Business Law News. Crime Stories, Law on News and Legal Publications in January, 2012

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Law Office Of Brodsky & Smith To Probe Potential Claims Against Parlux Directors
RTT NewsJanuary 1, 2012

The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Parlux for not acting in Parlux shareholders' best interests in connection with the sale. by RTT Staff Writer.more »

State's top court to hear developer's suit over records
New Jersey HeraldJanuary 1, 2012

As part of the trial case decision, the judge said it appears that Chelsea Property Group was "lending aid to assistance to the Law Clinic" but that Sussex Commons "is not entitled to the substance of those communications." Kelly filed an appeal to the ...more »

Business Law News and Stories

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Wyoming concealed-carry law makes few ripples
Casper Star-Tribune OnlineJanuary 1, 2012

He said insurance companies have raised a liability issue that is persuading some businesses against posting the no firearms allowed signs. According to the Professional Insurance Agents of Wisconsin, a business owner is not liable under state law if ...more »

Foreign Investments
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Warren Buffett's Top 5 Buys In 2011
Seeking AlphaJanuary 2, 2012

But five years from now, no one is going to remember Sokol's resignation from Berkshire, and the hundreds of millions of dollars in Lubrizol profits will be making their way to Berkshire's headquarters to be deployed for new investments. 3. ...more »

Antitrust Law, Domestic
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Competing visions for economy, business
The Gazette: Eastern Iowa Breaking News and HeadlinesJanuary 1, 2012

This goal of this law is to make life a little easier for the IRS in performing audits of small businesses, but that comes at far too high a cost. Many employees and business owners are concerned about this approach, not because they have something to ...more »

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Jets Gameday: Miami Dolphins host Jets
The Star-Ledger - NJ.comJanuary 1, 2012

2. They're on the verge of an embarrassing record The Dolphins have surrendered 51 sacks this season, which is one shy of the franchise record set in 1969 and tied in 2004. Without starting left tackle and perennial Pro Bowler Jake Long in the fold (he ...more »

Gaming Law
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APNewsBreak: NJ senator pushes online bet bill
The Associated PressJanuary 2, 2012

Lesniak introduced a new bill in August that he says contains safeguards to address Christie's concerns, including fines of $1000 per player per day for anyone running an illegal Internet betting parlor, and $10000 for advertising such illicit ...more »

Banking Law
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Citibank failed to act on Puri scam warning signals, says probe report
Economic TimesJanuary 2, 2012

GURGAON/NEW DELHI: The Rs 400-crore fraud unearthed in Citbank's Gurgaon branch in December 2010 could have been averted if the bank staff had taken the warning signals seriously, according to an internal investigation carried out by the bank. ...more »

Government Construction Contracts
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China Property Malaise Spreads to Furnishings
Wall Street JournalJanuary 4, 2012

Investment in residential real estate accounts for about 12% of China's economy, but as much as 25% is tied up in a broader category that also includes industries such as construction materials and appliances, according to economists. The government...more »

Business Formation
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5 Stocks to Play Angola's New Oil Boom
msnbc.comJanuary 1, 2012

Things are beginning to turn around, however, as the country recently issued licenses to exploration and production companies to begin exploring its offshore pre-salt formation that many experts say geologically mirrors Brazil's booming oil fields. ...more »

Institutional Investing
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William Carey, Investor Who Backed Business Schools, Dies at 81
San Francisco ChronicleJanuary 3, 2012

He was head of real estate and equipment financing at Loeb, Rhodes & Co. and director of corporate finance at DuPont, Glore Forgan Inc. In 1973, he formed WP Carey with his brother, Francis J. Carey, and brother-in-law, Raymond S. Clark. ...more »

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New laws crack down on distracted drivers
Sacramento BeeJanuary 1, 2012

The new law will affect an estimated 4 million commercial drivers, according to the Federal Motor Carrier Safety Administration, which instituted the ban. New automotive laws are taking effect in a variety of states too. In Nevada, those who violate a ...more »

New law gives firms do-gooder status
Sacramento BeeJanuary 3, 2012

Current law generally requires California companies to put shareholder interests first. Companies that incorporate under the new law, AB 361, can look at a broader set of criteria when making financial decisions. The effect is a kind of "safe harbor" ...more »

Commercial Bankruptcy
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2012 brings a spate of new laws
Jacksonville Journal-CourierJanuary 1, 2012

PA 97-0449 • New language specifies that a school board is allowed to suspend or expel a student who has made a explicit threat on an Internet website against a school employee, fellow student or any other school personnel. ...more »

