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Arizona high court bars cuts to public pensions
Court Issues |
2014/02/24 22:24
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The Arizona Supreme Court ruled Thursday that the Legislature can't cut cost-of-living increases promised to judges and state elected officials.
The court unanimously upheld a Superior Court judge's ruling in favor of retired judges who challenged the Legislature's 2011 decision to cut benefits increases for retirees in the state plan for judges and other elected officials.
The Legislature cut the cost-of-living increases after the judges' retirement system lost money in the Great Recession after gradually becoming underfunded in previous years.
Denying an appeal by state officials, the high court agreed the increases are part of a promised retirement benefit and are protected by the pension clause of the Arizona Constitution. That clause bars "diminishing or impairing" public retirement benefits.
Lawyers for the retired judges had argued that the clause protected both their retirement benefits and the increases to those benefits, while lawyers for the state argued that the protection only applied to benefits with increases calculated by current methods.
Arizona is not alone in grappling with the problem of underfunded public pensions. A proposed ballot initiative in California would allow cities to renegotiate public workers' future pension and retirement benefits. Oregon's Legislature passed a law similar to what Arizona passed in 2011 that cuts future cost-of-living adjustments. |
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Court: Spain can extradite Liberty Reserve founder
Law Firm News |
2014/02/24 22:23
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A Spanish court has ruled that a man accused of being behind one of the world’s biggest money laundering businesses can be extradited to the U.S. to face charges there.
Arthur Budovsky, who founded currency transfer and payment processing company Liberty Reserves, can appeal the ruling, the National Court said late Friday. Spain’s government must also approve the decision for an extradition to happen.
It wasn’t immediately clear if Budovsky would appeal. The 40-year-old Costa Rican, who was arrested at Madrid airport in May 2013, has acknowledged founding Liberty Reserve in 2006, but says he sold his share to stay on only as a consultant.
U.S. officials accuse Budovsky of using Liberty Reserve as a kind of underworld bank which handled about $6 billion worth of illicit transactions. |
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Gov. Snyder signs jury duty, trampoline court laws
Court Watch |
2014/02/20 21:58
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Michigan Gov. Rick Snyder has signed a law letting full-time college students postpone jury duty until the end of the school year.
The governor on Tuesday also approved rules for indoor trampoline parks where adults and kids can bounce around for a fee.
Snyder says jury duty is "an important part of our civil responsibility" but can be disruptive to college students' studies. A similar exemption already exists for high school students.
The other law requires trampoline courts to publicly display rules and inform customers of the activity's inherent dangers. Trampoliners also must adhere to rules specified in the law.
A trampoline user, spectator or operator who violates the law is liable for damages in civil lawsuits. |
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Argentina asks top US Court to stop 'catastrophe'
Legal Network |
2014/02/20 21:58
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Argentina filed a long-shot appeal to the U.S. Supreme Court on Tuesday asking the justices in Washington to avert an "economic catastrophe" by overturning lower court rulings that could force the South American government to default on billions of dollars in debts.
Making Argentina pay cash in full to investors who didn't accept bond swaps in exchange for defaulted debt could destabilize the global economy by making other voluntary debt restructurings "substantially more difficult, if not impossible," the petition said.
"Full payment of the holdouts would cut Argentina's reserves approximately in half, an unimaginable result for any nation," Argentina's lawyers argued. "Any sovereign would protest if a foreign court issued an extraterritorial order threatening its creditors and citizens and coercing it into turning over billions of dollars from its immune reserves."
By ignoring the federal sovereign immunity law that normally protects other countries' assets from seizure outside the United States, the lower court decisions also could make U.S. assets overseas vulnerable to similar seizures by other governments, the petition said. |
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