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NY court: Case against ex-AIG execs can continue
Law & Court News |
2016/06/01 13:48
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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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Egypt military court sentences 8 to death
Topics in Legal News |
2016/05/31 13:45
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A security official and the website of state newspaper Al-Ahram say an Egyptian military court has sentenced to death eight alleged Muslim Brotherhood members on terrorism charges.
The Sunday verdict sentenced another 12 to life in prison and another six to 15 years. Two have been acquitted, and two were convicted in absentia.
Military prosecutors had accused the defendants of belonging to an illegal group and plotting to assassinate police and army personnel. The verdict can still be appealed.
The official spoke on condition of anonymity because he wasn't allowed to brief reporters.
Earlier this month, an Egyptian court recommended the death sentence against six people.
The Brotherhood was banned and declared a terrorist group after the ouster of Islamist president Mohamed Morsi in 2013. |
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Bahrain court more than doubles opposition leader's sentence
Topics in Legal News |
2016/05/31 13:44
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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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Swedish court upholds arrest warrant for Julian Assange
Top Court Watch |
2016/05/30 13:46
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A Swedish court on Wednesday rejected a request to overturn the arrest warrant of WikiLeaks founder Julian Assange because there were no new circumstances to consider.
The Stockholm District Court said it made the decision because Assange is still wanted for questioning in a case of suspected rape and that "there is still a risk that he will depart or in some other way evade prosecution or penalty."
The court said it saw no reason to hold another detention hearing saying he would remain "detained in absentia."
Thomas Olsson, Assange's lawyer in Sweden, says he would appeal the decision because "the passivity of the prosecutor had delayed the investigation in an unacceptable" way.
"The prosecutor ought to have arranged for an interview with Mr. Assange at a far earlier stage and she hasn't presented any reasons for not arranging an interview," he told The Associated Press.
Assange, who has been holed up in the Ecuadorean Embassy in London since 2012, is wanted for questioning by Swedish police over rape allegations stemming from his visit to the country in 2010. He denies all the accusations against him made by two women.
He has refused to go back to Sweden for fear of being extradited to the United States because of an investigation into WikiLeaks' dissemination of hundreds of thousands of classified U.S. documents. Last year, a U.S. federal court confirmed there are "active and ongoing" attempts to prosecute him and WikiLeaks in an investigation involving espionage, conspiracy, and computer fraud.
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Court upholds $3M judgment against Gerber Products Co.
Top Court Watch |
2016/05/29 13:46
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A sharply divided Arkansas Supreme Court on Thursday said a baby food manufacturer must pay more than $3 million to workers for the time they spent dressing and undressing into uniforms and protective gear.
In a 4-3 ruling, the high court upheld a lower court's ruling that Gerber Products Co. should have compensated more than 800 workers at its Fort Smith facility for the time they spent changing into uniforms, donning protective gear such as ear plugs and washing their hands, as well as undressing after their shifts ended. Justices sided with the workers who said Arkansas' Minimum Wage Act required the company to compensate for the activities despite an agreement with the union.
"We hold that the donning and doffing activities constitute compensable work under the AMWA, despite the custom and practice under the collective-bargaining agreement," Justice Karen Baker wrote in the majority opinion.
The ruling drew sharp objections from three justices, who said in a dissenting opinion that because of the decision "the floodgates will open to litigation at the enormous cost to businesses in Arkansas."
"In addition, the majority undermines the collective-bargaining process and destroys any confidence employers and employees have in the enforceability of their agreements," Justice Rhonda Wood wrote.
Gerber had argued the workers' union had agreed to not be paid for the time in a contract that also included larger wage increases for the employees. The company said in a statement it was disappointed with the ruling and was evaluating its options.
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