Internal Investigative Services
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Council Orders Investigation Into Payments From City To Financial Adviser
KTBSJanuary 11, 2012

An internal audit was ordered. Corbin said more irregularities were discovered. "The findings in that audit concerned us," said Corbin. "We thought it best to take it a step further and use our charter provisions and be able to do an audit outside of ...more »

Commercial Leasing
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For Portland's dope king, love and mistrust
CBS NewsJanuary 1, 2012

Sandee Burbank, executive director of the pro-medical marijuana group Mothers Against Misuse and Abuse and one of the original supporters of the medical marijuana law, says Stanford's business defies the medicinal intent of the law and is concerned ...more »

International Transactions
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CORRECTING and REPLACING DTS Showcases Consumer Electronics Adoption with ...
MarketWatch (press release)January 9, 2012

In advance of the 2012 International Consumer Electronics Show, DTS, Inc. /quotes/zigman/97207/quotes/nls/dtsi DTSI +0.97% , a leader in high definition audio, announced it will demonstrate the latest innovations in high definition surround sound ...more »

Communications & Media
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Law spurred by teen's murder one of 200 starting today
Chicago Sun-TimesJanuary 1, 2012

Schools are responsible for educating students, parents and personnel about what qualifies as bullying. Convicted sex offenders who are employed at or attend a college or university must register with campus public safety. School boards can suspend or ...more »

Patients in limbo
Record-SearchlightJanuary 1, 2012

Harris has asked state lawmakers to draft legislation to clarify whether patients can legally acquire marijuana at storefront dispensaries or whether collective and cooperative cultivation is the only legal way. "Without a substantive change to ...more »

Construction & Development
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Small cases are big business in California courtrooms
Los Angeles TimesJanuary 2, 2012

Lawyers often do better financially than their clients. Many other states apply stricter judicial standards. Last month, in a ruling that seemed to draw a line on frivolous actions, the US 9th Circuit Court of Appeals upheld the dismissal of a Los ...more »

Locating Funds
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Malta Lures Connecticut Hedge Funds With 300 Days of Sun Aided by EU Rules
BloombergJanuary 5, 2012

Strategic Location If they were, the total amount of money managed by Malta- based companies would be as high as 80 billion euros, estimates James Farrugia, director of investment services at the Maltese law firm Ganado & Associates. ...more »

Contracts Involving State & Minicipality
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No crisis, but plenty of financial worries as Vermont Legislature prepares to meet
BurlingtonFreePress.comJanuary 1, 2012

•HEALTH CARE: The Legislature last year enacted a law that sets Vermont on a course toward a publicly financed, government-run health insurance system offering universal coverage. That goal, however, is years in the future, but critics will attempt to ...more »

Mergers, Acquisitions & Divestitures
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BERKSHIRE HILLS BANCORP, INC. : Berkshire Hills Reports 57% Fourth Quarter ...
4-traders (press release)January 31, 2012

This increase resulted from ongoing organic growth together with the benefit of the acquisitions of Rome Bancorp and Legacy Bancorp. Fourth quarter GAAP net income included merger related expenses, together with income from discontinued operations.more »

Corporate Finance & Taxation
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New Year Ushers in New Laws for NY
WNYCJanuary 1, 2012

By Ailsa Chang A couple of the most substantial new laws on the books for this year will mean personal income tax cuts for about 4.4 million people and tax relief for manufacturers. A 2 percent cap on property tax increases levied by school districts ...more »

Mortgages & Foreclosures
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Tax relief for veterans' spouses among new Texas laws
LubbockOnline.comJanuary 1, 2012

By JIM VERTUNO AP AUSTIN — Tens of thousands of spouses of totally disabled veterans in Texas will qualify for significant property tax relief under a new law taking effect Jan. 1. Texas law already exempts veterans who are declared 100 percent ...more »

Creditor's Rights
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Sacramento-area bankruptcies down in 2011
LoanSafeJanuary 2, 2012

“First you had the tidal wave, then you had the high water and (now) it's … beginning to recede very slowly,” said Folsom bankruptcy attorney Gerald White. According to the US Bankruptcy Court, 29686 new cases were filed in the Sacramento region this ...more »

Non-Profit Corporations
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Three Campaign-Finance Lawsuits On the Heels of 'Citizens'
Corporate CounselJanuary 2, 2012

Federal law has prohibited corporations from contributing to candidates for federal office since 1907. The contribution ban is now contained in Section 441b(a) of the Federal Election Campaign Act of 1971. It applies to unions as well. ...more »

