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$450m class action launched against NAB
Law Firm News |
2010/11/28 21:05
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pA $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt./ppLegal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow./ppThe firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market./ppIt will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure./p
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Court Appoints Lawyer for Bernard Kilpatrick
Law Firm News |
2010/11/02 23:19
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| pIt's the ongoing public corruption investigation that's led to charges against numerous city officials, including former Detroit Mayor Kwame Kilpatrick. It now appears his father could soon be at federal court, as well./ppThe case looks like it's at a point where decisions have to be made both by the prosecutors and by Mr. Kilpatrick, said Peter Henning, a former federal prosecutor./ppThis time that Mr. Kilpatrick is Bernard Kilpatrick, the father of the disgraced former mayor./ppKwame Kilpatrick is already facing charges related to raiding the Kilpatrick Civic Fund, but now his father has asked for a federal defender - a sure sign he's in trouble, too./ppA target letter is often viewed as an invitation to someone to make contact with the government and explore the possibility of resolving the case, Henning said./ppHe said it's not clear what the charges would be against the elder Kilpatrick, who is long suspected of orchestrating pay-to-play deals involving city contracts. However, whatever money he might have made appears to be gone. Bernard Kilpatrick had to sign an affidavit of indigency to qualify for a court appointed attorney./p |
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New Supreme Court term opens with Kagan aboard
Law Firm News |
2010/10/04 03:55
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pThe Supreme Court is starting its new term with a new justice, Elena Kagan, and bad news for hundreds of parties trying to get their cases heard at the nation's highest court./ppThe justices are expected to start work Monday by denying many of the nearly 2,000 appeals that piled up in recent months. The court also is hearing argument in a bankruptcy dispute and an appeal by criminal defendants seeking shorter prison terms./ppDuring the new term, the court will look at provocative anti-gay protests at military funerals and a California law banning the sale of violent video games to children. These cases worry free speech advocates, who fear the court could limit First Amendment freedoms./ppThe funeral protest lawsuit, over signs praising American war deaths, is one of those cases that tests our commitment to the First Amendment, said Steven Shapiro, legal director of the American Civil Liberties Union./ppAnother case involves a different aspect of the First Amendment, the government's relationship to religion. The justices will decide whether Arizona's income tax credit scholarship program, in essence, directs state money to religious schools in violation of the constitutional separation of church and state./ppUnder Chief Justice John Roberts, marking his fifth anniversary on the court, and with the replacement of Justice Sandra Day O'Connor by Justice Samuel Alito, the court has been more sympathetic to arguments that blur the line between government and religion, as long as one religion is not favored over another.
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Abraham, Fruchter Twersky, LLP
Law Firm News |
2010/09/27 04:35
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pAbraham, Fruchter amp; Twersky, LLP announces that it has been retained to file a class action law suit on behalf of purchasers of Duoyuan Printing, Inc.stock between November 6, 2009 through September 13, 2010, including purchasers of the Company's November 6, 2009 initial public offering of common stock. /ppThe Complaint alleges that throughout the Class Period, defendants failed to disclose (1) that the authenticity of certain of the Company's expenses related to advertising and tradeshow costs could not be verified; (2) that the Company had improper relationships with certain vendors and distributors; and (3) that the Company lacked adequate internal and financial controls. As a result, the Company's financial statements were materially false and misleading at all relevant times. /ppOn September 13, 2010, Duoyuan Printing disclosed that the Company dismissed its independent registered public accounting firm, Deloitte Touche Tohmatsu CPA Ltd., and was reorganizing its top management in connection with Duoyuan Printing's desire to resolve open issues and file our 10-K on a timely basis. Moreover, the Company's Chief Executive Officer, Chief Financial Officer and four members of the Company's Board of Directors resigned after the dismissal of Deloitte. In a reaction to the Company's revelations, Duoyuan Printing securities declined $3.60 or more than 54% and closed at $2.99 on September 13, 2010. /ppIf you purchased Duoyuan Printing common stock during the Class Period of November 6, 2009 through September 13, 2010, and you wish to serve as lead plaintiff in this action, you must move the Court no later than November 19, 2010. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. /ppIf you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter amp; Twersky, LLP at (800) 440-8986, or via e-mail at a href=mailto:info@aftlaw.comfont color=#000000info@aftlaw.com/font/a or a href=mailto:achen@aftlaw.comfont color=#000000achen@aftlaw.com/font/a. /ppAbraham, Fruchter amp; Twersky, LLP has extensive experience prosecuting securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
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Man who tried to fake death pleads guilty to fraud
Law Firm News |
2010/09/16 02:52
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pAn Indiana money manager who once led a high-flying lifestyle pleaded guilty to five securities fraud counts on Wednesday, nearly two years after he tried to fake his death in a Florida plane crash to escape the crush of financial and personal problems./ppMarcus Schrenker, 39, admitted the charges in a plea agreement under which he agreed to a 10-year prison sentence and prosecutors dropped four other charges. He also agreed to pay more than $600,000 in restitution. Prosecutors say he bilked friends, family members and other investors of more than $1 million./ppHe will remain in jail until his Oct. 7 sentencing, when Hamilton Superior Court Judge Steven Nation is expected to rule whether Schrenker serves the sentence at the same time as a federal sentence or afterward./ppSchrenker, shackled at his wrists and ankles and wearing an orange jail T-shirt emblazoned with Inmate 453 on its back in large black letters, told Nation he has been diagnosed with bipolar disorder and has taken medication for it since 1992./ppHis attorney, P. Chadwick Hill, said afterward that Schrenker didn't blame the disorder for his actions.
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DOJ's elite Public Integrity unit gets new leader
Law Firm News |
2010/08/30 09:02
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| pThe Justice Department's Public Integrity Section has a storied 34-year history of pursuing corruption in government and safeguarding the public trust./ppThat trust was breached, however, when some of the unit's prosecutors failed to turn over evidence favorable to the defense in their high-profile criminal trial of Sen. Ted Stevens, R-Alaska, who died earlier this month in a plane crash./ppNow Jack Smith, a 41-year-old prosecutor with a love for courtroom work and an impressive record, has been brought in to restore the elite unit's credibility./ppBefore Stevens, Public Integrity's renown was built on large successes — like the prosecution of the Jack Abramoff lobbying scandal and convictions of federal and state judges, members of Congress and state legislators, military officers, federal lawmen and bureaucrats and their state counterparts over the years./ppBut its stumble — not disclosing exculpatory evidence as Supreme Court precedent requires — was equally large. It was so serious that Attorney General Eric Holder, one of Public Integrity's distinguished alums, stepped in and asked a federal judge to throw out Stevens' convictions./p |
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