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Justices unlikely to have last word on health care
Topics in Legal News |
2011/11/15 09:00
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President Barack Obama's historic health care overhaul divided the nation from the day he signed it into law, and that seems unlikely to change no matter how the Supreme Court rules on its constitutionality.
Some legal disputes, like the 2008 presidential election, the court can settle. Others rage on, such as abortion. It may take another decade to find the balance between private and public responsibility for health care in America, a nation disdainful of big government yet historically unable to guarantee affordable basic coverage to its citizens.
Either way it rules, the Supreme Court decision will not end the debate on health care, said former Senate Majority Leader Tom Daschle, an influential Democratic adviser. It is, and will largely remain, a debate on the role of government.
The Supreme Court's announcement on Monday that it will take up the constitutional challenge to what Republicans deride as Obamacare, sets the stage for a decision next summer in the heat of the presidential election campaign. |
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Scott+Scott LLP Announces Securities Class Action Lawsuit
Topics in Legal News |
2011/11/14 11:31
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Scott+Scott LLP filed a class action complaint against Human Genome Sciences, Inc., certain of the Company's senior officers and directors and GlaxoSmithKline plc in the U.S. District Court for the District of Maryland. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of HGSI between July 20, 2009 and November 11, 2010, inclusive (the Class Period), including all persons who acquired the common stock of HGSI in the Company's July 28, 2009 public offering at $14 per share and in its December 2, 2009 public offering of common stock at $26.75.
If you purchased the common stock of HGSI during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com), (800) 404-7770, (860) 537-5537 or visit the Scott+Scott HGSI Pharmaceutical website for more information: www.scott-scott.com/cases/hgs.html. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, HGSI issued false and misleading statements concerning Benlysta(R) (belimumab) (Benlysta), the Company's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the complaint alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by the Company.
The complaint alleges that when the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, investors learned for the first time of the association between Benlysta and suicide in clinical trials of the drug, causing HGSI's common stock price to decline precipitously. Meanwhile, the complaint alleges, during the Class Period, HGSI sold to investors more than 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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SearchMedia Announces Settlement on Securities Class Action
Topics in Legal News |
2011/11/11 09:42
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SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the Company and a number of its current and former directors, officers and employees.
The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida (Murdeshwar v. SearchMedia Holdings Limited, et al., Case no. 1:11-cv-20549-KMW) against the Company and certain of its current and former officers and directors in relation to various disclosures regarding the Company's acquisition of SearchMedia International Ltd. and the financial condition of that company.
The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition Corp. (the Settling Defendants) without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75 million, which the Company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement.
The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons. |
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Ala. county files for largest municipal bankruptcy
Topics in Legal News |
2011/11/10 09:46
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Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible.
Jefferson County’s Chapter 9 filing on Wednesday gives it protection from creditors while it develops and negotiates a plan for adjusting its debts. It could accomplish that by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
Perhaps the biggest is the potential impact on the county’s 658,000 residents, who could be asked to pay higher sewer rates. Officials say it’s too early to assess the full impact, though bankruptcy filings can lead to layoffs, tax increases, pension reductions for public workers, and spending cuts on things like schools and roads. |
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Chavez orders more land taken from British firm
Topics in Legal News |
2011/10/30 08:38
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Venezuela's president on Sunday ordered the expropriation of 716,590 acres belonging to a British-owned company amid a disagreement over compensation for earlier takeovers of ranchland from the firm.
President Hugo Chavez announced the latest seizure after saying that Venezuela refuses to pay compensation in foreign currency to Agropecuaria Flora, a local subsidiary of the British company Vestey Group.
Chavez said the government had received a demand from the company that it be paid in dollars for the previous seizure of tens of thousands of acres. But the government insists in paying in bolivars, Venezuela's currency.
It's difficult for foreign companies operating in Venezuela to repatriate profits and other income in bolivars due to foreign currency controls in the South American country.
Representatives of Agropecuaria Flora did not answer telephone calls seeking comment Sunday.
Venezuela's expropriation of farm and ranch lands began in earnest in 2005, with the government employing a 2001 law allowing it to seize lands deemed idle or not adequately used. |
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GOP candidates would cut federal judges' power
Topics in Legal News |
2011/10/25 10:46
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Most of the Republican presidential candidates want to wipe away lifetime tenure for federal judges, cut the budgets of courts that displease them or allow Congress to override Supreme Court rulings on constitutional issues.
Any one of those proposals would significantly undercut the independence and authority of federal judges. Many of the ideas have been advanced before in campaigns to court conservative voters.
This time, though, six of the eight GOP candidates are backing some or all of those limits on judges, even though judges appointed by Republican presidents hold a majority on the Supreme Court and throughout the federal system.
A group that works for judicial independence says the proposals would make judges accountable to politicians, not the Constitution.
Bert Brandenburg, executive director of the Justice at Stake Campaign, said, Debates like these could threaten to lead to a new cycle of attempts to politicize the courts.
Only the former governors in the race, Mitt Romney of Massachusetts and Jon Huntsman of Utah, have not attacked federal judges in their campaigns.
Former House Speaker Newt Gingrich has been the most outspoken critic of the courts. He would summon judges before Congress to explain their decisions and consider impeaching judges over their rulings. |
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