Daily Archives: June 16, 2012

1934 cartoon: PLANNED ECONOMY OR PLANNED DESTRUCTION?

1934: PLANNED ECONOMY OR PLANNED DESTRUCTION?.

Hearing entitled “Examining Bank Supervision and Risk Management in Light of JPMorgan Chase’s Trading Loss” | House Committee on Financial Services

Hearing entitled “Examining Bank Supervision and Risk Management in Light of JPMorgan Chase’s Trading Loss” | House Committee on Financial Services.

Tuesday, June 19, 2012 9:30 AM in 2128 Rayburn HOB

Biloxi Buzz for Saturday

Virginia Board Of Health Nixes Controversial Abortion Clinic Rule

Daredevil Walks Across Niagara Falls On Tightrope

Ex-Goldman Director’s Conviction Unlikely To Curb Insider Trading

Body Found Near Surgeon’s Home Days After Ex-Girlfriend’s Murder

‘JUNK’

Italian Government Announces Urgent Measures

Bryllaw blog: Beware when you hear that your bank must establish itself as “holder in due course” before foreclosure

PUBLISH

APPEAL FROM THE UNITED STATES DISTRICT COURT

FOR THE DISTRICT OF COLORADO

(D.C. No. 1:10-CV-01749-RPM)

Gary Fielder, Arvada, Colorado, for Plaintiff – Appellant.

Victoria Edwards (and Justin D. Balser of Akerman Senterfitt, L.L.P., on the brief), Denver, Colorado, for Defendants – Appellees.

Before KELLY, Circuit Judge, BRORBY, Senior Circuit Judge, and O’BRIEN, Circuit Judge.

KELLY, Circuit Judge.

Page 2

Background

Read more from Attorney Gregory Bryl blogsite. Click here.

Big investors still on sidelines as Facebook defense takes shape

Thomson Reuters News & Insight.

On Friday, Facebook and its underwriters offered some clues about how they intend to defend the more than 40 suits filed so far in state and federal court that accuse them of deceiving investors in Facebook’s May 18 initial public offering. From a brief asking the Judicial Panel on Multidistrict Litigation to consolidate the Facebook IPO securities litigation in federal court in Manhattan, we learned, first off, who’s going to be collecting defense fees for years to come in this case. Facebook has Willkie Farr & Gallagher and Kirkland & Ellis. (Facebook’s general counsel is an former Kirkland partner, and Kirkland has close ties to Facebook lead underwriter Morgan Stanley.) Morgan Stanley and Goldman Sachs are represented by Davis Polk & Wardwell.

The brief was unusually feisty for a consolidation request, which is usually a matter of procedural housekeeping. The complaints filed so far against Facebook and the underwriters center on whether the offering materials adequately disclosed Facebook’s declining advertising revenue prospects, given that Facebook’s oral communications with some analysts (and the analysts’ subsequent conversations with favored investors) seemed to be gloomier than the prospectus.

More Delegates Want to Join Republican National Committee Lawsuit Revolt

Courthouse News Service.

SANTA ANA, Calif. (CN) – In a revolt against Romney, at least 40 more national convention delegates asked to join 123 previous plaintiffs in a lawsuit against the Republican National Committee, and their attorney said hundreds more may soon follow suit.
The first 123 delegates, all from the 9th Circuit, sued the RNC, its Chairman Rince Priebus, and every state party chairman in the 9th Circuit in Federal Court on Monday, demanding the right to vote for the candidate of their choice on every ballot at the Republican National Convention, including the first.
The delegates claim the party violated federal law by forcing them to sign loyalty affidavits, under threat of perjury, to vote for Mitt Romney, though he is not yet the official nominee.

Class Action Claims Blue Shield Prices Out the Sick

Courthouse News Service.

SAN FRANCISCO (CN) – Blue Shield of California forces older, sicker policyholders into low-benefit coverage with high deductibles, and excludes some from coverage completely, customers claim in a federal class action.
Lead plaintiffs Robert Martin and Deborah Goodwin claim Blue Shield has been manipulating California’s “dual-regulator” health insurance system by closing blocks of health plans under one agency and opening up new ones under the other.
And, they say, the company uses “enormous” rate increases and threats of increases to force “older, sicker” consumers into plans with fewer benefits and higher deductibles.
Closing blocks of plans is called a “Death Spiral,” a term for a block no longer offered to new enrollees. It leaves older ones with pre-existing health conditions with no alternatives but transferring to a policy with fewer benefits and higher deductibles.
“Consumers with pre-existing medical conditions cannot seek other comparable coverage because they cannot pass ‘medical underwriting,’ the process through which a health care service plan or health insurer evaluates a consumer’s insurance risk, and on that basis, determines whether to sell coverage to that individual,” the complaint states.