October 6, 2010 Nº 965 - Vol. 8
"Bankruptcy is a legal proceeding in which you put your money in you pants pocket and give your coat to your creditors."
Joey Adams
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The Chapter 11 challenge to Delaware
Delaware's role as a favored jurisdiction for big Chapter 11 bankruptcy cases has been the source of much controversy, albeit perhaps at the expense of clarity. But is Delaware at risk of losing its privileged place in the Chapter 11 world — thanks to the United States Court of Appeals for the Third Circuit? It seems plausible. The Third Circuit court, which is based in Philadelphia and covers Delaware, has recently issued more important Chapter 11 opinions than any other federal appeals court, but several of them have been unhelpful, at least from the debtor's point of view.
First civilian trial for Guantanamo inmate set to begin
The first civilian trial of a former Guantanamo Bay detainee is set to begin in a New York courtroom on Wednesday. Ahmed Khalfan Ghailani, a Tanzanian, is accused of helping al-Qaeda kill 224 people in the 1998 bombings of US embassies in Tanzania and Kenya. Ghailani was held in Pakistan in 2004 and taken to Guantanamo in 2006. His lawyers say he was tortured. The case is seen as a test of the Obama administration's pledge to close the US military base in Cuba by next January. Whereas other detainees have been tried by military commissions, Ghailani is the first Guantanamo prisoner to be tried in the civilian courts.
The gathering storm over foreclosures
Home foreclosures may come to a sudden halt in some states because of problems in the documents filed in court as part of the process to take title to the properties. GMAC Mortgage, JPMorgan Chase and Bank of America have asked judges to stop legal proceedings while they determine whether proper procedures were followed, and it would not be a surprise if other mortgage lenders did the same while reviewing their actions. The revelation that misstatements may have been made to court filings, and that mortgage documents might not have been as they were portrayed to be, raises potentially serious legal problems for the banks, mortgage processors and law firms that have been involved in the tidal wave of home foreclosures over the last three years. There are likely to be a wide range of government investigations and private litigation that could hound the banks and others for years to come.
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1 - Naperville man gets 90 days for throwing egg at DuPage judge (Click here)
2 - Judges are resigned to jurors researching their trials online (Click here)
3 - Vote on child marriage law in Yemen delayed (Click here)
4 - Times Square bomb plotter sentenced to life in prison (Click here)
5 - Appeals court kills suit by woman who didn't like search results for her name (Click here)
6 - U.S. judge bought drugs for stripper, feds say (Click here)
7 - Philippines national anthem abuse subject to new law (Click here)
8 - Prosecutorial misconduct is rarely punished, says new study (Click here)
9 - Drug makers praise amended law as fair (Click here)
10 - Apple faces $600m damages claim (Click here)
11 - San Francisco considers ban of McDonald's Happy Meal toys (Click here)
12 - Die Hard director John McTiernan given jail term (Click here)
13 - Gov't sues three credit cards, settles with two (Click here)
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U.S., impatient over China's progress on currency, looks to I.M.F. for help
The Treasury Department hopes the International Monetary Fund will hold nations accountable for adhering to agreements on growth and exchange rates.
E.U. presses Beijing to open its projects to European bidders
The European Union's trade chief said the bloc could limit the ability of Chinese companies to bid for public works projects unless European companies get the same access to China.
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Minera
La brasileña Vale y otras multinacionales como la Xstrata, Glencore International y el fondo de inversión suizo Vallar están tras las acciones de la filial de la norteamerica Drummond de Colombia, las ofertas por los activos están entre US$ 6.000 y 8.000 mlls. (Presione aquí)
Ecuador - OEA
El secretario general de la OEA, José Miguel Insulza, evaluará hoy en una sesión extraordinaria del organismo la delicada situación en Ecuador tras la sublevación policial del pasado jueves. El informe se centrará en la visita que hizo el viernes pasado por la crisis. En tanto el gobierno de Ecuador amplio el estado de excepción por la sublevación de efectivos del orden.
