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Top Europe court bans stem cell technique patents
Topics in Legal News |
2011/10/18 10:31
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The European Union's top court ruled Tuesday that scientists cannot patent stem cell techniques that use human embryos for research purposes, a ruling some scientists said threatens important research since no one could profit from it.
The European Court of Justice in Luxembourg said the law protects human embryos from any use that could undermine human dignity.
Embryonic stem cells can develop into any type of cell in the body, which one day might be used to replace damaged tissue from ailments such as heart disease, Parkinson's and stroke. But using stem cells from embryos has been controversial — opposed by some groups for religious and moral reasons.
Despite such concerns, there are no such restrictions on obtaining patents on stem cell techniques in the U.S. and many other countries.
The European ruling centered on the case of Oliver Bruestle at the University of Bonn, who filed a patent on a technique to turn embryonic stem cells into nerve cells in 1997. Greenpeace filed a challenge to Bruestle's patent, arguing that it allows human embryos to be exploited.
The court said patents would be allowed if they involved therapeutic or diagnostic techniques that are useful to the embryo itself, like correcting defects. |
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Court mulls trial in absentia for Hariri case
Topics in Legal News |
2011/10/15 09:34
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A panel of judges at a U.N.-backed court investigating the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will consider whether to stage a trial in absentia for four Hezbollah members accused in the slaying.
The suspects were indicted earlier this year, but Hezbollah has refused to arrest them and send them for trial in the Special Tribunal for Lebanon's purpose-built courtroom.
The court said in a statement Monday that a pretrial judge preparing the case has asked trial judges "to determine whether proceedings in absentia should be initiated" against the four men.
Iranian-backed Shiite militia Hezbollah denies involvement in the Feb. 14, 2005, truck bombing that killed Hariri and 22 others, including the suicide bomber, in Beirut. |
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FDIC backs ban on banks trading for own profit
Topics in Legal News |
2011/10/11 09:32
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Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote Tuesday. The ban on proprietary trading was required under last year's financial overhaul law.
For years, banks had bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers could be forced to bail them out. That's what happened during the 2008 financial crisis.
The Federal Reserve has also approved the draft of the so-called Volcker Rule, which was named after former Fed Chairman Paul Volcker.
The Securities and Exchange Commission and Treasury Department must still vote on it, and then the public has until January 13 to comment. The rule is expected to take effect next year after a final vote by all four regulators.
Congress and President Barack Obama had high hopes for the rule. But they left most of the details for regulators to sort out.
It's unclear how strictly the ban will be enforced. For example, it can be hard to tell whether an investment is intended to benefit a bank or its clients and whether federally insured deposits could be put at risk by these trades. |
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Kentucky man sues Facebook over tracking cookie
Topics in Legal News |
2011/10/11 09:30
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A Facebook user in western Kentucky has filed a federal lawsuit against the social networking giant, accusing it of violating wiretap laws with a tracking cookie recording web browsing history after logging off of Facebook.
The plaintiff, David Hoffman of Paducah, is asking a judge to grant class-action status to represent the roughly 150 million
Facebook users in the United States. Hoffman's lawsuit seeks a preliminary and temporary injunction restraining Facebook from intercepting electronic information when they are not logged in and from disclosing any of the information already acquired.
It also seeks damages of $100 per day for each of the class members or $10,000 per violation. The Kentucky lawsuit, filed Friday in U.S. District Court, is similar to cases filed in recent weeks in California, Kansas and Louisiana. |
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European court rules against Soros in trading case
Topics in Legal News |
2011/10/05 09:24
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The European Court of Human Rights ruled Thursday that France did not violate George Soros' rights when convicting him of insider trading, defeating a years-long effort by the billionaire financier to clear his name.
Though Soros has faced criticism for other investment decisions before and since, the French conviction over trades in 1988 left a particular stain on the Hungarian-born businessman and philanthropist's five-decade career.
He was fined euro2.2 million in 2002, or $2.92 million at current rates, for purchasing shares in French bank Societe Generale in 1988, days after being informed about a planned takeover bid for the bank.
That was the amount he was accused of making when he sold the shares shortly afterward. France's highest court reduced the fine in 2007 to euro940,000 ($1.25 million at current rates).
Soros argued that France's insider trading rules at the time were unclear, and that the length of the investigation — from 1993 until his indictment in 2000 — made it difficult to call reliable witnesses, violating his right to a fair trial under the European Convention on Human Rights.
The human rights court, based in Strasbourg, France, disagreed. In a 4-3 decision, the panel of judges argued that "the law applicable in 1988 was sufficient for Soros to have been aware that his conduct might be unlawful."
The Soros Foundation in Paris would not comment on the decision, and Soros' lawyers could not immediately be reached. |
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