Staff, Author at Legal Reader

Two Citigroup Subsidiaries reach $180 Million Hedge Fund Fraud Settlements

August 17, 2015

As part of to the settlements, Citigroup does not admit, nor deny the SEC charges. The proceeds of the agreement will be diverted to investors who were harmed by the funds. Both investments were sold through Citigroup Private Bank as well as through Smith Barney. Citigroup spokesperson Danielle Romero-Apsilos said in an emailed statement, “We are pleased to have resolved this matter,” although offering little elaboration.

New Steelworkers Deal Looms Heavy, Rallies Workers

August 16, 2015

The main battle in the negotiations is over healthcare. Both companies are asking employees to contribute to their healthcare insurance premiums. ArcelorMittal CEO Lakshmi Mittal said in a recent interview that, in addition to wage-freezes and vacation concessions, the company is asking that individuals pay $150 and families $250 for monthly healthcare premiums. U.S. Steel representatives have requested similar concessions in its negotiations with the USW.

Civil Rights Founding Father Julian Bond Dies at 75

August 16, 2015

In a statement on Sunday President Obama called Bond “a hero and, I’m privileged to say, a friend.” Citing Bond’s long resume, Obama continued, “Julian Bond helped change this country for the better. And what better way to be remembered than that.”

Three More Birth-Defect Lawsuits add to GSK’s Zofran Tally as MDL Deadline Approaches

August 16, 2015

The lawsuits accuse GSK of “off-label” marketing, that is, it is prescribed for ailments (pregnancy) that is not mentioned in the drug’s official FDA labeling. Zofran’s 1991 FDA approval was for “treatment of nausea and vomiting related to chemotherapy and surgery.” According to San Francisco attorney Rachel Abrams, speaking at a bar conference in the city regarding the lawsuits, “If they’re marketing and pushing a drug for a certain indication, and don’t have FDA approval for that indication, that’s a problem for GSK in and of itself.”

Illinois Passes Large-Scale Police Conduct Reform

August 15, 2015

Rauner, a Republican, worked alongside the bill’s primary sponsor, Chicago Democratic State Senator Kwame Raoul, as well as with police unions throughout the state to turn the reform into law. Rauner praised the bipartisan effort, saying in a statement, “As a society, we must ensure the safety of both the public and law enforcement. SB 1304 establishes new and important guidelines and training for police departments and their officers, while protecting the public by prohibiting officers from using excessive force.

FDA Warns Drugmaker Duchesnay over Kim Kardashian Instagram Post

August 14, 2015

Indeed the social media age has brought a new wrinkle in the FDA’s regulatory agenda. Social media marketing schemes are often designed to appear casual and conversational, as if friends are discussing an issue over coffee. While certainly not illegal and for the most part, and a useful form of advertisement, FDA risk statements rarely fit within 144 character-limit social-media parameters.

Connecticut High-Court Rules against Death Penalty

August 14, 2015

The Connecticut legislature voted in 2012 to abolish the death penalty, however, that measure only affected future crimes committed in the state. Calling it unconstitutional, Associate Justice Richard Palmer wrote the majority opinion, stating that the death penalty “no longer comports with contemporary standards of decency and no longer serves any legitimate penological purpose.”

‘Go Bleep Yourself San Diego!’

August 13, 2015

San Diego unveiled a $1.1 billion proposal to build a stadium in the city’s Mission Valley area to keep the team there, replacing the antiquated Qualcomm Stadium. The proposal, however, only includes one-third of the cost to be publicly financed, leaving the Chargers and the NFL responsible for over $750 million of the cost. Chargers executive Mark Fabiani rebuked the proposal and city officials, saying “The Chargers have been clear from the start that the franchise will not be the city’s guinea pig for this inevitably ill-fated legal experiment.”

Industry and Consumer Groups along with Congressman Fight Delayed Orbitz-Expedia Merger

August 13, 2015

A formidable push is gathering for antitrust authorities to block the proposed merger between online-travel giants Expedia and Orbitz. Congressional authorities, consumer groups, and those within the hotel industry are urging the Department of Justice to strongly consider the antitrust concerns of the merger. Expedia announced the proposed $1.3 billion acquisition in February, shortly after

Hacking is Huge Business for Insider Trading Ring

August 12, 2015

U.S. Attorneys’ offices in New York and New Jersey, along with the Securities and Exchange Commission (SEC), have filed over 20 charges against an international ring of hackers and traders accused of selling and buying unreleased business information. The group of hackers, mostly from the Ukraine and Russia, are suspected of taking advantage of security

Trending