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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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Mass. court OKs release of Bishop inquest report
Headline Legal News |
2011/12/13 10:29
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The highest court in Massachusetts has sided with The Boston Globe in a battle to release a report and transcript of an inquest into the 1986 shooting death of the brother of an Alabama professor accused of killing three colleagues in a 2010 shooting rampage.
The Supreme Judicial Court ruled Tuesday that the inquest materials can be released, but said Amy Bishop, her family, prosecutors and others can still argue to show "good cause" why the materials should remain sealed.
After Bishop was charged in Alabama, a Massachusetts judge conducted an inquest into her brother's death. A grand jury later indicted Bishop for murder.
The high court outlined new rules for the release of inquest materials, saying they should become public after prosecutors decide whether to bring criminal charges. |
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Washington Mutual agrees to settlement
Headline Legal News |
2011/12/13 10:29
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Bank holding company Washington Mutual Inc. has agreed to a settlement with some creditors involved in its Chapter 11 bankruptcy case and has filed a new reorganization plan.
Washington Mutual said in a statement late Monday that the settlement will allow it to distribute more than $7 billion to its creditors. The settlement must still be approved by the U.S. Bankruptcy Court for the District of Delaware.
"The comprehensive settlement announced today represents a fair and reasonable recovery for the thousands of equity holders of the company who have been following this case closely for three years," Michael Willingham, chairman of the committee of equity security holders appointed in the company's Chapter 11 proceedings.
Washington Mutual's bankruptcy case is three years old and its reorganization plans have twice been rejected by Bankruptcy Court Judge Mary Walrath. The company is hoping to exit bankruptcy protection by the end of February. It has a hearing scheduled for Jan. 11, 2012 in which the bankruptcy court will consider approval of the reorganization plan's disclosure statement. The company also plans to ask the bankruptcy court for a mid-February hearing to confirm its reorganization plan. |
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