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Former UBS trader pleads not guilty in UK court
Court Watch |
2012/01/30 13:05
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A former UBS trader arrested in London on charges of fraud linked with unauthorized trades that cost the Swiss bank more than $2bn pleaded not guilty Monday to the charges against him.
Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of false accounting between 2008 and September 2011 at London's Southwark Crown Court.
The trader was arrested on Sept. 14 after on charges of committing fraud that cost the bank over $2 billion.
The incident pushed then-CEO Oswald Gruebel to resign and damaged the bank's efforts to clean up its image after being involved in a United States tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.
City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.
Adoboli's case was delayed last year after he replaced his former lawyers at Kingsley Napley law firm with a new team from Bark & Co., which specializes in fraud cases. McCreath set a provisional trial date for September 3 and remanded Adoboli in custody. He said he was willing to hear an application for bail. |
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NY court: Judge can't block $18B Chevron judgment
Court Watch |
2012/01/27 09:06
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A judge overstepped his authority when he tried to ban enforcement around the world of an $18 billion judgment against Chevron Inc. for environmental damage in Ecuador, a federal appeals court said Thursday.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals explained why it lifted the ban last year and blocked a judge from staging a trial to decide if the judgment was obtained fairly.
It said the judge has authority to block collection if Ecuadorean plaintiffs move against Chevron in New York, but law does not give him authority "to dictate to the entire world which judgments are entitled to respect and which countries' courts are to be treated as international pariahs."
The judgment came last February after nearly two decades of litigation that stemmed from the poisoning of land in the Ecuadorean rainforest while the oil company Texaco was operating an oil consortium from 1972 to 1990 in the Amazon. Texaco became a wholly owned subsidiary of Chevron in 2001.
Chevron obtained an order from U.S. District Judge Lewis A. Kaplan in March blocking Ecuadorean plaintiffs from trying to collect the $18 billion until he could stage a trial to determine whether the judgment was fraudulently obtained.
The Ecuadorean plaintiffs appealed Kaplan's ruling to the 2nd Circuit. The appeals court heard oral arguments and then issued an order in September lifting Kaplan's block on collection efforts. On Thursday, it went a step further, tossing out the portion of Chevron's challenge to the judgment that sought to block its enforcement anywhere in the world. |
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US army panel advises trial in Afghanistan suicide
Court Watch |
2012/01/23 10:20
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An investigative hearing has recommended that an American soldier be court-martialed over hazing that allegedly led to a fellow infantryman's suicide in Afghanistan, but dismissed the most serious charge against him, the U.S. military said Monday.
Spc. Ryan Offutt is one of eight soldiers charged in the death of 19-year-old Pvt. Danny Chen, who shot himself on Oct. 3 after what investigators say were weeks of physical abuse, humiliation and racial slurs.
A native New Yorker of Chinese descent, Chen had been in Afghanistan only two months when he shot himself in a guardhouse at a remote outpost in Afghanistan's Kandahar province.
The investigative hearing recommended that Offutt, 32, be court-martialed on charges including assault, negligent homicide, and reckless endangerment, a statement from U.S. military said.
It said the hearing, which ended Sunday, did not recommend trial for an additional charge of involuntary manslaughter, punishable by up to 10 years in prison.
The most serious charge Offutt now faces is negligent homicide, which carries a prison sentence of up to three years.
The regional American military commander will make a final decision on any court-martial based on the hearing's recommendations, the U.S. statement said.
Attorneys for Offutt could not immediately be contacted. Offutt, a native of Greenville, Pa., joined the Army in 2006 and served 14 months in Iraq before being deployed to Afghanistan. |
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Police witnesses called in fake 'Rockefeller' case
Court Watch |
2012/01/20 10:09
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A Superior Court judge testified in a murder case against a man who posed as an heir to the Rockefeller fortune, saying that more than two decades ago he lent a chain saw to the defendant while the two were living in San Marino.
William Stewart said he was a lawyer when Christian Gerhartsreiter, then known as Christopher Chichester, asked to borrow an electric chain saw in late 1984 or early 1985.
"He said he had a problem with a branch on a tree that was scratching a window," Stewart said Thursday.
Stewart, who met the defendant at his church, said Chichester kept the tool for several months, returning it just before leaving town in the spring of 1985.
The hearing for Gerhartsreiter will determine whether there is enough evidence to put him on trial for the apparent bludgeoning death of John Sohus that only came to light when the victim's bones were dug up at the former home of John and Linda Sohus in 1994, nearly 10 years after the couple vanished. Gerhartsreiter was a tenant in the guesthouse at the home. |
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Court Upholds Burlington Man's Murder Conviction
Court Watch |
2012/01/16 09:29
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The Iowa Supreme Court has overturned an appeals court ruling that threw out the conviction of a Burlington man in his ex-wife's death.
The court ruled Friday that even if the trial court erred in refusing to let a physical therapist testify, the error was harmless in light of the "overwhelming evidence" of guilt.
Dennis Richards was convicted of murder and arson after authorities found Cyd Richards strangled to death in a burning house in 2009.
The appeals court reversed the conviction because the trial court excluded testimony from a physical therapist who would have suggested Richards wasn't strong enough to strangle his ex-wife. A new trial was ordered.
The attorney general's office sought the Supreme Court review. |
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