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NY court hears hedge fund boss' bail arguments
Law Center |
2011/12/01 02:04
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A federal appeals court did not immediately rule Wednesday whether hedge fund founder Raj Rajaratnam must report to prison next week for an 11-year sentence for insider trading, the longest term ever given for the crime.
Attorney Patricia Millett told the 2nd U.S. Circuit Court of Appeals in Manhattan that Rajaratnam should remain free on bail while the appeals court hears a challenge to his conviction in the biggest insider trading case in history.
Rajaratnam, 54, was sentenced in October after his conviction this year on charges that he engaged in insider trading from 2003 through October 2009 at the Galleon Group of hedge funds that he founded. Prosecutors said insider trading schemes involved the stocks of at least 19 different public companies and resulted in at least $70 million in illegal gains.
Rajaratnam was also ordered to forfeit $53.8 million and to pay a $10 million fine.
Millett said court papers filed to secure wiretaps that provided evidence crucial to his conviction were improperly made, raising a substantial question of law that entitles him to remain free until the appeals court hears the case sometime next year. |
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Missouri Supreme Court upholds strip club restrictions
Law Center |
2011/11/16 09:39
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The Missouri Supreme Court has upheld a 2010 state law imposing restrictions on strip clubs and other sexually oriented businesses.
In a unanimous decision Tuesday, the court rejected claims from the adult entertainment industry that the law infringed on free expression rights and was passed in violation of legislative procedures.
The court said there was enough evidence to support the Legislature's belief that the restrictions served a government interest in minimizing negative effects from sexually oriented businesses.
The law requires sexually themed businesses to close by midnight. It also bans full nudity, alcohol, minors and touching between semi-nude employees and customers.
The Supreme Court's ruling affirms a prior decision by a Cole County judge. |
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Court says nothing about health care appeal
Law Center |
2011/11/11 09:35
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The Supreme Court is not immediately saying whether it will make an election-year determination on the constitutionality of President Barack Obama's health care overhaul.
Justices met in private conference Thursday to consider new cases to hear next year. Appeals surrounding the health care overhaul were on the list to be discussed, but there was no announcement as to whether the hot-button issue had even been discussed.
The next opportunity justices have to reveal when or if they will hear a health care overhaul appeal is on Monday.
Lower courts have ruled in conflicting ways on the new law and its requirement that individuals buy health insurance starting in 2014 or pay a penalty.
If the court decides to take the case, oral arguments could come as early as March. |
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Court to look at life in prison for juveniles
Law Center |
2011/11/08 12:13
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The Supreme Court on Monday agreed to decide whether juveniles convicted of killing someone may be locked up for life with no chance of parole, a follow-up to last year's ruling barring such sentences for teenagers whose crimes do not include killing.
The justices will examine a pair of cases from the South involving young killers who are serving life sentences for crimes they committed when they were 14.
Both cases were brought by the Equal Justice Initiative in Montgomery, Ala. The institute said that life without parole for children so young is cruel and unusual and violates the Constitution.
The group says roughly six dozen people in 18 states are under life sentences and ineligible for parole for crimes they committed at 13 or 14.
Kuntrell Jackson was sentenced to life in prison in Arkansas after the shooting death of a store clerk during an attempted robbery in 1999. Another boy shot the clerk, but because Jackson was present he was convicted of capital murder and aggravated robbery.
Evan Miller was convicted of capital murder during the course of arson. A neighbor, while doing drugs and drinking with Miller and a 16-year-old boy, attacked Miller. Intoxicated, Miller and his friend beat the man and set fire to his home, killing the 52-year-old man. Miller's friend testified against him, and got life in prison with the possibility of parole. |
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MF Global faces class-action suits after bankruptcy
Law Center |
2011/11/06 12:11
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Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis.
On Saturday, Seattle-based Hagens Berman said it was investigating whether the company used clients' money to offset losses the company had incurred in failed investments.
It filed a lawsuit in the name of investors who bought MF Global shares between May 20 and October 28 or who bought bonds issued in August.
The complaint charged that MF Global made false and misleading statements to investors, including failing to disclose the company's reported internal control problems in segregating clients' funds.
Attorney Reed Kathrein said Friday's resignation of the company's chief executive Jon Corzine, whose activities in the last weeks of the failing firm have attracted regulator scrutiny, was not an encouraging sign.
As we continue our investigation, we hope to uncover whether the company mixed investors' and company money, and if Corzine himself played a part in that decision, he added in a statement.
Boston law firm Block amp; Leviton said Friday it had also filed a class-action lawsuit in New York federal court on behalf of MF Global clients over the same period.
It charged MF Global made certain materially false and misleading statements regarding the Company's internal financial controls and liquidity levels through its most senior officers and directors.
Investors lost some $585 million in market capitalization in the week that preceded MF Global's bankruptcy filings alone, according to Block amp; Leviton. |
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Court: Fla. must weigh arbitration in Madoff case
Law Center |
2011/11/05 12:12
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The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.
The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.
KPMG says its contract requires arbitration but the state courts would not allow it.
The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision.
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