Customs Disputes
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What America's Same-Sex Couples and Our Families Gained in 2011
10 Thousand CouplesJanuary 1, 2012

Throughout the nation, we saw a variety of anti-discrimination laws passed in 2011, significantly protecting against discrimination based on gender identity. In Massachusetts, Governor Deval Patrick signed into law HB 3810, which prohibits employers ...more »

Professional Corporations
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Gilman Law LLP Encourages Investors of The Cooper Companies, Inc. To Inquire ...
PR Web (press release)January 4, 2012

Gilman Law LLP is one of the country's premier national law firms that represent institutional and individual investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 30 ...more »

Debt Collection
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Cash-strapped councils to hire debt collectors
Irish IndependentJanuary 5, 2012

By Paul Melia A PROFESSIONAL debt collector is being sought by two local authorities to collect more than €7m owed to them in unpaid rates, development levies and housing loans. Roscommon and Leitrim county councils have become the first local ...more »

Public Offerings
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Medical pot issues wind way through courts
Hometownlife.comJanuary 1, 2012

Communities across Michigan will be watching to see how the state courts interpret state and federal law. Early this year, attorneys from both sides will file respective motions to the Michigan Court of Appeals. Dan Korobkin, attorney with the ACLU, ...more »

Debt Settlement
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BANKRUPTCY WEEK AHEAD: Lee Enterprises Seeks To Advance Plan
Wall Street JournalJanuary 6, 2012

Under Chapter 15, which was added to the US Bankruptcy Code in 2005, a company may seek a US bankruptcy court's recognition of its foreign bankruptcy case. If recognized, Arpeni will be entitled to receive the benefits of US bankruptcy law, ...more »

Reorganizations & Restructuring
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Sevier County Bank cuts staff, plans to sell properties
The Mountain PressJanuary 7, 2012

"We did a reorganization last week and we restructured to better align the roles and responsibilities of our employees to improve accountability and better empower our employees," he said. "Some of the staffing we had was no longer in line with ...more »

Directors' & Officers' Liability
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Schinnerer launches specialty contractor errors and omissions cover
Business InsuranceJanuary 3, 2012

The product is designed to protect specialty trade contractors from professional liability exposures, including claims for faulty workmanship or defective materials and products. Elements of the policy were modeled after the Chevy Chase, ...more »

State & Minicipal Bonds
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William Polk Carey, donor to Hopkins and UM, dies
Baltimore SunJanuary 2, 2012

In April, he donated $30 million to the University of Maryland School of Law, the largest gift in the institution's history. The philanthropist also made a $50 million bequest in 2006 to found the Johns Hopkins University's Carey School of Business, ...more »

False Advertising
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2012 brings a spate of new laws
Jacksonville Journal-CourierJanuary 1, 2012

PA 97-0449 • New language specifies that a school board is allowed to suspend or expel a student who has made a explicit threat on an Internet website against a school employee, fellow student or any other school personnel. ...more »

Trade Associations
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Fiji to end emergency laws
Australia Network NewsJanuary 2, 2012

The president of the Australian Council of Trade Unions has cautiously welcomed Fiji's intention to remove emergency law. Fiji's prime minister Commodore Frank Bainimarama made the announcement in his New Year's eve address. ...more »

Federal Contracts
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Joining a gym for New Year's? Know your rights
Allentown Morning Call (blog)January 1, 2012

That law spells out what must be included in the contract, including rules for refunds under certain circumstances, such as if you get sick or move away. If you have a problem with a gym, file a complaint with the attorney general's office, ...more »

Unfair Competition
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BULLION MORNING - Gold off highs but holds up despite plunging euro after ...
FXstreet.comJanuary 5, 2012

2.1 We do not guarantee that access to this Website will be continuously available and will not be liable if for any reason (including but not limited to) the Website being suspended temporarily and without notice in the case of system failure, ...more »

Federal Grants
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Southland cities unlikely to get federal aid for wind damage
Los Angeles TimesJanuary 1, 2012

"It remains unlikely that we would reach the federal threshold," he said. Pasadena officials met last week with Rep. Adam Schiff (D-Burbank) to discuss federal aid. Schiff said other federal grants may be available for the city's emergency operations ...more »

Venture Capital
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Venture Capital firms raised $5.6B in Q4
San Francisco Business TimesJanuary 9, 2012

Thirty-eight venture capital funds in the United States raised $5.6 billion in the fourth quarter of last year, according to a report from Thomson Reuters and the National Venture Capital Association. The number marked a 162 percent increase in dollar ...more »


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