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Bill revision could mean money for NJ drug company
Topics in Legal News |
2011/07/05 09:25
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A billion-dollar "technical revision" added to a patent bill passed by the House last week could provide huge financial benefits to one pharmaceutical company and a law firm.
On the surface, the barely noticed amendment simply clarifies a process by which the Food and Drug Administration approves a patent for a brand-name drug, and gives the manufacturer 60 days to apply for an extension with the U.S. Patent and Trade Office.
In reality, the measure could give a New Jersey drugmaker, The Medicines Co., 2½ more years of patent protection for its lucrative blood thinner Angiomax. It would also save the law firm WilmerHale $214 million it would owe the drug company under a malpractice lawsuit if a generic alternative is sold in the United States before June 15, 2015.
The amendment barely won House approval and it is not a part of the Senate version of the patent system overhaul bill, so it is questionable whether it will ever become law. The amendment would write into law a court decision in favor of the drug company and would pre-empt any appeal.
It shows how, hidden behind the lines of obtuse legislative language, huge fortunes can be at stake, sometimes for specific companies. |
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Mich. man sues, wants Chevron stock at '04 price
Topics in Legal News |
2011/07/04 00:02
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A former lawyer intrigued by the global demand for energy says he chose to invest $100,000 in oil giant Chevron Corp. back in 2004, a smart stock bet that now would have doubled seven years later.
But Perry Christy has a big problem: He says Chevron's stock agent never deducted money from his bank account. As a result, he has no records to show he actually owns a certain number of shares.
So Christy, 69, is suing Chevron and Mellon Investor Services and seeking an extraordinary remedy. He wants a federal judge to declare that he should be credited with buying the stock at a June 2004 price, plus any additional shares that would have piled up by reinvesting dividends. Then he'll pay $100,000.
Based on the terrific rise in San Ramon, Calif.-based Chevron's stock, it would be like winning the lottery—and then buying a ticket.
"There was some kind of mix-up on the day I placed the order," Christy insisted in an interview at his home in the Detroit suburb of Northville. "Whether mechanical or electronic, I don't think we'll ever know. But it's their screw-up. When you deal with any large bureaucracy, people are focused on their own narrow niche."
After more than a year in court, Chevron and Mellon smell a scam and want the case dismissed, even suggesting that Christy's story of a genuine yet botched investment simply is a lie. |
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Law school enrollment in Missouri lags as legal jobs dry up
Topics in Legal News |
2011/07/03 00:02
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Missouri law schools expect fewer students in the fall after several years of significant enrollment growth both regionally and nationally.
The St. Louis Post-Dispatch reported this week that the University of Missouri's flagship campus in Columbia has received 17 percent fewer applications this year. Applications at Washington University dropped 13.3 percent, while St. Louis University is seeing a nearly 20 percent decline.
A national group that tracks law school enrollment says that applications are down more than 10 percent overall compared to this time last year.
The economic downturn means that law school graduates can no longer count on landing lucrative jobs straight out of college. The declining interest comes one year after many schools reported record enrollment.
"The stories about the legal market have certainly dampened some people's enthusiasm," said Paul Pless, assistant dean for admissions and financial aid at the University of Illinois at Urbana-Champaign College of Law. Applications at Illinois are down nearly 8 percent so far this year.
Melissa Hamilton, 35, is a recent University of Missouri law school graduate still looking for a job. She's applied for a few government positions but is waiting until she passes the bar exam before making a stronger push. She's also looking into jobs where she could also use her master's degree in social work. |
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N.Y. governor signs gay marriage into law
Topics in Legal News |
2011/06/24 12:20
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Gov. Andrew Cuomo has signed New York's gay marriage bill, starting what is expected to be a crush of gay weddings starting in 30 days.
The Democratic governor signed the measure shortly before midnight Friday, following up on a promise to put his name on the legislation as soon as he received it rather than wait the usual 10 days to sign it for it to become law.
New York lawmakers narrowly voted to legalize same-sex marriage, handing activists a breakthrough victory in the state where the gay rights movement was born.
New York will become the sixth state where gay couples can wed and the biggest by far.
“We are leaders and we join other proud states that recognize our families and the battle will now go on in other states,” said Sen. Thomas Duane, a Democrat.
Gay rights advocates are hoping the vote will galvanize the movement around the country and help it regain momentum after an almost identical bill was defeated here in 2009 and similar measures failed in 2010 in New Jersey and this year in Maryland and Rhode Island. |
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Court won't hear restitution claim in Ponzi case
Topics in Legal News |
2011/06/13 19:09
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The Supreme Court has rejected an appeal from investment funds seeking repayment of their losses in a $3.7 billion Ponzi scheme operated by Minnesota businessman Thomas Petters.
The funds together lost $165 million and challenged a federal judge's order denying restitution to any of Petters' victims. Among other things, the court said the victims would have other ways of recouping some of their money.
The justices on Monday refused to disturb the ruling.
A federal law generally requires a court to order restitution as part of a defendant's sentence, but allows for some exceptions. The judge in this case said that restitution would be too complex, take too long and result in the payment of less than a penny for each dollar victims lost. |
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