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BofA investor lawsuit wins class-action status
Court Line |
2012/02/08 17:43
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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 & 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
Court Line |
2012/01/31 18:17
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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
Court Line |
2012/01/24 17:22
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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
Court Line |
2012/01/23 18:54
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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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US army panel advises trial in Afghanistan suicide
Court Line |
2012/01/23 18:54
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An investigative hearing has recommended that an American soldier be court-martialed over hazing that allegedly led to a fellow infantryman's suicide in Afghanistan, but dismissed the most serious charge against him, the U.S. military said Monday.
Spc. Ryan Offutt is one of eight soldiers charged in the death of 19-year-old Pvt. Danny Chen, who shot himself on Oct. 3 after what investigators say were weeks of physical abuse, humiliation and racial slurs.
A native New Yorker of Chinese descent, Chen had been in Afghanistan only two months when he shot himself in a guardhouse at a remote outpost in Afghanistan's Kandahar province.
The investigative hearing recommended that Offutt, 32, be court-martialed on charges including assault, negligent homicide, and reckless endangerment, a statement from U.S. military said.
It said the hearing, which ended Sunday, did not recommend trial for an additional charge of involuntary manslaughter, punishable by up to 10 years in prison.
The most serious charge Offutt now faces is negligent homicide, which carries a prison sentence of up to three years.
The regional American military commander will make a final decision on any court-martial based on the hearing's recommendations, the U.S. statement said.
Attorneys for Offutt could not immediately be contacted. Offutt, a native of Greenville, Pa., joined the Army in 2006 and served 14 months in Iraq before being deployed to Afghanistan. |
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