Nate's Feed
Dec 24, 2014

U.S. judge enters $50 mln investor judgment against Vivendi ahead of appeal

NEW YORK, Dec 24 (Reuters) – A U.S. judge has ordered
Vivendi SA to pay nearly $50 million to resolve a
shareholder lawsuit over a merger that occurred in 2000, but
issued another order putting the money in escrow while the
French media group appeals.

U.S. District Judge Shira Scheindlin in New York entered the
judgment on Monday. On Wednesday, she issued a separate order
that allows Vivendi to have the judgment’s execution put on hold
pending an appeal, once the company deposits $55 million with
the court.

Dec 24, 2014

Facebook must face lawsuit over scanning of users’ messages: judge

By Nate Raymond

(Reuters) – Facebook Inc must face a class action lawsuit accusing it of violating its users’ privacy by scanning the content of messages they send to other users for advertising purposes, a U.S. judge has ruled.

U.S. District Judge Phyllis Hamilton in Oakland, California, on Tuesday dismissed some state-law claims against the social media company but largely denied Facebook’s bid to dismiss the lawsuit.

Dec 23, 2014

U.S. Representative Grimm plead guilty to tax fraud: defense lawyer

NEW YORK (Reuters) – U.S. Representative Michael Grimm of New York pleaded guilty to a federal felony tax charge on Tuesday, seven weeks after coasting to reelection despite his indictment.

Grimm, a Republican, pleaded guilty in Brooklyn federal court to aiding the preparation of a false tax return in connection with a health food restaurant, Healthalicious, that he co-owned before his political career.

Dec 23, 2014

Argentina loses U.S. appeal over creditors’ subpoenas

NEW YORK (Reuters) – A U.S. appeals court on Tuesday rejected Argentina’s bid to reverse a decision requiring the country and various banks to provide holdout creditors with information about the country’s assets, including military equipment and diplomatic property.

The 2nd U.S. Circuit Court of Appeals in New York affirmed the 2013 ruling, which ordered the banks and Argentina to comply with subpoenas and information requests served by bondholders suing for full payment of debts after Argentina’s $100 billion default in 2002.

Dec 22, 2014

Representative Grimm to plead guilty in tax fraud case: source

NEW YORK (Reuters) – U.S. Representative Michael Grimm of New York is expected to plead guilty on Tuesday to resolve federal tax fraud and other charges, a source familiar with the case said.

Grimm, a Republican, easily won a third term in November despite his indictment in April on charges of fraud, perjury and conspiracy stemming from a Manhattan health food restaurant he formerly co-owned, Healthalicious.

Dec 22, 2014

NY antitrust lawyer, husband charged with defrauding law firms

Dec 22 (Reuters) – A New York antitrust lawyer and her
husband were arrested Monday on charges they conspired to
defraud two law firms and a client out of $5 million.

Keila Ravelo, who had most recently been a partner at Wall
Street law firm Willkie Farr & Gallagher, and her husband Melvin
Feliz were charged with conspiracy to commit wire fraud in a
complaint filed in Newark, New Jersey federal court.

Dec 22, 2014

U.S. judge’s rebuke prompts prosecutors to rethink N.Y. man’s sentence

NEW YORK (Reuters) – A convicted robber and drug dealer who had faced a mandatory minimum 52 years in prison has instead been sentenced to 27 years, after prosecutors took the rare step of following a judge’s urgings for a shorter prison term after the trial had ended.

Randy Washington, 28, was sentenced Thursday in Manhattan federal court.

Washington had elected to go to trial rather than accept a 10-year offer from prosecutors, who then added a so-called sentencing enhancement that left him facing a minimum of 52 years if convicted.

Dec 22, 2014

Squared settles with SEC over false performance claims

Dec 22 (Reuters) – F-Squared Investments Inc, one of the
largest marketers of investment products using exchange-traded
funds, has agreed to pay $35 million to settle U.S. regulatory
charges that it defrauded investors through false performance
advertising.

The U.S. Securities and Exchange Commission said on Monday
it separately charged Howard Present, F-Squared’s co-founder and
former chief executive, with making false and misleading
statements to investors.

Dec 20, 2014

SEC suffers setback in bid for more damages against Texas’ Wylys

NEW YORK (Reuters) – The U.S. Securities and Exchange
Commission suffered a setback Friday in its efforts to collect a
bigger judgment against Texas tycoon Sam Wyly and his late
brother Charles’ estate than the nearly $300 million it has
already won.

U.S. District Judge Shira Scheindlin in New York ruled that
her initial award in September reflected the “best measure” of
the Wylys’ ill-gotten gains and said she would not impose an
alternative amount unless she was reversed on appeal.

Dec 19, 2014

Ex-NYC councilman loses bid for new corruption trial

NEW YORK (Reuters) – Former New York City Councilman Larry Seabrook lost a bid for a new trial on Friday after a federal judge rejected his claim that his brother and aide were excluded from watching jury selection.

U.S. District Judge Kevin Castel in Manhattan ruled that no one was excluded and said that a request by U.S. District Judge Deborah Batts and her deputy clerk for members of the public to vacate their seats meant “make room for the jurors.”