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Dutch Supreme Court: Fortis was mismanaged
Legal Network |
2013/12/09 21:21
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The Netherlands' Supreme Court has upheld rulings that the now-defunct Belgian bank Fortis NV was mismanaged from September 2007 to September 2008, and its then-management board can be held accountable.
Friday's ruling opens the door for investor claims against former CEO Jean-Paul Votron, among others, though not former supervisory Chairman Count Maurice Lippens, whom lower courts found was too far removed from decision making to be held liable.
Fortis, Royal Bank of Scotland and Spain's Santander bought Dutch bank ABN Amro in a hostile takeover in 2007, nominally the largest in banking history.
Fortis agreed to buy ABN's Dutch operations for 24 billion euros in its part of the deal but was unable to finance the buy — which represented around half of its own total size — and eventually spiraled toward bankruptcy. The Dutch state ultimately nationalized all Fortis-ABN operations in the Netherlands in 2008 to avoid a meltdown of the country's financial system. The rescue has cost taxpayers at least 32 billion euros. |
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Spanish court sentences 'Robin Hood' mayor
Legal Network |
2013/11/25 22:22
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A Spanish court has sentenced a town mayor and four others to seven months in prison for occupying unused military land they wanted to be loaned to farmers hard hit by the economic crisis.
The regional court of southern Andalusia on Thursday convicted Marinaleda town mayor Juan Manuel Sanchez Gordillo and the others of serious disobedience for ignoring warnings to leave the "Las Turquillas" ranch land they occupied during the summer of 2012.
Sanchez Gordillo has staged several activities to highlight the plight of Spain's near 6 million unemployed, including "Robin Hood"-style supermarket lootings in 2012 to aid the poor.
His town boasts full employment thanks to its farm cooperatives.
Defendants given sentences of less than two years in Spain are generally not imprisoned unless they have previous convictions. |
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Calif. analyst pleads guilty in NY insider case
Legal Network |
2013/11/08 22:18
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A California financial analyst has pleaded guilty in New York, admitting he provided insider tips to an SAC Capital portfolio manager.
Sandeep Aggarwal admitted Friday that he provided the tips to the SAC employee and others about a blockbuster deal between Microsoft Corp. and Yahoo Inc. Investigators say the information pertained to a secret, pending search engine advertising partnership between the companies.
Aggarwal has pleaded guilty to conspiracy to commit securities fraud and securities fraud in Manhattan in a cooperation deal. The 40-year-old was arrested in July in San Jose, Calif.
Authorities say they had wiretap evidence from 2009.
Aggarwal told a magistrate judge he provided the tips to boost his standing as an analyst. He says he is "extremely sorry." |
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Josef Cowan | Civil Litigation Construction Law Firm Los Angeles
Legal Network |
2013/10/25 21:44
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Josef Cowan founded our firm over 20 years ago. The following are some questions and answers that discuss his unique qualities and why so many individuals and businesses trust our firm with their legal and business needs.
Q. Why did you become a lawyer?A. I’m the youngest of 6 kids raised by a single mother. We didn’t have much money, so I started working in the construction industry at a very young age. In fact, I started a construction business when I was 17 years old, and that company is still in existence and has over 400 employees. The construction industry involves a huge number of legal issues in a wide variety of different areas. I always found the legal issues fascinating and believed that a solid understanding of the law and ability to resolve complex issues is a huge advantage in business.
Q. What inspired you to found the Cowan Law Group?A. When I originally went to law school, I intended to use my legal training to help me with the construction business I started. However, I found I have a real passion for helping individuals and small to medium-sized companies resolve their legal and business problems in ways that make good business sense.
Q. How is the Cowan Law group different from other law firms?A. There are far too many firms that provide little to no value to their clients, and many that create more problems than they resolve. In many instances, the attorneys are good, smart people, but they don’t have the background or business savvy necessary to provide truly strategic, cost-effective legal solutions to their clients. This is a real problem because a good attorney who understands not just the legal issues, but also his client’s business challenges and objectives, is a tremendous resource and strategic advantage. With that in mind, I created the Cowan Law Group, whose main mission is to provide legal services that are smart, creative, and practical.
Q. So what makes you a good lawyer and advisor?A. I have benefitted greatly from a first class college and legal education. What I believe is even more important, however, is my life experience. Starting at a very young age, I have had to overcome many challenges both personally and in business. As a lawyer and advisor, these experiences have been invaluable because, through them, I have developed an ability to look at problems and challenges and know how to navigate through them in ways that are smart and effective.
But what is most telling is what my clients say. Over the course of my legal career, I have successfully resolved over $700 million of legal disputes in many different areas, including general business, real estate, construction, employment, and trade secret litigation, and I have handled a large number of business transactions. My clients often tell me that I provide counseling that is practical and mindful of business priorities, and that I handle it all well.
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