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Wall St. seeks dismissal of Ala. record bankruptcy
Legal Business |
2011/12/16 09:30
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Wall Street creditors asked a federal judge Thursday to throw out the record bankruptcy filed by Alabama's largest county over more than $4 billion in debt, arguing state law doesn't allow it.
Lenders claimed during a hearing and in court documents that Alabama law permits bankruptcy only for bond debt, and Jefferson County has a different type of debt called warrants. The county and creditors could be thrown back into out-of-court settlement talks if the judge agrees.
The county contends bankers are cherry-picking state law in hopes of getting the case dismissed, and that any government in the state can go bankrupt whether its debt is for bonds or warrants.
The Jefferson County Commission president, David Carrington, testified that municipal bankruptcy was the county's sole option after intense negotiations fell apart. |
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Previously announced class action settlement approved
Legal Business |
2011/12/15 11:32
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MEGA Brands Inc. announces that the U.S. District Court for the District of New Jersey has approved the previously announced settlement of a class action lawsuit filed against the Corporation in 2008 by a resident of California on behalf of all persons who purchased and/or received "Magnet Toys" in the United States .
MEGA Brands denied any and all liability but agreed to settle the matter to avoid the expense and resources that would be needed for further litigation. The Corporation has made a provision for this lawsuit in its financial statements and considers that, based on the approved settlement, such provision is adequate.
This lawsuit does not allege personal injury claims. Rather, plaintiffs in the lawsuit claimed that certain Magnet Toys contained defective magnets, and they asked for their money back.
For additional information, please refer to the press release issued by the Corporation on September 27, 2011, which is available at http://www.megabrands.com. |
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Next ICC prosecutor warns against sex crimes
Legal Business |
2011/12/14 12:59
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The next chief prosecutor of the International Criminal Court pledged Tuesday to strengthen efforts to bring to justice the perpetrators of sexual and gender crimes.
A day after her election by the 119 countries that support the tribunal, Gambian lawyer Fatou Bensouda said too often gender crimes go unreported and unpunished and the victims are trivialized, denigrated, threatened and silenced, which enables the abuses to continue unimpeded.
In its first cases, she said, the ICC has sent the message that this is no longer acceptable and must stop.
The International Criminal Court, which began operating in 2002, is the world's first permanent war crimes tribunal. It is a court of last resort, stepping in only when countries are unwilling or unable to prosecute alleged war crimes, crimes against humanity and genocide.
At the moment, the ICC is dealing with cases from Congo, the Central African Republic, Uganda involving the Lord's Resistance Army, the Darfur conflict in Sudan, the recent Libyan uprising, and post-election violence in Kenya and Ivory Coast.
At present, crimes such as rape, sexual slavery, and forced prostitution and pregnancy are alleged in some cases before the court in all of these situations except Libya, where an investigation of alleged gender-based crimes is still under way. |
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City Council in Pa. capital again seeks bankruptcy
Legal Business |
2011/12/12 10:37
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The City Council has appealed a judge's decision to throw out the bankruptcy petition of Pennsylvania's debt-choked capital city, its attorney said.
The appeal was filed Saturday in federal court, City Council attorney Mark Schwartz said in an email.
Last month, a federal bankruptcy judge ruled that Harrisburg may not seek bankruptcy protection, calling such a filing illegal. That ruling cleared the way for the state to take over the city.
The judge said the city had been legally barred by a separate state law, signed June 30 by Gov. Tom Corbett, from seeking bankruptcy protection and, in any case, had no authority to go over the mayor's head to file it. |
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Appeals court blocks cement plant pollution rule
Legal Business |
2011/12/09 13:13
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A federal appeals court is blocking an Environmental Protection Agency rule designed to reduce pollution at cement plants.
A three-judge panel of the U.S. Court of Appeals in Washington agreed with cement makers that the EPA did not properly draft the rule governing storage of material used in the manufacturing process. The judges ordered the agency to rewrite the 2010 regulation and urged them to do so quickly.
Other rules affecting pollutants in the cement making process were left in place by the judges.
Congress also had been considering a challenge to the rule. More than 100 lawmakers with plants in their districts pushed the House to pass a bill Oct. 6 that would have forced the EPA to rewrite the measure and give manufacturers years to comply. |
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