US judge orders firms to defend municipals suit
Business Law
About a dozen banks and financial firms must defend allegations of bid rigging, limited competition and price fixing in the municipal derivatives market, a U.S. judge ruled on Thursday.
U.S. District Judge Victor Morrero's written order said the defendants, including Wells Fargo, JPMorgan Chase, UBS AG, Morgan Stanley and others, should prepare for a pretrial conference on April 30.
The case is In Re Municipal Derivatives Antitrust Litigation, U.S. District Court for the Southern District of New York, No. 08-2516.
In 2006, the U.S. Justice Department, Internal Revenue Service and Securities and Exchange Commission launched a sweeping investigation into how the derivatives, known as guaranteed investment contracts, had been priced.
Municipal bond issuers had frequently parked their proceeds from debt sales by buying these contracts, which generate income, until they needed to spend the money.
While the investigation cooled down by early 2009, with information occasionally trickling out in the banks' and insurance companies' SEC filings, it has heated back up in the last few months. At the same time, a number of counties and cities have moved to sue the companies involved.
Related listings
-
Court lifts ban on media ownership restrictions
Business Law 03/24/2010A federal court has at least temporarily lifted government rules that blocked media companies from owning a newspaper and a broadcast TV station in the same market.The decision Tuesday by the U.S. Court of Appeals for the Third Circuit lifts the Fede...
-
Goldman Sachs group to appeal Shaw-Canwest deal
Business Law 03/10/2010Goldman Sachs Group Inc will ask a Canadian court on Wednesday to hear its appeal of a lower court decision allowing Shaw Communications Inc to buy the broadcast arm of bankrupt Canwest Global Communications Corp.An Ontario Superior Court judge ruled...
-
Nokia says U.S. court case claims have no merit
Business Law 02/08/2010Nokia said on Monday it would defend itself vigorously against a class action complaint filed in the United States that claims the firm and its top executives hid some product delays from investors in 2008."Nokia has reviewed the allegations containe...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.