Petroleras
La anglo-holandesa Shell y la estadounidense Esso cancelaron al Estado salvadoreño multas por US$ 1,7 mlls. debido a prácticas anticompetitivas. Según la Superintendencia de Competencia de ese país, las compañías establecían el precio de los combustibles a las estaciones de servicio e impedían la reducción de los valores al imponer penalizaciones contractuales.
Entel
La empresa chilena de telecomunicaciones Entel informó acordó la compra de Transam Comunicaciones y Will S.A., dos pequeñas firmas locales del sector. El valor acordado con los vendedores de alcanza los US$ 27,17 mlls., pero que el precio final se determinará por reglas fijadas en el pacto, que consideran la deuda de las sociedades y su caja.
Asilo
Chile oficializó su malestar con Argentina por la decisión de dar asilo político al ex guerrillero Sergio Apablaza: dio a su embajador en Santiago una carta de protesta y podría llevar el caso a cortes internacionales.
(Presione aquí)
Kerviel convicted
Former Societe Generale trader Jerome Kerviel is facing three years in jail after being convicted by a Paris court. Kerviel was told he must also repay the damages of 4.9bn euros ($7bn) which the bank said it lost through his risky trades. He was found guilty of forgery, unauthorised computer use and breach of trust. The trial saw Kerviel's former bosses and colleagues line up to testify against him. SocGen's lawyer, Jean Veil, accused Kerviel of "duplicity" for reassuring his bosses that nothing was wrong while racking up the huge losses. But Kerviel's lawyers argued that the failure was more than incompetence, and that there was a culture of rule breaking at SocGen where management deliberately turned a blind eye in the hunt for profit. The bank was fined 4m euros by French regulators for failures in those systems following the scandal. (Click here)
Toyota shareholders invoke Japanese securities law in consolidated complaint
Lawyers for shareholders of Toyota Motor Corp. who suffered losses tied to massive recalls and claims of sudden acceleration of its vehicles have filed a consolidated complaint invoking Japanese securities laws against the company and several of its officers and directors. The consolidated complaint alleges that Toyota issued false and misleading statements in conference calls with investors, filings with the U.S. Securities and Exchange Commission and in interviews with the press -- all of which caused its shares to be artificially inflated. To existing claims under U.S. law, the complaint adds alleged violations of Japan's Financial Instruments and Exchange Act. The addition expands the potential shareholder class beyond the reach of the U.S. Supreme Court's June 24 decision in Morrison v. National Australia Bank. The Court ruled that investors who purchase a foreign company's stock on a foreign exchange lack standing to sue in U.S. courts under federal securities laws.
Lawsuits over health care law heat up
In attacking the law in the courts, Mat Sissel has plenty of company. A number of interest groups, state officials and ordinary citizens are seeking to have the health care law struck down in federal court, and action is heating up:
- This week or next, a federal judge in Pensacola, Fla., is expected to issue a preliminary ruling on perhaps the most prominent lawsuit. Brought by the governors or attorneys general of 20 states, the lawsuit seeks to have the act declared unconstitutional.
- Any day, a judge in Michigan could act on a request by the Thomas More Law Center to issue an injunction blocking the government from taking any further action implementing the law. The non-profit law firm, based in Ann Arbor, often brings anti-abortion cases.
- On Oct. 18, the Republican attorney general of Virginia — who has compared the Obama administration's regard for individual rights to the tyranny of King George — heads back to court for another round of hearings with a federal judge who recently turned down a Justice Department request to throw the case out.
The burst of litigation has the framers of the law and the Obama administration playing defense. Under the health care law enacted in March, more than 32 million additional Americans are expected to get insurance, either through an extension of Medicaid, the state-federal program for the poor, or through exchanges where low- and moderate-income individuals and families can buy private insurance with federal subsidies. The law's ambitious sweep has made it a target for those who see it as an unjustified expansion of government. Plaintiffs challenging the law include a variety of religious groups, the nation's largest small-business trade association, and a who's who of conservative legal activism.
