Court says farmers must pay bankruptcy tax

(News) — Mon, 14 May 2012 09:47:20 -0700

The Supreme Court says a farming family has to pay tax on the bankruptcy sale of their farm.

The high court on Monday voted 5-4 for the IRS in its fight with Lynwood and Brenda Hall over their bankruptcy sale of their 320-acre farm in Willcox, Ariz.

The Halls were forced to sell their family farm for $960,000 to settle their bankruptcy debts. That sale brought about capital gains taxes of $26,000.The Halls wanted the taxes treated as part of the bankruptcy, paying part of it and having the court discharge the rest.

The IRS objected to that plan, saying all of the taxes must be paid and the 9th U.S. Circuit Court of Appeals in San Francisco agreed with the tax agency.

The high court agreed with that decision.

Court turns away PR congressional vote lawsuit

(News) — Mon, 14 May 2012 09:47:06 -0700

The Supreme Court won't hear an appeal from residents of Puerto Rico seeking to gain a voting representative in Congress.

The high court turned away the appeal from Gregorio Igartua and other Puerto Ricans on Monday.

Territorial status grants residents of Puerto Rico U.S. citizenship, but they pay no federal income taxes and cannot vote in presidential elections. Their congressional representative also cannot vote in Congress.

A federal judge threw out the lawsuit, and the 1st U.S. Circuit Court of Appeals upheld that decision, saying that since Puerto Rico was not a state, it could not have a voting member of Congress.

The high court refused to hear the appeal.

The Rosen Law Firm Files Class Action

(News) — Mon, 14 May 2012 09:46:52 -0700

The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Houston American Energy Corp. between March 29, 2010 and April 18, 2012.

To join the Houston American class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Laurence Rosen, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action.

The Complaint asserts violations of the federal securities laws against Houston American for failing to adequately disclose problems with its Tamandua #1 well, and the well's C7 and C9 formations. Namely, that the Company failed to disclose that: (i) the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

www.rosenlegal.com

NY court upholds firing of hedge fund officer

(News) — Tue, 08 May 2012 11:18:12 -0700

New York's top court has upheld the firing of a hedge fund compliance officer who says he confronted its chief executive about improperly selling personal stock before doing the same for clients.

The Court of Appeals ruled 5-2 in rejecting Joseph Sullivan's damages claim against Peconic Partners, Peconic Asset Management and fund President William Harnisch.

The majority says New York common law generally gives an employer the "unimpaired" right to fire an at-will employee, with a few exceptions. It says there is no exception for wrongful discharge of a hedge fund's compliance officer.

Dissenters say the court should expand an exception it has carved out for lawyers who get fired for insisting on professional ethics. They say the majority ruling "facilitates the perpetuation of frauds."

Probation charge dropped against tanned NJ mom

(News) — Mon, 07 May 2012 11:18:00 -0700

Court officials say the New Jersey mom accused of taking her then-5-year-old daughter into a tanning booth is no longer on probation in a separate case.

Patricia Krentcil is free on $2,500 bond on the child endangerment charge.

The arrest in Nutley got the attention of authorities in Camden County. That's where Krentcil was sentenced to five years' probation in 1999 for credit card theft, forgery and theft for writing bad checks. In 2001, a bench warrant was issued for her failure to appear at a probation hearing.

Court officials in Camden County on Friday say her probation had been terminated and she would not be required to appear in court.

Krentcil is due back in court next month in the tanning case. She says she never took her daughter into a booth.

Fed court reverses order for VA system overhaul

(News) — Mon, 07 May 2012 11:18:00 -0700

A federal appeals court on Monday reversed its demand that the Veterans Affairs Department dramatically overhaul its mental health care system.

A special 11-judge panel of the 9th U.S. Circuit Court of Appeals said that any such changes need to be ordered by Congress or the president.

The 10-1 ruling reversed an earlier decision by a three-judge panel of the same court.

The May 2011 ruling had ordered the VA to ensure that suicidal vets are seen immediately, among other changes. It found the VA's "unchecked incompetence" in handling the flood of post-traumatic stress disorder and other mental health claims was unconstitutional.

