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Assembly OKs adding bank settlement into Calif law
Business Law Info |
2012/07/03 22:03
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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
Business Law Info |
2012/07/01 22:02
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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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Ex-DC Council chairman pleads guilty to 2 charges
Business Law Info |
2012/06/09 18:18
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The former chairman of the District of Columbia Council pleaded guilty Friday to lying about his income on bank loan applications, the latest blow to a city government rocked by scandal.
Kwame Brown also admitted to a misdemeanor campaign finance violation, capping a tumultuous week in which he forfeited his position as one of the city's most influential powerbrokers. His departure creates more turnover on the city's governing body and follows the resignation of another councilmember who admitted to stealing public funds earmarked for youth sports programs.
Their departures this year — coupled with a federal probe of Mayor Vincent Gray's 2010 campaign that has already produced guilty pleas from two campaign aides — have sent the district government into a tailspin. And the scandals likely aren't helping efforts to gain greater budget autonomy, much less win more voting power for the district's delegate to Congress or to secure the long-sought goal of statehood. |
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Florida CVS stores' suspension put on hold
Business Law Info |
2012/03/15 15:11
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A federal appeals court has put on hold the suspension of two Florida CVS pharmacies that would have prevented them from selling controlled substances.
The court on Wednesday stopped the suspension while it considers an appeal from the stores. The Drug Enforcement Administration had issued the suspension because of alleged lax enforcement of restrictions on a powerful painkiller.
The DEA says the pharmacies were dispensing the painkiller oxycodone far in excess of legitimate needs. CVS says it has taken steps to reduce the prescriptions.
On Tuesday, a federal judge denied the CVS stores' request for a preliminary injunction in the case, but the stores immediately appealed.
The appeals court has already put on hold DEA's suspension of Cardinal Health's Lakeland, Fla.-based center that supplied the stores. |
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Court Overturns $10M Tyson Verdict
Business Law Info |
2012/03/07 17:09
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The Oklahoma Supreme Court on Tuesday tossed a $10 million jury verdict against Tyson Foods Inc., granting the company's request for a new trial based on allegations of juror misconduct and a mistake on interpreting the law.
Springdale, Ark.-based Tyson Foods claimed on appeal that some prospective jurors in the trial in McCurtain County, Okla., didn't answer questions fully or truthfully on juror questionnaires and the trial judge didn't allow oral questions on items covered in the forms filled out by the panelists.
The high court also agreed with Tyson that the growers weren't covered by the Oklahoma Consumer Protection Act. Growers had argued that since Tyson provided them with feed and chicks, that gave them standing as consumers.
Tyson has a large operation in the region, with more than 180 poultry producers in southwest Arkansas and southeast Oklahoma that raise broilers for Tyson's plant in Broken Bow, Okla. That plant and its related operations, including a feed mill, employ more than 1,700 people.
In 2008, 54 growers, with Rusty Armstrong as lead plaintiff, sued Tyson, claiming that farmers who didn't want to modernize their equipment were given inferior feed and chicks. They claimed that Tyson had favored growers who got better feed and livestock. |
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Bankruptcy threat to iPad trademark challenger
Business Law Info |
2012/03/05 17:11
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A major creditor of Proview Electronics, which is challenging Apple Inc.'s use of the iPad trademark, has moved to have the ailing computer monitor maker liquidated, reports said Monday.
Taiwan-based Fubon Insurance is seeking $8.68 million in debts and has filed an application to have Proview declared bankrupt, the reports by the Xinhua News Agency and other mainland media said.
Proview's mainland Chinese subsidiary is based in the southern export zone of Shenzhen, where an official at the city's Intermediate Court said he expected an announcement regarding the case soon.
"It's a sensitive case in a sensitive period of time, so we won't comment or release information while we will have an announcement in the near future," said the official who gave only his surname, Zhu.
Proview lawyer Ma Dongxiao said the company believes its financial problems won't affect the handling of a court case in which Apple is appealing a ruling against its claim to the iPad trademark in China. |
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