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Court mulls trial in absentia for Hariri case
Topics |
2011/10/15 09:34
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A panel of judges at a U.N.-backed court investigating the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will consider whether to stage a trial in absentia for four Hezbollah members accused in the slaying.
The suspects were indicted earlier this year, but Hezbollah has refused to arrest them and send them for trial in the Special Tribunal for Lebanon's purpose-built courtroom.
The court said in a statement Monday that a pretrial judge preparing the case has asked trial judges to determine whether proceedings in absentia should be initiated against the four men.
Iranian-backed Shiite militia Hezbollah denies involvement in the Feb. 14, 2005, truck bombing that killed Hariri and 22 others, including the suicide bomber, in Beirut. |
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NY motorist pleads not guilty in fatal Amish crash
Court Watch |
2011/10/14 09:26
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A motorist arrested after a wreck that killed six Amish farmers in rural upstate New York pleaded not guilty Friday to aggravated vehicular homicide and manslaughter charges.
Steven Eldridge entered his plea in Penn Yan, his hometown in the Finger Lakes region. The former garbage collector didn't speak during his arraignment in Yates County Court.
The 42-year-old Eldridge also was arraigned on a charge of driving while impaired by drugs, a misdemeanor.
No relatives of the victims or the seven Amish injured in the crash appeared during Eldridge's 15-minute court appearance.
Authorities said his car sideswiped a van carrying 13 Amish farmers from neighboring Steuben County on a Finger Lakes tour on July 19. The Amish van careened into a slow-moving tractor traveling a country road in Benton, 45 miles southeast of Rochester.
Five farmers were killed, and a sixth later died of her injuries.
Police say Eldridge was driving in the town of Benton when he passed the tractor on a curve and ran into a van carrying 15 people, 13 of them Amish who were visiting local farms. Rescuers struggled for hours to free victims from the wreckage lodged under the tractor. |
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SEC backs ban on banks trading for own profit
Law Firm News |
2011/10/14 09:26
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The Securities and Exchange Commission Wednesday backed a proposal to bar banks from trading for their own profit instead of their clients.
The SEC voted 4-0 to send the ban on so-called proprietary trading out for public comment. The rule was required under the financial regulatory overhaul.
Critics on the left have dismissed the effort as weak and marred by loopholes. Banks argued it would hurt the economy.
The SEC is the third federal regulator to support the proposal, called the Volcker Rule after former Federal Reserve Chairman Paul Volcker. On Tuesday, the Federal Deposit Insurance Corp. and the Federal Reserve both backed it.
For years, banks bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers may have to bail them out. That happened during the 2008 financial crisis.
Under the proposal, banks must hold investments for more than 60 days and bank managers must make sure employees comply with restrictions.
The public has until Jan. 13 to comment on the rule, which is expected to take effect by July after a final vote by all the regulators. Banks would have until July 2014 to comply.
Critics on the left contend that the rule as written is too vague and its effect on risk-taking will be limited. Banks have a history of working around rules and exploiting loopholes. In this case, banks can make most trades simply by arguing that the trade offsets another risk that the bank bet on. |
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No class-action status in Countrywide case
Court Watch |
2011/10/14 09:26
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A federal judge in Kentucky has rejected class-action status in a lawsuit accusing Countrywide Bank of charging African-American and Hispanic borrowers more for home loans than Caucasian borrowers.
U.S. District Judge John Heyburn II on Thursday ruled that Countrywide's policy put a great deal of discretion in the hands of individual loan officers, leaving too many variables at play to conclude that even unconscious discriminatory motive or thought similarly animated thousands of mortgage rate decisions.
However, the idea that thousands of loan officers in hundreds of separate locations around the country would exercise their discretion in a similarly discriminatory fashion as to each purported class member defies belief, Heyburn wrote. Whether an individual loan officer or a single office did so, might be a different question.
A dozen people sued Countrywide, which is now owned by Charlotte, N.C.-based Bank of America, in 2008, claiming they and others were treated differently from other customers looking for a home loan between 2005 and 2007. |
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Robbins Geller Rudman Dowd LLP Files Class Action
Legal Focuses |
2011/10/14 09:26
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Robbins Geller Rudman amp; Dowd LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Aeropostale, Inc. between February 3, 2011 and August 3, 2011, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/aeropostale/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Aeropostale and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Aeropostale operates as a mall-based specialty retailer of casual apparel and accessories. It designs, markets, and sells merchandise principally targeting 14 to 17 year-old women and men.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that Aeropostale was experiencing declining demand for its women’s fashion division, which makes up 70% of the Company’s sales; (ii) that Aeropostale was enduring pressure on its profit margins as a result of increasing inventory and higher discounts on its clothing; and (iii) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. |
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FDIC backs ban on banks trading for own profit
Topics |
2011/10/11 09:32
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Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote Tuesday. The ban on proprietary trading was required under last year's financial overhaul law.
For years, banks had bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers could be forced to bail them out. That's what happened during the 2008 financial crisis.
The Federal Reserve has also approved the draft of the so-called Volcker Rule, which was named after former Fed Chairman Paul Volcker.
The Securities and Exchange Commission and Treasury Department must still vote on it, and then the public has until January 13 to comment. The rule is expected to take effect next year after a final vote by all four regulators.
Congress and President Barack Obama had high hopes for the rule. But they left most of the details for regulators to sort out.
It's unclear how strictly the ban will be enforced. For example, it can be hard to tell whether an investment is intended to benefit a bank or its clients and whether federally insured deposits could be put at risk by these trades. |
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