The new decision said courts are powerless to implement the fixes sought by two veterans groups that filed the lawsuit against the VA in 2007. The lawsuits alleged that hundreds of thousands of veterans had to wait an average of four years to fully receive the mental health benefits owed them.

"There can be no doubt that securing exemplary care for our nation's veterans is a moral imperative," Judge Jay Bybee wrote for the majority. "But Congress and the president are in far better position" to decide whether and what changes need to be done.

Okla. court halts 'personhood' rights for embryos

(News) — Tue, 01 May 2012 10:04:00 -0700

The Oklahoma Supreme Court on Monday halted an effort to grant "personhood" rights to human embryos, saying the measure is unconstitutional.

The state's highest court ruled unanimously that a proposed amendment to the Oklahoma Constitution that would define a fertilized human egg as a person violates a 1992 U.S. Supreme Court decision involving a Pennsylvania case and "is clearly unconstitutional." Supporters of the personhood amendment are trying to gather enough signatures to put it before Oklahoma voters on the November ballot.

Opponents contend the measure would ban abortions without exception and interfere with a woman's right to use certain forms of contraception and medical procedures, such as in vitro fertilization.

The American Civil Liberties Union and the New York-based Center for Reproductive Rights filed a protest with the state Supreme Court on behalf of several Oklahoma doctors and residents. They asked the court to stop the group Personhood Oklahoma from gathering signatures.

The nine-member court determined the initiative petition "is void on its face" and struck it down.

"The only course available to this court is to follow what the United States Supreme Court, the final arbiter of the United States Constitution, has decreed," the court said.

Chinese court seeking to mediate iPad dispute

(News) — Mon, 30 Apr 2012 09:06:50 -0700

A Chinese court is mediating between Apple Inc. and the Chinese company challenging its right to use the iPad trademark, seeking to get the companies to settle an awkward standoff over the issue.

The Guangdong High Court in southern China, is seeking to arrange a settlement, said Ma Dongxiao, a lawyer for Proview Electronics Co. The court on Feb. 29 began hearing Apple's appeal of lower court ruling that favored Proview in the trademark dispute.

"It is likely that we will settle out of court. The Guangdong High Court is helping to arrange it and the court also expects to do so," Ma said Monday.

China has sought to showcase its determination to protect trademarks and other intellectual property, but with hundreds of thousands employed in the assembly of Apple's iPhones and iPads is unlikely to want to disrupt the company's production and marketing in China.

Court to decide if deportation ruling retroactive

(News) — Mon, 30 Apr 2012 09:06:27 -0700

The Supreme Court will decide whether to apply retroactively its 2010 decision that immigrants have a right to be told that a guilty plea could lead to their deportation.

The high court on Monday agreed to hear an appeal from Roselva Chaidez, who was in the process of being deported when the court made that March 2010 decision.

Chaidez pleaded guilty to fraud in 2004 after falsely claiming to be a passenger in a car wreck. Authorities started deportation procedures while she was applying for U.S. citizenship in 2007.

Her lawyer never told her that her fraud conviction may lead to her deportation. Chaidez says she should be able to take advantage of the Supreme Court decision that cemented that principle.

Ferrero sets aside $3 million for Nutella U.S. class action

(News) — Mon, 30 Apr 2012 09:06:09 -0700

Italian confectionery group Ferrero has agreed to set aside $3 million to settle a class-action lawsuit championed by a Californian mother after she discovered the group's Nutella chocolate spread packed more calories than jam or syrup.

Notices of class action settlements said that Ferrero USA Inc., the group's U.S. division, would pay up to $4 for every jar of Nutella bought in California since August 2009, or bought anywhere else in the United States since January 2008.

The notices posted on nutellaclassactionsettlement.com said the settlement was for $3,050,000 in total.

Ferrero USA also agreed to "modify certain marketing statements about Nutella" and to give more prominence to nutrition labels on Nutella jars, the notices said.

"Ferrero USA continues to stand by its product," a spokeswoman for Ferrero said on Sunday. "We believe that it is in the best interest of the company to resolve these matters, and have reached an agreement with the parties involved."