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Dutch Supreme Court: Fortis was mismanaged
Lawyer Media News |
2013/12/09 13:39
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The Netherlands' Supreme Court has upheld rulings that the now-defunct Belgian bank Fortis NV was mismanaged from September 2007 to September 2008, and its then-management board can be held accountable.
Friday's ruling opens the door for investor claims against former CEO Jean-Paul Votron, among others, though not former supervisory Chairman Count Maurice Lippens, whom lower courts found was too far removed from decision making to be held liable.
Fortis, Royal Bank of Scotland and Spain's Santander bought Dutch bank ABN Amro in a hostile takeover in 2007, nominally the largest in banking history.
Fortis agreed to buy ABN's Dutch operations for 24 billion euros in its part of the deal but was unable to finance the buy — which represented around half of its own total size — and eventually spiraled toward bankruptcy. The Dutch state ultimately nationalized all Fortis-ABN operations in the Netherlands in 2008 to avoid a meltdown of the country's financial system. The rescue has cost taxpayers at least 32 billion euros. |
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Court Won't Hear Appeal Of New York Internet Taxation
Court Line News |
2013/12/05 13:44
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The Supreme Court on Monday refused to consider throwing out New York state's taxes on Internet purchases on websites like Amazon.com, a move that could change the way Internet commerce works.
The high court refused without comment to hear appeals from Amazon.com LLC and Overstock.com Inc., in their fights against a state law that forces them to remit sales tax the same way in-state businesses do.
Web retailers generally have not had to charge sales taxes in states where they lack a store or some other physical presence. But New York and other states say that a retailer has a physical presence when it uses affiliates — people and businesses that refer customers to the retailer's website and collect a commission on sales. These affiliates range from one-person blogs promoting the latest gadgets to companies that run coupon and deal sites.
Amazon and Overstock both use affiliate programs. Amazon has been collecting sales tax in New York as it fights the state over a 2008 law that was the first to consider local affiliates enough of an in-state presence to require sales tax collection. Overstock ended its affiliate program in 2008 after the law passed.
The Supreme Court refusal to hear the websites' appeal likely will prompt more and more states to attempt to collect taxes from website purchases. Around 20 states, including New York, already have similar laws on the books. The National Council of State Legislatures estimated that states lost an estimated $23.3 billion in 2012 from being prohibited from collecting sales tax from online and catalog purchases.
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Court Declines To Take Liberty University's Obamacare Lawsuit
Headline Legal News |
2013/12/05 13:43
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The Supreme Court has turned away a Christian university's attempt to overturn a key part of the Obama administration's health care law.
The justices did not comment Monday in leaving in place a federal appeals court ruling dismissing Liberty University's lawsuit.
Liberty made several arguments in challenging the portion of the health care law that requires most employers to provide health insurance to their workers or pay a fine. The 4th U.S. Circuit of Appeals in Richmond, Va., rejected those claims.
The Supreme Court separately is considering whether for-profit corporations can mount religious objections to the law's requirement to include birth control among preventive health benefits.
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Seattle lawyer left $188 million charitable trust
Headline Legal News |
2013/12/02 12:39
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A Seattle lawyer who quietly amassed a fortune by investing his inherited family wealth has left a bequest of nearly $188 million to benefit Seattle Children's Hospital, the University of Washington School of Law and the Salvation Army.
Hospital officials said, in announcing Jack MacDonald's bequest Tuesday, that it was the largest charitable gift in Seattle Children's 106-year history. The Law School said it was also the largest gift in its 114-year history.
The three organizations will receive income earned by the trust each year, with 40 percent, or nearly $4 million a year, going to support pediatric research at the hospital in honor of his mother, a long-time hospital volunteer. Thirty percent of the income goes to support student scholarships and other needs at the law school, where he graduated in 1940, in appreciation of his education.
The remaining 30 percent supports the Salvation Army in honor of MacDonald's father, Frederick MacDonald, who owned MacDonald Meat Co. and wanted to help men and women in need.
Jack MacDonald died in September at age 98. He worked for three decades as an attorney for the Veterans Administration in Seattle.
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Appeals court to take up San Francisco jail suit
Legal News |
2013/12/02 12:38
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A federal appeals court is set to take up a lawsuit over a former San Francisco sheriff's decision to remove male deputies from female housing units at the county's jail.
San Francisco Sheriff Michael Hennessey made the decision in 2006 in response to inmate complaints of sexual misconduct. More than two dozen male and female deputies have since sued, saying it is discriminatory.
The San Francisco Chronicle reports (http://bit.ly/1adufFe) that a three-judge panel of the 9th U.S. Circuit Court of Appeals is scheduled to consider the case next Wednesday.
Attorneys for the deputies say not one sexual misconduct claim made by a female inmate against a male deputy was sustained in the 16 years before the sheriff' policy change.
City attorneys dispute that, saying three deputies resigned and two others were suspended. |
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Amanda Knox appeals slander case to European court
Attorney News |
2013/11/29 10:12
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Lawyers for Amanda Knox filed an appeal of her slander conviction in Italy with the European Court of Human Rights, as her third murder trial was underway in Florence.
The slander conviction was based on statements Knox made to police in November 2007 when she was being questioned about the slaying of her British roommate, Meredith Kercher, in the house they shared in Perugia.
Knox says she was coerced into making false statements blaming the slaying on bar owner Patrick Lumumba.
"The interrogation took place in a language I barely spoke, without a lawyer present, and without the police informing me that I was a suspect in Meredith's murder, which was a violation of my human rights," Knox said in a statement released Monday as the appeal was filed.
Knox was convicted of slander at her first trial in December 2009. That conviction was upheld during the appeal that resulted in her 2011 murder acquittal.
Knox has returned to Seattle, where she is a student at the University of Washington. She is not attending the third trial being held in an appeals court in Florence.
The European Court for Human Rights is an international court in Strasbourg, France, that oversees the European Convention on Human Rights. |
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