Fed proposes expanding capital reviews to 35 banks

Topics in Legal News 2011/06/10 11:47   Bookmark and Share
The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.

The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.

Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.

The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.




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Court refuses to reconsider Spector's appeal

Topics in Legal News 2011/05/27 13:39   Bookmark and Share
An appeals court on Friday refused to reconsider music producer Phil Spector's appeal of his murder conviction, saying there was overwhelming evidence of his guilt.

The California 2nd District Court of Appeal panel acknowledged it did not consider an issue that defense lawyers now say was critical to his conviction.

The panel blamed the lawyers for failing to sufficiently brief the point and said they had no obligation to consider it.

They quoted case law saying, "Issues do not have a life of their own: if they are not raised ... we consider the issues waived."

Spector, a legendary rock music producer, was convicted two years ago of fatally shooting actress Lana Clarkson at his Alhambra mansion in 2003. He is serving 19 years to life in prison on a second-degree murder conviction.

His first trial ended in a hung jury; the second ended in a conviction.

Defense lawyer Dennis Riordan said he will be filing an appeal with the California Supreme Court on June 13. Riordan said in an interview the court ignored a central issue of the case.

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Gov. Rick Perry signs tort reform bill into law

Topics in Legal News 2011/05/27 13:38   Bookmark and Share
Gov. Rick Perry signed into law Monday a measure that will limit frivolous lawsuits by levying some fees on plaintiffs and allowing meritless suits to be dismissed early in the process.

Perry designated the "loser pays" bill a top priority of the legislative session, saying Texas needs to crack down on junk lawsuits.

Some plaintiffs who sue and lose will be required to pay the court costs and attorney fees of those they are suing. The law also creates expedited civil actions for cases less than $100,000. It goes into effect Sept. 1.

Perry said the legislation "provides defendants and judges with a variety of tools to expedite justice for those deserving."

"Employers will spend less time in court and more time creating jobs," he said.

The law will encourage timely settlements by penalizing parties who turn down reasonable settlement offers to try to get more than they should.

Perry said the changes reduce the cost of litigation while still allowing legitimate cases to proceed. Supporters say the state's business climate will improve because the reforms will make Texas more attractive to employers looking to expand or relocate.

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Discrimination suit against Pa. law firm settled

Topics in Legal News 2011/05/06 08:35   Bookmark and Share
A lawsuit that accused Pittsburgh's second-largest law firm of discriminating against women has been settled.

The Pittsburgh Post-Gazette reports a dismissal notice was filed in federal court Thursday, ending the case brought by attorney JoEllen Lyons Dillon.

Dillon alleged in a December lawsuit that women at Reed Smith are paid less than men and that females are pressured to have sex with male superiors to get work.

She also said her pay was nearly halved during maternity leave, and that she was asked if she was "done having babies" when she inquired about a promotion.

Dillon's lawyer, Sam Cordes, would say only that "the matter is resolved to our mutual satisfaction."

Reed Smith declined comment. Dillon no longer works there.
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Decisions for Daniels as he weighs White House bid

Topics in Legal News 2011/04/28 09:30   Bookmark and Share
As Mitch Daniels, the Republican governor of Indiana who last year called for a "truce on the so-called social issues," approaches his deadline for deciding whether to run for president, state lawmakers have put on his desk a pair of showcase conservative ideas.

In the final days of the state's legislative session, lawmakers approved plans to create the nation's broadest private school voucher system and make Indiana the first state to cut off all government funding for Planned Parenthood.

Daniels has pushed the voucher program, but the Planned Parenthood measure could present a political predicament for him as he nears a decision on whether he will run for president.

The governor has said it's a decision he'll make after lawmakers adjourn for the year, but he told The Indianapolis Star Thursday that he would not have an announcement this weekend even though the legislative session ends Friday. Spokeswoman Jane Jankowski confirmed Daniels' comments to The Associated Press but said he was unavailable for comment.

The Indiana House approved both ideas Wednesday, sending them to Daniels to decide what to do next.

The Planned Parenthood measure is a significant victory for the anti-abortion movement and would cut the $3 million in federal money the state distributes to the Planned Parenthood organization for family planning and health programs. It also ban abortions after the 20th week of pregnancy unless there is a substantial threat to the woman's life or health and requires women seeking an abortion be told that life begins at conception and that doctors performing abortions have admitting privileges in a nearby hospital.

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Media ask court to unseal gay marriage trial tapes

Topics in Legal News 2011/04/19 04:35   Bookmark and Share
Media organizations are joining lawyers for two-same-sex couples in urging a federal appeals court to release videotapes of a lower court trial on California's gay marriage ban.

The 13 organizations, which include The Associated Press, argued in a motion filed Monday with the 9th U.S. Court of Appeals that the videos are court records that the First Amendment requires to be open to the public.

Sponsors of voter-approved Proposition 8 asked the 9th Circuit last week to keep the tapes sealed and to order the trial's presiding judge to return his personal copies.

The move came after now-retired Judge Vaughn Walker, who declared Proposition 8 unconstitutional, used a brief segment of the video in several public talks.
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