Oct
29
SEC: Former Goldman Sachs, P&G Director Part Of Galleon Insider Trading
October 29, 2011 | Leave a Comment
NEW YORK – The Securities and Exchange Commission on Oct. 26 filed a complaint in New York federal court alleging that a former director for Goldman Sachs Group Inc. and Proctor & Gamble Co. (P&G) gave insider information about the companies to the billionaire hedge fund manager who was convicted and sentenced to prison this [...]
Oct
26
8th Circuit Hears Oral Arguments In Health Care Act Challenge
October 26, 2011 | Leave a Comment
ST. LOUIS – An Eighth Circuit U.S. Court of Appeals panel heard oral arguments on Oct. 20 in a challenge brought by Missouri residents appealing the dismissal of their challenge to the Patient Protection and Affordable Care Act (PPACA) for lack of standing (Peter Kinder, et al. v. Timothy Geithner, et al., No. 11-1973, 8th [...]
Oct
23
Citigroup To Pay $ 285M To Settle SEC Claims
October 23, 2011 | Leave a Comment
WASHINGTON, D.C. – Citigroup Global Markets Inc. has agreed to pay $ 285 million to settle claims that it misled investors about a collateralized debt obligation (CDO) “that was tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs of distress,” according to a press release issued [...]
Oct
20
10th Circuit: Potential For Coverage Exists For Patent Infringement Claims
October 20, 2011 | Leave a Comment
DENVER – An underlying patent infringement complaint against an insured potentially asserts advertising injury arising from the misappropriation of advertising ideas, the 10th Circuit U.S. Court of Appeals ruled Oct. 17, reversing and remanding a lower court’s finding that the insured’s five commercial general liability insurers have no duty to defend it against the underlying [...]
Oct
17
Citing $ 310M Debt, City Of Harrisburg, Pa., Files For Bankruptcy
October 17, 2011 | Leave a Comment
HARRISBURG, Pa. – The City of Harrisburg filed for Chapter 9 bankruptcy on Oct. 11, citing a $ 310 million debt from projected budget deficits combined with outstanding bond issues related to financing the city obtained for its trash incinerator, which processes waste into steam and electrical energy (In Re: The City of Harrisburg, Pa., [...]
Oct
14
Nevada Jury Awards $ 104M In Compensatory, Punitive Damages In Propofol Case
October 14, 2011 | Leave a Comment
LAS VEGAS – A Nevada state court jury on Oct. 12 ordered a maker and distributor of generic propofol to pay $ 90 million in punitive damages in a case in which a plaintiff claimed that he was infected as a result of reusable “jumbo” vials of the general anesthetic (Michael Washington, et al. v. [...]
Oct
11
Federal Judge Dismisses Stock-Drop Claims In Lehman ERISA Lawsuit
October 11, 2011 | Leave a Comment
NEW YORK – Lehman Brothers Holding Inc.’s former directors and plan committee members did not breach fiduciary duties under the Employee Retirement Income Security Act by continuing to offer company stock as an investment option for Lehman’s employee stock ownership plan (ESOP) before the company’s declaring bankruptcy, a federal judge in New York ruled Oct. [...]
Oct
8
High Court Hears Teacher’s Ministerial Exception Arguments
October 8, 2011 | Leave a Comment
WASHINGTON, D.C. – The government has no right to interfere with a religious school’s employment decisions when it comes to a teacher who taught religious class, led worship and led prayer, the attorney for Hosanna-Tabor Evangelical Lutheran Church and School argued Oct. 5 before the U.S. Supreme Court (Hosanna-Tabor Evangelical Lutheran Church and School v. [...]
Oct
5
U.S. Supreme Court Refuses To Review Asbestos Coverage Dispute Ruling
October 5, 2011 | Leave a Comment
WASHINGTON, D.C. – The U.S. Supreme Court on Oct. 3 denied a petition for writ of certiorari filed by an insured seeking review of whether an insurer is collaterally estopped from enforcing an arbitration clause in a settlement agreement pertaining to asbestos-related injury claims (George V. Hamilton Inc. v. Nationwide Mutual Fire Insurance Co., No. [...]
Oct
2
Guidant To Pay $ 9.25M To Settle False Claims About Unpaid Warranty Credits
October 2, 2011 | Leave a Comment
NASHVILLE, Tenn. – Boston Scientific Corp. subsidiary Guidant LLC has agreed to pay $ 9.25 million to settle a False Claims Act lawsuit alleging that it failed to pass along all or some warranty credits for pacemakers and implantable defibrillators that had to be replaced, the U.S. Justice Department announced Sept. 26 (United States of [...]