Fed proposes expanding capital reviews to 35 banks
Legal Topics | 2011/06/11 06:43
The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.

The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.

Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.

The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.


Lawyer: Baseline Killer suspect a 'ravenous wolf'
Legal Topics | 2011/06/07 16:16
Graphic images of dead people flashed across courtroom televisions as the victims' families looked on, weeping and consoling one another. Some had to leave to collect themselves.

For the first time since the nine victims were killed in 2005 and 2006, the man accused of the crimes is on trial for murder. The prosecution and defense delivered their dramatic opening statements Monday in the trial against Mark Goudeau, who is accused of being the so-called Baseline Killer.

Goudeau, 46, is also accused of dozens of other crimes, including rape and child molestation. His trial is expected to last nine months, with testimony resuming Tuesday.

Goudeau has pleaded not guilty. If convicted of murder, he could face the death penalty.

Prosecutor Suzanne Cohen told jurors that Goudeau was driven by a hunger to rape, and the victims who didn't cooperate were shot point-blank in the head.

"Beware of the predator that comes to you wrapped in sheep's clothing because he is a ravenous wolf," Cohen said. "Mark Goudeau is that ravenous wolf, and you shall know him by his deeds."

Cohen said "the only thing that matched his hunger to rape was his determination to not get caught and not be sitting in this chair."

"Those innocents did nothing wrong but cross his path while he was hunting," she said.

In his opening statement, defense attorney Randall Craig said there was a serious lack of DNA evidence in the case, and he questioned the integrity of the investigation.


Senate confirms Obama lawyer as solicitor general
Legal Topics | 2011/06/07 16:16
The Senate has confirmed White House lawyer Donald Verrilli Jr. to succeed Justice Elena Kagan as U.S. solicitor general.

With the 72-16 vote, Verrilli will fill a post that has been vacant since the Senate voted Kagan to her Supreme Court seat last August. The solicitor general represents the executive branch of government before the Supreme Court.

President Barack Obama named Verrilli as Kagan's successor last January. A month ago, the Senate Judiciary Committee approved the nominee by a 17-1 vote.

Verilli has most recently served as a deputy counsel to Obama. He previously worked at the Justice Department as an associate deputy attorney general.


NJ mom accused of starving child pleads not guilty
Legal Topics | 2011/06/02 15:53
Two women pleaded not guilty Wednesday to charges of child endangerment a week after an 8-year-old was found dead in their apartment from severe malnutrition and an untreated broken leg and her injured and emaciated siblings were removed alive.

The children's 30-year-old mother, Venette Ovilde, stared blankly and answered a judge's questions in a barely audible whisper as she entered her plea through a court-appointed attorney. She remains held on $500,000 bail on aggravated manslaughter and child endangerment charges.

Her 23-year-old roommate, Myriam Janvier, also pleaded not guilty through a court-appointed attorney to child endangerment charges. Her bail was continued at $100,000.

Christiana Glenn died May 22 from severe malnutrition and a fractured femur that authorities said had never been treated. Her 7-year-old sister and 6-year-old brother remained hospitalized for treatment of malnutrition and other injuries after being removed from Ovilde's Irvington apartment.

The children were discovered after the police were called to the home on a report of a child not breathing.

The women, who were both born in Haiti but came to the U.S. at a young age, radically altered their lifestyles about two years ago when they came under the sway of a man they described as their religious leader, according to friends and acquaintances.


Head of Delaware Business Court Joining Law Firm
Legal Topics | 2011/05/21 15:52
The head of Delaware's Court of Chancery, a key venue for matters of corporate law, is taking a job with a California-based law firm.

Chancellor William Chandler III will join Palo Alto-based Wilson Sonsini Goodrich & Rosati on June 18. He had announced in April that he was retiring from the bench. In a statement released by the firm Thursday, Chandler said Wilson Sonsini has an outstanding legal practice and one of the most enviable client bases in the nation.

Chandler has served on the chancery court since 1989 and was appointed to the top post of chancellor in 1997.

He has presided over many high-profile cases, involving companies such as Walt Disney Co., Yahoo Inc., Microsoft Corp., News Corp., eBay Inc., Citigroup Inc., Hewlett-Packard Co. and Dow Chemical Co.


Court lets Minn. corporate disclosure law stand
Legal Topics | 2011/05/17 15:37
A federal appeals court has affirmed a judge's decision to let stand Minnesota's law requiring the disclosure of corporate political donations, saying the state's rules are similar to laws upheld by the Supreme Court and the groups who want them blocked are unlikely to prevail.

In an opinion filed Monday, the 8th Circuit Court of Appeals disagreed with claims that Minnesota's disclosure requirements effectively prohibit corporate independent expenditures and impose burdensome regulations that ban free speech.

"The burden on corporations appears light, and the reporting requirement greatly facilitates the government's informational interest in monitoring corporate independent expenditures," the appeals court found. The judges wrote that rather than banning contributions, the law provides a way to disclose certain information.

Minnesota law requires that in election years, businesses and independent groups must submit five reports and disclose large donations within 24 hours for the three weeks leading up to the primary and the last two weeks before the general election. In off years, one report is required. The registration requirement is triggered when businesses or independent funds spend more than $100. Penalties for violations can be up to $25,000.

One member of the three-judge panel disagreed with the majority in part, saying the state's reporting requirements chill political speech.


Police investigate threats to Indiana Supreme Court
Legal Topics | 2011/05/16 15:37

Capitol Police in Indianapolis are investigating harassing phone calls and email messages to the Indiana Supreme Court following a recent contentious ruling.

Police won't say how many calls and messages have been received or whether they're addressed to a specific justice. Court spokeswoman Kathryn Dolan tells The Times of Munster the threats are mostly directed at police officers.

The state's highest court ruled Thursday that Indiana residents have no right to resist police making an unlawful police entry into their homes. In a 3-2 decision written by Justice Steven David, the court ruled that people person confronted with an illegal police entry into their homes should allow entry and sue later for damages. It said resisting entry increases the risk of escalating violence.



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