because of his earnings power) is said to have raised $2.5bn for a new fund to be invested in opportunities in Asia, especially China.
Zhao Danyang, the hedge fund manager who paid last year's record $2.11m to lunch with Warren Buffett (all for charity), told Bloomberg TV that he owed the 600% return his firm has generated over the last 6 years to the Sage. 'Buffett is my teacher', he said. 'In my heart, I am really thankful to him'.
The New York Times reports that convicted fraudster Bernie Madoff is hoping to be let-off with a 12-year jail sentence when he comes before a judge later this month. Madoff's lawyer, Ira Sorkin, wrote to the judge, pointing out that his client 'is currently 71 years old, and has an approximate life expectancy of 13 years.....A prison term of 12 years - just short of an effective life sentence - will sufficiently address the goals of deterrence, protecting the public, and promoting respect for the law'. Bernie faces a maximum sentence of 150 years.
Finally, The Times reports that billionaire financial Sir Allen Stanford has now returned to Texas under the custody of US Marshals, after being arrested by the FBI last week. Stanford, who (with others) has been accused of engaging in a $7bn Ponzi scheme, will appear at a bail hearing in Houston Thursday.
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