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Assembly OKs adding bank settlement into Calif law
Legal Interview |
2012/07/02 22:07
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California would become the first state to write into law much of the national mortgage settlement negotiated this year with the nation's top five banks, and expand it to all lenders, under wide-ranging legislation state lawmakers approved Monday.
Majority Democrats sent the homeowner protection package to Gov. Jerry Brown despite opposition from business and lending organizations and most Republican legislators.
The Assembly approved the legislation on a 53-25 vote, and the Senate followed by voting 25-13.
The legislation would require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while the lenders consider homeowners' request for alternatives to foreclosure. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law. |
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Solar firm that got DOE loan to declare bankruptcy
Legal Network |
2012/07/01 22:07
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A Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration said Thursday it will file for bankruptcy, the latest setback for an industry battered by the recession and stiff competition from companies in China.
Abound Solar of Loveland, Colo., said it will suspend operations next week, after talks with potential buyers broke down. The company received about $70 million from the Energy Department before officials froze its credit line last year.
Abound is the third clean-energy company to seek bankruptcy protection after receiving a loan from the Energy Department under the economic stimulus law. California solar panel maker Solyndra and Beacon Power, a Massachusetts energy-storage firm, declared bankruptcy last year. Solyndra received a $528 million federal loan, while Beacon Power got a $43 million loan guarantee. |
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Wis. Supreme Court upholds damages in drug lawsuit
Court Issues |
2012/06/22 17:39
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The Wisconsin Supreme Court on Friday upheld damages that were awarded in a lawsuit the state brought against a prescription drug company accused of inflating prices.
The lawsuit dates back to 2004 when then-Attorney General Peg Lautenschlager sued 36 drug companies alleging they inflated wholesale prices to get larger payments from Medicaid, private insurers and consumers.
The case against Pharmacia Inc. was the first to go to trial, and in 2009 a jury found that the drug maker violated the state's Medicaid fraud law 1.44 million times over a decade. After reviewing the evidence, the judge found the actual tally was 4,578 and ordered the company to pay $4.5 million in forfeitures and other costs. The jury also awarded $9 million in damages.
Pharmacia appealed, arguing that the jury incorrectly calculated the damages, that the number of violations should be reduced to zero, and that a jury trial was improper. |
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Use new drug sentencing law in crack cases
Topics |
2012/06/21 18:32
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The Supreme Court says criminals who were arrested but not yet sentenced for crack cocaine offenses should be able to take advantage of newly reduced sentences.
Corey A. Hill and Edward Dorsey were arrested in 2007 and 2008 for selling crack cocaine and faced mandatory 10-year sentences in Illinois. But they weren't sentenced until after the Fair Sentencing Act went into effect in August 2010. That law reduces the difference between sentences for crimes committed by crack cocaine and powder cocaine users.
Justice Stephen Breyer said in a 5-4 decision Thursday that the courts should have used the new law to sentence the two men.
Chief Justice John Roberts, and Justices Antonin Scalia, Clarence Thomas and Samuel Alito dissented. |
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