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Bernard Madoff brother to face victims in NY court
Legal Interview |
2012/12/20 15:11
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The suspense surrounding the sentencing of the brother of Ponzi king Bernard Madoff will largely be absent because a plea agreement makes a 10-year prison term all but certain.
But drama will likely fill the courtroom Thursday in U.S. District Court in Manhattan anyway as 67-year-old Peter Madoff faces some of the heartbroken investors who lost their savings when the unprecedented fraud was revealed four years ago this month.
When he pleaded guilty to conspiracy and falsifying books and records of an investment adviser, the former senior compliance officer at the Madoff private investment business said he was "shocked and devastated" when his brother revealed several days before he surrendered that thousands of accounts supposedly worth $65 billion were worthless. Investigators say Bernard Madoff had distributed most of the $20 billion he took in over several decades to other investors while investing none of it in the markets as he had promised to do.
A court-appointed monitor has so far recovered nearly $9.3 billion that was lost, mostly by clawing back money from investors who received large payouts along the way. Most of the money has not yet been distributed. A small part of the recovery has resulted from the sale of numerous Madoff family assets, including the toys of the wealthy — multi-million dollar homes, fancy cars, yachts and art.
In a pre-sentence brief, attorney John Wing said his client was subject to a "draconian forfeiture order that in one stroke stripped him of all existing assets, his home, his pension, his savings, his personal property, etc. and of all future assets and income should he even have the opportunity to earn any income after serving his prison sentence." He said Peter Madoff will be left a "jobless pariah" when he gets out of prison. |
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Ohio man pleads not guilty to Pitt threat charges
Legal Interview |
2012/08/31 12:08
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An Ohio man charged with conspiracy for allegedly claiming to be part of the computer hacking group "Anonymous" and posting a YouTube threat to release confidential computer information belonging to the University of Pittsburgh pleaded not guilty on Tuesday.
Alexander Waterland, 24, of Loveland, Ohio, and his attorney declined comment after his 15-minute arraignment before U.S. Magistrate Judge Maureen Kelly.
A federal grand jury earlier this month indicted Waterland and Brett Hudson, 26, of Hillsboro, Ohio, on charges they posted the threats in April and May. Online court records don't list an attorney for Hudson, who is scheduled to be arraigned in Pittsburgh on Sept. 6. Hudson has previously told The Associated Press he won't comment on the charges.
Although Pitt officials later determined their computer information was never hacked, the threats claimed it was and the FBI determined that Waterland and/or Hudson had downloaded some personal information from students and faculty and emailed some of it to Pitt officials to "prove" the hacking had occurred.
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Justices criticize EPA's dealings with homeowners
Legal Interview |
2012/01/08 09:57
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Several Supreme Court justices are criticizing the Environmental Protection Agency for heavy-handed enforcement of rules affecting homeowners.
The justices were considering whether to let an Idaho couple challenge an EPA order identifying their land as "protected wetlands." Mike and Chantell Sackett wanted to build their house on the land. But the EPA says the Sacketts can't challenge the order to restore the land to wetlands or face thousands of dollars in fines.
Justice Samuel Alito called EPA's actions "outrageous." Justice Antonin Scalia noted the "high-handedness of the agency" in dealing with private property. Chief Justice John Roberts said that the EPA's contention that the Sacketts' land is wetlands, something the couple disagrees with, would never be put to a test under current procedure. |
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Court tosses $43M award against Ford in crash case
Legal Interview |
2011/11/04 08:58
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The Illinois Supreme Court has thrown out an Illlinois jury's $43 million award against Ford Motor Co. in a product-liability lawsuit linked to a fiery 2003 crash that killed a Missouri man and disfigured his wife.
The high court, in a Sept. 22 ruling made public Wednesday, among other things found that the lawsuit on Dora and John Jablonski's behalf did not give sufficient evidence for a jury to conclude Ford negligently "breached its duty of reasonable care" in designing the Lincoln Town Car involved in the wreck.
Justices also found that Illinois law does not require a company to warn of defects undetected before the product left the manufacturer.
Pinning the tragic wreck on the distracted motorist who hit the Jablonskis from behind at 60 mph, Ford said in an emailed statement Thursday it was "gratified" by the Illinois Supreme Court's ruling that "recognized and corrected the substantial efforts and deficiencies in the earlier proceedings."
The automaker said the 1993 Town Car exceeded all federal crash safety standards and received a five-star safety rating — the highest possible — from the U.S. government. |
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Scott+Scott LLP Announces Securities Class Action Lawsuit
Legal Interview |
2011/10/24 10:10
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On October 19, 2011, Scott+Scott LLP filed a class action complaint against K-V Pharmaceutical Company and certain of the Company's officers in the U.S. District Court for the Eastern District of Missouri. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of K-V between February 14, 2011 and April 4, 2011, inclusive.
If you purchased the common stock of K-V during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott
scottlaw@scott-scott.com
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1533-k-v-pharmaceutical-company-kv-a.html
The complaint filed in the action charges that during the brief Class Period, the Company issued false and misleading statements claiming the Food and Drug Administration had granted K-V the exclusive distribution rights over its "Makena," a drug compound that had previously been prescribed by physicians for decades to prevent miscarriages, and that the agency would enforce those rights by preventing K-V's competitors from distributing generic compounds of Makena. The complaint also alleges that defendants told investors K-V's Makena distribution program was designed to "expand access" to the drug compound, including to low-income and other at-risk groups, while concealing that the $1,500 list price K-V was charging would actually reduce availability of the drug compound to physicians and their patients. As a result, based on a fundamental misperception of K-V's sales and earnings potential, the complaint charges that K-V's stock traded at artificially inflated prices during the Class Period, allowing K-V to sell $200 million worth of senior secured notes, with the proceeds used in large part to pay down the Company's debts.
The complaint alleges that the truth began to come to light on March 17, 2011, when two U.S. Senators publicly questioned the bona fides of K-V's distribution program, stating "the financial assistance is not sufficient and does not extend to certain groups of women," and so that in reality, "KV Pharmaceutical's actions will result in diminished access to appropriate health care for women and result in increased preterm births." It is alleged that this partial disclosure caused K-V's stock price to fall precipitously, removing some of the stock inflation. Then, following the FDA's own March 30, 2011 statement that the agency did "not intend to take enforcement action against" K-V's competitors for distributing the generic version of K-V's Makena, K-V's stock fell further on extremely high trading volume. Finally, following K-V's April 1, 2011 disclosure that K-V was reducing Makena's list price by nearly 55% to $690 per injection -- versus the previous list price of $1,500 -- the market learned on April 4, 2011 that many physicians would never prescribe Makena to their patients due to flaws in the distribution program. On this news, K-V's stock price fell an additional 9.5% in a single trading session.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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