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SearchMedia Announces Settlement on Securities Class Action
Legal Focuses |
2011/11/12 09:35
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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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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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Govt asks justices to stay out of immigration case
Topics |
2011/11/11 09:35
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The Justice Department on Thursday urged the Supreme Court to stay out of a lawsuit involving Arizona's immigration law, saying lower courts properly blocked tough provisions targeting illegal immigrants.
The state law is a challenge to federal policy and is designed to establish Arizona's own immigration policy, the department's solicitor general said in a filing with the justices. Arizona says the law is an effort to cooperate with the federal government.
One provision requires that police, while enforcing other laws, question a person's immigration status if officers suspect they are in the country illegally. In April, a three-judge panel of the 9th Circuit U.S. Court of Appeals in San Francisco upheld a federal judge's ruling halting enforcement of that and other key provisions in the Arizona law.
Arizona Gov. Jan Brewer is seeking to overturn the judge's decision and wants Supreme Court review of the case, arguing that the issues are of compelling, nationwide importance. |
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Court likely to overturn Calif. law on livestock
Court Watch |
2011/11/10 09:38
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The Supreme Court seemed ready Wednesday to block a California law that would require euthanizing downed livestock at federally inspected slaughterhouses to keep the meat out of the nation's food system.
The court heard an appeal from the National Meat Association, which wants a 2009 state law blocked from going into effect. California barred the purchase, sale and butchering of animals that can't walk and required slaughterhouses under the threat of fines and jail time to immediately kill nonambulatory animals.
But justices said that encroached on federal laws that don't require immediate euthanizing.
The federal law does not require me immediately to go over and euthanize the cow. Your law does require me to go over and immediately euthanize the cow. And therefore, your law seems an additional requirement in respect to the operations of a federally inspected meatpacking facility, Justice Stephen Breyer told a California lawyer. |
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Ala. county files for largest municipal bankruptcy
Headline News |
2011/11/10 09:38
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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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Court upholds conviction in Pa. murder case
Court Watch |
2011/11/09 09:12
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The Supreme Court used its first opinion of the new term on Tuesday to uphold the murder conviction of a man in a Pennsylvania grocery store shooting.
The high court on Tuesday upheld Eric Greene's conviction in the 1993 shooting death of the owner of a grocery store in North Philadelphia.
Greene had complained that the confessions of some of the men who were with him at the time of the shooting should not have been introduced at his trial since they were not testifying. The introduction of those redacted confessions violated his right to confront his accusers, Greene said.
The 3rd U.S. Circuit Court of Appeals upheld his conviction, despite the fact that the Supreme Court had decided a similar case in 1998 that would have supported Greene's claim.
The Supreme Court, which heard arguments on this case in October, unanimously agreed with the lower court. The 1998 decision in Gray v. Maryland came after the Pennsylvania Supreme Court ruled on Greene's case, noted Justice Antonin Scalia, who wrote the term's first opinion of an argued case. |
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