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Top court rejects bail plea of Indian tycoon
Headline Legal News |
2014/06/06 15:34
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India's Supreme Court Wednesday rejected an appeal by an Indian tycoon accused of a multibillion dollar fraud to be released from jail and allowed house arrest.
Subrata Roy, head of the Sahara India conglomerate, has been jailed since March 4 on charges that his company failed to return billions of dollars to investors. Bail was earlier set at $1.68 billion and the company has struggled to raise the funds.
India's securities regulator has accused Sahara India of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal.
Sahara is well known throughout India because it sponsors the Indian cricket team. The company also sponsors the Indian hockey team and owns a stake in Formula One racing team, Force India.
The company has interests in microfinance, media and entertainment, tourism, health care and real estate, including New York's landmark Plaza Hotel and London's Grosvenor House.
The court Wednesday allowed the Sahara group to sell properties in nine Indian cities after the company said it had not succeeded in raising the $1.68 billion needed to obtain bail for Roy.
The court had earlier rejected a proposal by the company to pay bail in instalments. |
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State court allows 'pink slime' lawsuit to proce
Headline Legal News |
2014/05/27 11:51
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The South Dakota Supreme Court is allowing a $1.2 billion defamation lawsuit to proceed against television network ABC over its coverage of a meat product that critics derided as "pink slime."
The decision on Thursday allows the plaintiffs to potentially depose news anchor Diane Sawyer, two of the networks correspondents and other defendants.
Dakota Dunes-based Beef Products Inc. sued the network in 2012 for its coverage of the meat product the industry calls "lean, finely textured beef." BPI alleges that the coverage led to plant closures and layoffs because it misled consumers into believing the product was unsafe.
Attorneys for ABC in court filings say the network in each of its broadcasts stated the FDA deemed the product safe to eat. The network didn't immediately respond to requests for comment.
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Appeals court won't rehear BP settlement issue
Headline Legal News |
2014/05/20 12:54
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A federal appeals court on Monday refused to reconsider its previous ruling that businesses don't have to prove they were directly harmed by BP's 2010 Gulf Of Mexico oil spill to collect settlement payments.
The decision by the 5th U.S. Circuit Court of Appeals in New Orleans could be a step toward resuming a claims process that was suspended after a district court ruling in December. However, BP spokesman Geoff Morrell said in an emailed statement Monday night that the company is considering its legal options.
BP had asked the full 5th Circuit Court of Appeals in New Orleans to rehear the case after a three-judge panel's March ruling. The court voted 8-5 against a rehearing.
The action preserves U.S. District Judge Carl Barbier's (BAHR'-bee-ay) ruling that BP had agreed in a 2012 settlement to pay claims without requiring proof that losses were directly caused by the spill resulting from the explosion of the Deepwater Horizon oil rig, which killed 11 workers.
Judge Leslie Southwick wrote in Monday's order that a 2012 policy statement, issued by the court-appointed claims administrator and developed with "input and assent from BP," spelled out the criteria for business claims.
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Investors to Supreme Court: Deny Argentine do-over
Headline Legal News |
2014/05/09 13:30
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Argentina's opponents have filed their last arguments with the U.S. Supreme Court, urging justices to deny the South American government's appeal of a $1.4 billion debt ruling because President Cristina Fernandez has repeatedly vowed not to honor any ruling that goes against her.
Argentina wants the court to overturn a ruling it says would provoke a catastrophic default by forcing it to pay $1.4 billion in cash to the investors it calls "vulture funds." These investors, led by billionaire Paul Singer's NML Capital Ltd., snapped up Argentina's defaulted debt when its economy crashed a decade ago and have litigated ever since, seeking payment in full plus interest even after 92 percent of other bondholders agreed to provide generous debt relief in exchange for regular payments on new bonds.
"Argentina already has made clear that it will not obey any adverse decision on the questions it presents," reads NML's brief, filed just before Wednesday night's deadline.
"Argentina ultimately is not interested in any court's views concerning those questions. By Argentina's lights, it has the final word, and it will recognize a judicial ruling only if it accords with Argentina's conclusions," NML said.
The "Aurelius Respondents," another group of hedge funds and holding companies based in the Cayman Islands and the US state of Delaware to avoid scrutiny and taxes, also filed a brief, urging the justices to deny Argentina's "do-over" request. "A chorus of disinterested parties has recognized that Argentina is without peer in its mistreatment of private-sector creditors," their brief said. |
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Casino law hinges on Massachusetts high court case
Headline Legal News |
2014/05/05 16:21
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The fate of casino gambling in Massachusetts may hinge on a case before the state's highest court Monday.
The Massachusetts Supreme Judicial Court is set to hear arguments in a case centered on whether a question should be allowed on the November ballot asking voters if they want the state's 2011 casino law repealed. The court is expected to issue a decision by July.
If allowed on the ballot, the referendum could upend the state's ongoing casino licensing process.
Gambling giants MGM, Wynn, Mohegan Sun and others have expressed concern they could lose millions of dollars they've invested in the planning, development and promotion of their proposals if the referendum prevails. They also argue the state risks losing much more.
"Jobs certainty and billions of dollars in economic development hang in the balance," said Carole Brennan, a spokeswoman for MGM, which has proposed an $800 million casino project in downtown Springfield. "The Gaming Act allows for the creation of more than 10,000 jobs and the recapture of billions of dollars in tax revenues that are currently leaving the state. It doesn't make sense to forgo those opportunities."
State Attorney General Martha Coakley, a Democrat running for governor this year, has ruled that the question violates the state constitution and shouldn't be allowed on the ballot. |
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