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Man to plead guilty in Disney insider info case
Press Release |
2014/04/21 15:08
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A man will plead guilty to securities fraud and pay regulators around $801,000 for using insider information to profit from Disney's $4 billion acquisition of Marvel Entertainment in 2009.
According to the deal filed in Los Angeles federal court Wednesday, Toby Scammell learned from his then-girlfriend, a Disney corporate strategy employee, that Disney would acquire a well-known company she didn't name.
Scammell learned from his consulting company that Disney had previously wanted to acquire Marvel. He bought call options in Marvel stock for around $5,500, and later sold them for $192,000 in profit.
Last month, Scammell agreed to settle a parallel civil case and pay $801,000 to the Securities and Exchange Commission, which will be credited to his fine in the criminal case. He also faces prison time. |
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High court to hear dispute about TV over Internet
Topics in Legal News |
2014/04/21 15:08
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Thirty years ago, big media companies failed to convince the Supreme Court of the threat posed by home video recordings.
Now they're back — and trying to rein in a different innovation that they say threatens their financial well-being.
The battle has moved out of viewers' living rooms, where people once marveled at their ability to pop a cassette into a recorder and capture their favorite programs or the sporting event they wouldn't be home to see.
The new legal fight shifts to the Supreme Court Tuesday with arguments against a startup business using Internet-based technology to give subscribers the ability to watch programs anywhere they can take portable devices.
Aereo takes free television signals from the airwaves and sends them over the Internet to paying subscribers in 11 cities. |
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Court rules for environmentalists in water fight
Court News |
2014/04/17 15:12
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An appeals court said Wednesday that federal officials should have consulted wildlife agencies about potential harm to a tiny, threatened fish before issuing contracts for water from the Sacramento-San Joaquin Delta.
An 11-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco ruled that the U.S. Bureau of Reclamation violated the Endangered Species Act when it failed to consult with the U.S. Fish and Wildlife Service or the National Marine Fisheries Service in renewing 41 contracts a decade ago. The appeals court sent the case back to a trial judge for further proceedings.
The ruling arises from one of several lawsuits filed by the Natural Resources Defense Council and other environmentalists seeking to protect the Delta smelt. The ruling won't affect water flows because protections for the smelt were kept in place during the lawsuit.
"This about how we are going to manage the water in the future," said Douglas Obegi, a lawyer with the Natural Resources Defense Council.
Water-rights holders and government lawyers argued that consultation wasn't necessary because the U.S. Bureau of Reclamation was required to renew the contracts and had no discretion over terms of the agreement that would control water levels in the Delta. |
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GM to ask bankruptcy court for lawsuit protection
Topics in Legal News |
2014/04/17 15:11
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General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy.
The automaker's strategy is in a motion filed in a Corpus Christi, Texas, federal court case, and in other cases across the nation that involve the defective ignition switches that have led GM to recall 2.6 million small cars.
The motion asks U.S. District Judge Nelva Gonzales Ramos to delay action on the lawsuit until the bankruptcy court rules and other federal courts decide if the case should be combined with other lawsuits. But GM says it's not asking to halt action on a motion to force GM to tell customers not to drive their cars that are being recalled.
GM has said at least 13 deaths have been linked to the switch problem. The switch can unexpectedly slip out of the "run" position, shutting down the engine, knocking out power-assisted steering and power brakes, and disabling the air bags. GM admits knowing about the problem for at least a decade, but it didn't start recalling the cars, including Chevrolet Cobalts and Saturn Ions, until February.
The company's motion says GM will ask the bankruptcy court in New York to enforce an order made during the 2009 bankruptcy case that split GM into a new company and an old company. Claims from before the bankruptcy would go to "Old GM," called Motors Liquidation Co., while claims after the bankruptcy would go to the new General Motors Co. |
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Court Rejects Holocaust-Denying Bishop's Appeal
Headline Legal News |
2014/04/15 15:13
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A German court has rejected an ultraconservative British bishop's appeal against his conviction and fine for denying the Holocaust in a television interview.
The state court in Nuremberg said Friday it found no legal errors in a January 2013 decision by judges in nearby Regensburg to convict Richard Williamson of incitement and fine him 1,800 euros ($2,500).
It was Williamson's second appeal against the ruling and follows a lengthy legal saga — an earlier conviction was overturned on procedural grounds.
Williamson told a Swedish TV station in during a 2008 interview conducted near Regensburg that he didn't believe Jews were killed in gas chambers during World War II. Holocaust denial is a crime in Germany.
A traditionalist breakaway Catholic group, the Society of St. Pius X, expelled Williamson in 2012. |
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