American Express faces US lawsuit
Credit-card company American Express is being sued by the US government over claims of anti-competitive practices. The Justice Department says the company's contracts with merchants prevent rivals from undercutting it on transaction charges. It is alleged that all three major card companies were stifling competition by stopping businesses from offering customers alternative cheaper forms of payment. When they sign up with a major credit card provider, restaurant or shop owners must pay fees charged by that provider. But contracts also prevent merchants from offering customers the chance to pay with rival credit cards that could be cheaper, Attorney General Eric Holder said. The government also sued credit-card giants MasterCard and Visa, but both firms agreed to settle their cases. American Express has not settled, and said it would fight the charges.
Aung San Suu Kyi sues Burma junta
Detained Burmese opposition leader Aung San Suu Kyi has filed a legal challenge over the dissolution of her party by the military authorities.
Moody's considers Irish downgrade
Ratings agency Moody's has warned it may cut the Republic of Ireland's credit rating again amid concern over its finances. It pointed to the country's huge bill for cleaning up its banks, a weak economic recovery and rising borrowing costs for the move.
Argentina's top court backs media law suspension
Argentina's Supreme Court dealt a blow to a controversial anti-monopoly broadcast reform law Tuesday, upholding an earlier ruling that said media companies should not have to sell off certain operations within a year. The government-backed law was passed last year, deepening an acrimonious dispute between President Cristina Fernandez and leading media group Grupo Clarin, owner of Argentina's biggest newspaper and most-watched cable news channel. Grupo Clarin is seen as one of the media organizations that stands to lose the most from the law, which center-left Fernandez says will break up monopolies and open the country's airwaves to new voices.
Microsoft chief executive: patent laws need reforming
Patent law needs reforming in the US and Europe, according to Steve Ballmer, the chief executive of Microsoft – who also warned that China's government needs to crack down on piracy there if home-grown companies are not to be stifled at birth. The company is mired in dozens of patent fights with various companies. Ballmer suggested that in some cases large companies might prefer to negotiate rather than battle out patent issues in court. "There are negotiations that happen between substantial companies that work this through, I wouldn't say extralegally, but it's a way to deal with the way that the system is imprecise. We can work these things through privately."
Thomson Reuters buys Serengeti's legal services
Financial news and data provider Thomson Reuters Corp. has acquired Serengeti Law, signaling its ambition to sell more services to corporate legal departments. Privately held Serengeti specializes in providing electronic billing and other management tools for corporate attorneys and more than 21,000 law firms.
Nestle wants to Settle Garoto Antitrust Court Case
Nestle SA approached the Brazilian government with a proposal to sell assets and settle a six-year court dispute related to its purchase of Chocolates Garoto SA, which was blocked by antitrust regulators. Nestle's proposed purchase of Garoto in 2002 was the first time Brazil's antitrust regulator, known as Cade, completely rejected an acquisition. Representatives from the regulator weren't invited to the meeting. The antitrust ruling can't be reversed out of court without Cade's approval. Any new proposal from Nestle will have to be processed by Cade's attorney and judged by the agency's six-strong plenary. (Click here)
Bank of Japan cuts rates to as low as zero
In a surprise move, Japan's central bank lowered its benchmark interest rate to a range of 0 percent to 0.1 percent Tuesday, a tiny change from its previous target of 0.1 percent but a symbolic slide into an age of zero interest rates.
Orrick and Akin Gump end merger talks
Less than a week after confirming that they were in preliminary discussions to merge, Orrick and Akin Gump released a joint statement Monday morning announcing that their brief flirtation has already petered out. The decision to end their talks was described as a mutual one.
