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Settlement Reached In Long Island Hospital Dispute
The State University of New York has reached a deal with unions and Northern Brooklyn community groups regarding the future of its Long Island College Hospital.
In February of 2013, SUNY’s board of trustees voted to close the hospital and were seeking sell the property to (likely one of four) developers who are competing in a bid process. Various groups from the community blocked the closure with a web of legal actions brought by a coalition of local community groups, unions and elected officials, who were calling for a totally new, transparent Request for Proposals (bidding) process that “respond to the health care needs of the community.” Meanwhile, SUNY claimed that the losses—estimated at as much as $13MM per month—that resulted from the hospital’s continued operation threaten the structure of the state’s entire public college system. Continue reading ›
SEC Alert: Scottrade $2.5MM Settlement
It seems the U.S. Securities and Exchange Commission is one of the busiest federal agencies lately, as it brought down the hammer once again, this time obtaining a $2.5 million penalty from Scottrade, Inc. by way of settlement……
SEC Alert: Scottrade $2.5MM Settlement
It seems the U.S. Securities and Exchange Commission is one of the busiest federal agencies lately, as it brought down the hammer once again, this time obtaining a $2.5 million penalty from Scottrade, Inc. by way of settlement. From March of 2006 until 2012, an affiliate of Scottrade, Inc. failed to provide the SEC with accurate “blue sheets,” which essentially log the details of all trading activity both within a firm and with its customers. Blue sheet data is necessary for the SEC to identify and analyze trades in the course of investigations and other work, as they contain the details of each equity or options trade that is routed through clearing broker-dealers. (They are called “blue sheets” because the form was blue, but in the ‘80s, the process became electronic. Still, the term “blue sheet” is commonly used.) Continue reading ›
SEC Insider Trading Alert: Teo’s Musicland Insider Trading Appeal Unsuccessful
On February 10, 2014, the Third Circuit Court of Appeals affirmed a lower federal court’s jury verdict of insider trading against Alfred Teo and a trust he controlled. Alfred Teo Sr., a former shareholder in Musicland Stores Corp…..
SEC Insider Trading Alert: Teo’s Musicland Insider Trading Appeal Unsuccessful
On February 10, 2014, the Third Circuit Court of Appeals affirmed a lower federal court’s jury verdict of insider trading against Alfred Teo and a trust he controlled. Alfred Teo Sr., a former shareholder in Musicland Stores Corp, a conglomerate company that oversaw numerous music endeavors including Sam Goody music stores and Suncoast Motion Picture Co. video shops, was found guilty of insider trading. Teo and his trust were ordered to disgorge gains of $17,000,000 and to pay prejudgment interest of an additional $14,000,000. Teo received and traded on confidential information from insiders of Musicland about an impending all cash tender offer by Best Buy for all the shares of Musicland. The decision in SEC v. Teo is another stark illustration of the painful economic consequences of insider trading. Continue reading ›
US Steps Up for Others in Whistleblower Protection
The United States continues to make great strides in whistleblower protection as the world super power recently made demands regarding protection on the world stage. The United States was prompted into action as a result of United Nations officials taking retaliatory measures against a former United Nations employee who blew the whistle on a $500 million kickback as part of the construction of a power plant and coal mine in Kosovo.
US Steps up for Others in Whistleblower Protection
The United States continues to make great strides in whistleblower protection as the world super power recently made demands regarding protection on the world stage. The United States was prompted into action as a result of United Nations officials taking retaliatory measures against a former United Nations employee who blew the whistle on a $500 million kickback as part of the construction of a power plant and coal mine in Kosovo. Continue reading ›
Bus Driver Whistleblower
Another day, another whistleblower claim, as increased action continues on qui tam front. A bus driver named Robert Dukin drove for the Mount Olive school district from 2007 to 2010 but he claims he was let go for reporting unsafe working conditions of his vehicle. Dukin v. Mount Olive Twp. Bd. of Ed. came about as a result of a number of events…
Bus Driver Whistleblower
Another day, another whistleblower claim, as increased action continues on qui tam front. A bus driver named Robert Dukin drove for the Mount Olive school district from 2007 to 2010 but he claims he was let go for reporting unsafe working conditions of his vehicle. Continue reading ›
2013 Proves Great for Whistleblowers
The False Claims Act has long stood as the benchmark in legislation to both protect and inform the whistleblower. (For a deeper explanation of the False Claims Act, see the previous post regarding it) Since the expansion of the law through recent…
2013 Proves Great for Whistleblowers
The False Claims Act has long stood as the benchmark in legislation to both protect and inform the whistleblower. Continue reading ›
Mergers and Acquisitions (UPDATE)
Google is back in the news with another large sale M&A transaction, but this time, as the seller. In May of 2012, Google purchased Motorola for $12.5 billion in an effort to create a new means of producing hardware to operate the Android operating system. Well this week, it seems Google is giving up, but wishing all the best to Lenova, a strong PC business growing in the smartphone market. Google is selling its Motorola Mobility smartphone unit to Lenovo for $2.9 billion. Continue reading ›
Class Arbitration Confusion
You have probably heard of class actions…but class arbitrations?
Class Arbitration Confusion
You have probably heard of class actions…but class arbitrations?
Class arbitration and its suitability as a vehicle for litigation is in flux as courts nationwide struggle to find common ground in the law.
A 2009 New Jersey matter involving a number of plaintiffs who had accused Fidelity National Financial Inc. and at least six other title insurers of charging exorbitant closing fees highlights this issue. Continue reading ›
A Market of Acquisitions and Mergers
Many large corporations continue to flex their financial strength even in the modern economy, serving as an example to many smaller businesses that 2014 is the perfect time to expand. Recently, mega giant Google bought smart home device designing…
A Market of Acquisitions and Mergers
Many large corporations continue to flex their financial strength even in the modern economy, serving as an example to many smaller businesses that 2014 is the perfect time to expand. Continue reading ›