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NY court: Case against ex-AIG execs can continue
Attorney News |
2016/06/02 23:59
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New York's attorney general can continue his legal effort to bar two former American International Group Inc. executives from the securities industry and forfeit any improperly gained profits, the state's highest court ruled Thursday.
The Court of Appeals for the second time refused to dismiss the lawsuit originally filed in 2005 by then-Attorney General Eliot Spitzer, ruling it should go to trial.
The suit claims ex-AIG chief executive Maurice "Hank" Greenberg and ex-chief financial officer Howard Smith had engaged in fraudulent reinsurance transactions to conceal from investors a deteriorating financial condition.
AIG itself resolved state charges as part of a $1.64 billion agreement with regulators in 2006. The insurance giant was bailed out by the federal government in the 2008 financial crisis.
Greenberg and Smith settled related federal Securities and Exchange Commission complaints without admitting wrongdoing in 2009.
Their attorneys challenged the state lawsuit, arguing that New York's Martin Act against securities fraud authorizes neither a permanent industry ban nor disgorgement of profits, and that releases from other settlements barred further financial forfeit.
"As we have previously stated, in an appropriate case, disgorgement may be an available 'equitable remedy distinct from restitution' under the state's anti-fraud legislation," Judge Leslie Stein wrote. "Moreover, as with the attorney general's claim for an injunction, issues of fact exist which prevent us from concluding, as a matter of law that disgorgement is unwarranted."
The court rejected another dismissal motion two years ago, concluding there was sufficient fraud evidence for trial.
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Bahrain court more than doubles opposition leader's sentence
Topics in Legal News |
2016/06/01 23:59
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A Bahraini appeals court on Monday more than doubled the prison term for the country's top Shiite opposition figure in a ruling that his political bloc blasted as "unacceptable and provocative."
Sheikh Ali Salman now faces nine years behind bars, up from an earlier four, following his conviction last year on charges that included incitement and insulting the Interior Ministry.
Salman is the secretary-general of Al-Wefaq, the country's largest Shiite political group. He was a key figure in Bahrain's 2011 Arab Spring-inspired uprising, which was dominated by the island nation's Shiite majority and sought greater political rights from the Sunni monarchy.
Authorities crushed the initial uprising in a matter of weeks with help from Saudi Arabia and the United Arab Emirates. Localized protests continue in Shiite communities, with young activists frequently clashing with police.
Occasional small bomb attacks have killed police officers in the country, which hosts the U.S. Navy's 5th Fleet.
The case against Salman relates to speeches he gave between 2012 and 2014, though Al-Wefaq has said his words were taken out of context. He was convicted and sentenced by a lower court in June.
Both sides appealed that verdict, with the court ruling Monday in favor of the prosecution while rejecting Salman's appeal, according to a statement carried by the official Bahrain News Agency.
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Planned Parenthood shooting defendant returning to court
Court Line News |
2016/05/11 10:46
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A man who admitted killing three people at a Colorado Planned Parenthood clinic is returning to court for the continuation of a hearing on whether he's mentally competent to stand trial.
A psychologist who examined 57-year-old Robert Dear is scheduled to testify Tuesday.
Dear is charged with 179 counts including murder, attempted murder and assault in the Nov. 27 shootings at the Colorado Springs clinic. Nine people were injured in the attack.
In court, he has declared himself a "warrior for the babies" and said he was guilty.
The hearing started last month, when two psychologists testified that Dear isn't competent to stand trial.
If the judge agrees, Dear's case would be put on hold while he undergoes treatment at a state psychiatric hospital intended to restore him to competency.
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Kansas Supreme Court reviews lawmakers' school aid changes
Headline Legal News |
2016/05/10 10:46
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Attorneys for Kansas hope to persuade the state Supreme Court that recent changes in the state's education funding system are fair enough to poor districts that the justices can abandon a threat to shut down public schools.
The high court was set to hear arguments Tuesday on whether the technical changes legislators made earlier this year comply with a February order from the justices to improve funding for poor school districts. The changes leave most districts' aid unchanged and don't boost overall education spending.
Lawyers for four school districts suing the state contend legislators' work shouldn't satisfy the Supreme Court because aid to all poor districts didn't increase. But the state's attorneys have submitted more than 950 pages of documents in an attempt to show that lawmakers' solution was in keeping with past court decisions.
"I'm hopeful the Supreme Court's going to take what the Legislature has done and say it's an appropriate answer," Republican Gov. Sam Brownback told reporters ahead of the arguments.
The Dodge City, Hutchinson, Wichita and Kansas City, Kansas, districts sued the state in 2010, arguing that Kansas spends too little on its schools and unfairly distributes the aid it does provide, more than $4 billion a year.
The court concluded in February that lawmakers hadn't done enough to ensure that poor districts keep up with wealthy ones. The justices ordered lawmakers to fix the problems by June 30 or face having schools shut down.
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Iran's president slams US court ruling on frozen assets
Legal Interview |
2016/05/09 00:19
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Iran's president said Wednesday that a U.S. court ruling that allows for the seizure of Iranian assets amounts to theft and indicates continued "hostility" toward his country.
The U.S. Supreme Court ruled last week that the families of victims of a 1983 bombing in Lebanon and other attacks linked to Iran can collect nearly $2 billion in frozen funds from Iran as compensation.
Rouhani was quoted by state TV as warning that the United States would have to face up to "all the consequences of this illegal action," without elaborating. "The move indicates Washington's continued hostility against the Iranian nation," Rouhani added, speaking during a Cabinet meeting.
On Tuesday, the Cabinet tasked a group of top officials with examining the court decision and defending Iran's "rights."
The U.S. court's ruling directly affects more than 1,300 relatives of victims, some who have been seeking compensation for more than 30 years. They include families of the 241 U.S. service members who died in the Beirut bombing.
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Spanish court seeks arrest of Putin-linked Russians
Headline Legal News |
2016/05/09 00:18
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A Spanish judge wants two senior Russian officials with links to the Kremlin arrested so they can be questioned in court about suspected money laundering and criminal association.
National court judge Jose de la Mata Amaya has issued international arrest warrants for Nikolai Aulov, deputy director of Russia's federal drug control agency, and Vladislav Reznik, who is a member of parliament's lower house for the main Kremlin party and deputy chairman of its financial markets committee. Both men are viewed as allies of President Vladimir Putin.
They are among 15 suspects in a years long investigation into alleged Russian mafia activities in Spain, according to court documents released this week. The court said their whereabouts are not known.
The judge handed down his ruling in January. A national court spokesman said the case was never placed under judicial secrecy after the arrest orders were issued on Jan. 22 but it only became publicly known after Spain's El Mundo on Tuesday published a story based on documents outlining the judge's order.
The spokesman said he did not know whether those named in the document had Spanish lawyers. He spoke on condition of anonymity, in keeping with court policy.
The Russian federal drug control agency said the Spanish judge's decision to seek Aulov's arrest was "legally unprofessional, a political hit job and perhaps connected with drug mafia revenge," the state RIA Novosti news agency reported.
A lawyer for Reznik, Alexander Gofshtein, also has described the case as being politically driven.
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