Pakistan judges resign in protest over treatment by lawyers
A dispute among the Pakistani judiciary worsened on Monday as more than 1,300 civil judges resigned in protest over the treatment of judges by lawyers and to express solidarity with Lahore District and Sessions Judge Zawar A Sheikh. The resignations come amid nationwide demonstrations by lawyers protesting police treatment of lawyers when members of the bar attempted to meet with Lahore High Court Chief Justice Khawaja Muhammad Sharif about the possible transfer of judges. The lawyers contend that judges, including Sheikh, have been disrespectful to members of the bar and should be transferred to other positions. The judges maintain that lawyers are demanding the transfers so that Sheikh and others can be replaced with judges favored by the lawyers. Sharif rejected the resignations of the judges, indicating that they should continue performing their duties in order to serve the public interest. Members of the Pakistani bar have blamed Sharif for much of the violence, stating that he should have acted to protect the lawyers from the police in order to avoid the incident that sparked the recent dispute. Both sides are being urged to negotiate an end to the protests, but it remains unclear as to when the judicial system will be able to resume a normal schedule.
Supreme Court hears arguments on NASA background checks, evidence
The US Supreme Court heard oral arguments Tuesday in NASA v. Nelson on informational privacy. The issue is whether the government violates a federal contract employee's constitutional right to informational privacy when it asks in the course of a background investigation whether the employee has received counseling or treatment for illegal drug use or when it asks the employee's designated references for any adverse information that may have a bearing on the employee's suitability for employment at a federal facility. The case arose in 2007 when NASA began requiring background checks for all contract employees. A group of 28 employees filed suit seeking an injunction, but their claims were rejected by the district court. The US Court of Appeals for the Ninth Circuit reversed and denied an en banc rehearing. Counsel for NASA argued, "the background checks' mere collection of information with accompanying safeguards vitiates no constitutional privacy interest. These checks have been going on for millions of employees for dozens of years. They are part of the employment process. They are manifestly not roving checks on random individuals." Counsel for the respondents argued that the background checks violate their rights under the Fifth Amendment.
Bid to smuggle opium through Dubai foiled
Gulf News, Independent daily, Dubai, United Arab Emirates
Peacemaking Raises Identity Fears
IPS Middle East, International cooperative of journalists, Rome, Italy
Students can be easy target of identity thieves
Khaleej Times, English-language daily, Dubai, United Arab Emirates
GE wins $700m Saudi Electricity deal
Middle East North African Network, Online financial portal, Amman, Jordan
US warns over Ahmadinejad's Lebanon visit
The Daily Star, Independent daily, Beirut, Lebanon
Cameron to warn cuts 'not easy'
BBC News, Centrist newscaster, London, England
Gay Saudi prince 'strangled servant at Landmark hotel in sexually-motivated killing'
Daily Mail, Conservative daily, London, England
Vimpelcom buys Orascom Telecom, Wind Italy
DMeurope, Online news portal, Amsterdam, Netherlands
Government Focuses on Capital Investment
The Moscow Times, Independent daily, Moscow, Russia
Child benefit row: David Cameron holds out promise of tax credits for couples
The Telegraph, Conservative daily, London, England
La Marts principal to continue in job
India Times, Conservative daily, New Delhi, India
'Hidden' language discovered in India
New Zealand Herald, Conservative daily, Auckland, New Zealand
ASEM summit consolidates 'common ground' on key issues
People's Daily Online, English-language, Beijing, China
Lawmakers urge review of bowl game tax complaint
Sify News, Chennai, India
Congress: verdict doesn't condone Masjid demolition
The Hindu, Left-leaning daily, Chennai, India
Dominican senators; millions in taxpayers' money at their discretion
Dominican Today, Independent daily, Santo Domingo, Dominican Republic
MEXICO: Native Women Raped by Soldiers Find Justice at Regional Court
IPS Latin America, International cooperative of journalists, Rome, Italy
DR Congo arrest over mass rapes
BBC News, Centrist newscaster, London, England
Big bang disrupts Obama's speech
Independent Online, News portal, Cape Town, South Africa
Ethiopia's Parliament breaks Guinness World Record
Jimma Times, Online news portal, Jimma, Ethiopia
Khama on Zim: Show good faith, remove sanctions
Mail & Guardian Online, Liberal, Johannesburg, South Africa
Missing military ammo found on farm
News24.com, Online news portal, Cape Town, South Africa
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