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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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High court to decide double jeopardy question
Court Watch |
2011/10/11 09:31
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The Supreme Court will decide whether a jury forewoman's offhand comment that the jury was unable to make a decision on a murder charge means the suspect can't be retried on that charge.
The high court on Tuesday agreed to hear an appeal from Alex Blueford, whose murder trial in Arkansas ended in a hung jury.
The jury forewoman told the judge before he declared a mistrial that the jury had voted unanimously against capital murder and first-degree murder. The jury had deadlocked on a lesser charge, manslaughter, which caused the judge to declare a mistrial.
Blueford argued the forewoman's statement, said in open court, meant that he has been acquitted of capital murder and first-degree murder.
Prosecutors decided to retry Blueford on all three charges. He contended he could not be retried on capital murder and first-degree murder because of Fifth Amendment double jeopardy protections.
Arkansas courts have disagreed. The high court will now review that decision.
Blueford was on trial for killing his girlfriend's 20-month-old son. |
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Kentucky man sues Facebook over tracking cookie
Topics |
2011/10/11 09:30
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A Facebook user in western Kentucky has filed a federal lawsuit against the social networking giant, accusing it of violating wiretap laws with a tracking cookie recording web browsing history after logging off of Facebook.
The plaintiff, David Hoffman of Paducah, is asking a judge to grant class-action status to represent the roughly 150 million
Facebook users in the United States. Hoffman's lawsuit seeks a preliminary and temporary injunction restraining Facebook from intercepting electronic information when they are not logged in and from disclosing any of the information already acquired.
It also seeks damages of $100 per day for each of the class members or $10,000 per violation. The Kentucky lawsuit, filed Friday in U.S. District Court, is similar to cases filed in recent weeks in California, Kansas and Louisiana. |
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Utah bank sued over overdraft fees, policies
Court Watch |
2011/10/11 02:30
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Zions Bank's overdraft policies and practices are being challenged in a Utah federal class action lawsuit.
Filed this week in Salt Lake City's U.S. District Court, the lawsuit contends the bank makes it difficult - if not impossible - for customers to avoid fees, even if they closely monitor accounts.
The Deseret News of Salt Lake City reports the lawsuit was filed by three law firms on behalf of a Sandy woman and other Zions customers charged overdraft fees between 2005 and 2010.
In court papers, attorneys say Zions manipulated and altered the order in which debit transactions were posted in order to maximize the number of overdrafts.
Based in Salt Lake City, Zions has branches in 10 states. A spokeswoman says the company doesn't comment on pending lawsuits. |
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Court won't hear appeal from Alamo followers
Headline News |
2011/10/10 09:30
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The Supreme Court won't hear an appeal from followers of evangelist Tony Alamo (uh-LAHM'-oh) who had their children taken away when they wouldn't agree not to expose them to the controversial ministry.
The high court on Tuesday refused to hear an appeal from several Alamo followers, who sued the Arkansas Department of Human Services after their children were taken away in 2008.
Prosecutors won sexual abuse convictions against Alamo in 2009. Social workers feared the children might someday be abused, and told the parents to break their financial dependence on Alamo's ministry. The parents refused.
The Arkansas Supreme Court ruled that the taking of the children was not a barrier to the parents' constitutional rights to practice religion. |
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Scott Cole Associates Announces Update for Class Action
Law Firm News |
2011/10/06 09:25
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According to Scott Cole, within days of being hit with a class action lawsuit for failing to offer meal and rest breaks to its California workforce, Guitar Center fired the man who pioneered the lawsuit and allowed its workers to parade the named plaintiff’s final paycheck around the workplace. In immediate reaction to these events, the plaintiff’s attorneys at Scott Cole amp; Associates amended the Complaint today to allege a wrongful termination and invasion of privacy claim.
“If Guitar Center thinks it can send a message to its workers that standing up for their rights will cost them, this new wrongful termination claim sends a stronger message right back,” says Scott Cole, the principal lawyer on the case. “Firing our client was a big mistake.”
The lawsuit is entitled Pellanda v. Guitar Center, Inc.
Oakland-based Scott Cole amp; Associates, APC is one of California’s premiere class action law firms and is devoted to representing individuals in employment and consumer rights litigation. For more information about our practice and cases, visit www.scalaw.com or call (510) 891-9800. |
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