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NJ Sen. Lautenberg among potential fraud victims
Legal News |
2008/12/15 09:03
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| New Jersey U.S. Sen. Frank Lautenberg is on the growing list of potential victims of what prosecutors are calling a multibillion-dollar Ponzi scheme run by New York money manager Bernard Madoff.pLautenberg spokesman Scott Mulhauser says the senator was an investor in Madoff's investment fund — primarily in the form of the Lautenberg family's charitable foundation./ppThe 70-year-old Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme by the Wall Street veteran to defraud investors./ppLautenberg is among a growing roster of potential victims. Those who have acknowledged potential losses so far include former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others. /p |
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Court sides with NY Times in anthrax libel case
Court News |
2008/12/14 09:04
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| The Supreme Court has rejected a plea by former Army scientist Steven J. Hatfill to revive his libel lawsuit against The New York Times over columns falsely implicating him in the deadly 2001 anthrax attacks.pThe justices did not comment Monday in turning down Hatfill's appeal of a unanimous ruling by the 4th U.S. Circuit Court of Appeals, based in Richmond, Va. A three-judge panel affirmed a lower court's dismissal of the libel claims on the grounds that Hatfill is a public figure and failed to prove that columns written by Nicholas Kristof were malicious./ppCircumstantial evidence led the FBI to suspect Hatfill was involved in the anthrax attacks that killed five people and sickened 17 just weeks after the Sept. 11 terrorist attacks. Then-Attorney General John Ashcroft publicly identified Hatfill, who worked at the Army's infectious diseases laboratory at Ft. Detrick, Md., from 1997 to 1999, as a person of interest in the investigation./ppIn June, the Justice Department agreed to pay Hatfill $5.8 million to settle a lawsuit claiming officials violated his privacy rights by speaking with reporters about the case./ppNo one has been charged in the attacks, although the government now believes another Army scientist, Bruce Ivins, was responsible. Ivins killed himself in July./p |
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List of potential victims grows in NY fraud case
Law Firm News |
2008/12/14 09:01
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| Investors who put their fortunes in the hands of arrested New York money manager Bernard Madoff are waiting to hear how much of their stake is left.pThe roster of potential victims in what prosecutors said was a $50 billion Ponzi scheme has grown exponentially longer in the past few days./ppMadoff, 70, said in regulatory filings that he only had around 25 clients, but it has become apparent that the list of people who lost money may number in the hundreds or even thousands./ppAmong those who have acknowledged potential losses so far: Former Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services./ppA charity in Massachusetts that supports Jewish programs, the Robert I. Lappin Charitable Foundation, said it had invested its entire $8 million endowment with Madoff. The organization's executive director said she doesn't expect it to survive./ppOther institutions that believed they had lost millions included The North Shore-Long Island Jewish Health System and the Texas-based Julian J. Levitt Foundation./ppHedge funds and other investment groups looked like big losers too. The Fairfield Greenwich Group said it had some $7.5 billion in investments linked to Madoff. A private Swiss bank, Banque Benedict Hentsch Fairfield Partners SA, said it had $47.5 million worth of client assets at risk./p |
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Insurer's asbestos-related lawsuits at high court
Law Firm News |
2008/12/13 09:14
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| The Supreme Court agreed Friday to consider reinstating a roughly $500 million settlement of asbestos-related lawsuits against the Travelers Companies Inc.pThe settlement would also block any new lawsuits against Travelers arising out of the insurance company's long relationship with Johns Manville Corp., once the world's largest producer of asbestos./ppTravelers has been named in dozens of lawsuits claiming that it tried to hide the dangerous health effects of asbestos. Asbestos is a mineral that was commonly used until the mid-1970s in insulation and fireproofing material. Exposure can increase the risk of lung cancer, mesothelioma and other ailments, according to federal health agencies./ppThe company has argued that asbestos-related claims should be paid out of a trust created by Johns Manville in the 1980s and approved by a federal bankruptcy judge. Money for the fund came largely from insurers./ppTravelers agreed to settle with several groups of plaintiffs provided that federal courts make clear that it would not have to face any new similar lawsuits./ppThe 2nd U.S Circuit Court of Appeals in New York overturned lower-court approval of the settlement, saying a bankruptcy judge lacks the authority to act so broadly. The justices, at arguments in March, will consider the question of the bankruptcy court's power./ppThe consolidated cases are The Travelers Indemnity Co. v. Bailey, 08-295, and Common Law Settlement Counsel v. Bailey, 08-307. /p |
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