“Given recent volatility in BP share price, I’m told that information related to top kill is now considered stock-market sensitive, which means it has to be managed under disclosure rules for the London and N.Y. stock exchanges,” the BP media official said in an e-mail message. “In a nutshell, that means all investors must be provided information on an equal basis. That precludes me from sending you updates as various aspects of the operation unfold.” — today’s New York Times. Readers can correct me if I’m wrong, but I believe securities law itself, and not merely private exchange rules, currently constrains companies’ release of stock-market-sensitive information.
P.S.: Ira Stoll, better informed than I about the background, makes the same point: “I agree with Mr. Carr that this is a problem, but his quarrel should be with the SEC and Reg FD, not with BP.”
Tagged as:
BP Transocean oil spill,
newspapers,
securities litigation
- Study: Lawyers overestimate their chance of prevailing in litigation [Post, Volokh]
- Novell court victory might spell end to SCO Linux-infringement claims [GrokLaw, earlier]
- “Law firms violating copyrights?” [Mister Thorne]
- Lawyers say New Jersey money-laundering statute “uniquely criminalizes the mere possession of U.S. currency” [NJLJ]
- Ted Frank vs. critic on $28 million Sacramento nursing home award [PoL]
- Advocates push “right to development” for developing countries [Kelly, Global Governance Watch]
- For once Connecticut AG Blumenthal wants a damage award reduced [Hartford Courant, earlier at PoL]
- “Did You Know That the Real World Has an STD Waiver?” [Mystal, AtL]
Tagged as:
copyright,
international human rights,
New Jersey,
nursing home,
Richard Blumenthal,
Ted Frank
“The paper [published this week by the American Psychological Association] is a critique of a rating scale that is widely used in criminal courts to determine whether a person is a psychopath and likely to commit acts of violence. It was accepted for publication in a psychological journal in 2007, but the inventor of the rating scale saw a draft and threatened a lawsuit if it was published, setting in motion a stultifying series of reviews, revisions and legal correspondence.” [Benedict Carey, New York Times]
Tagged as:
colleges and universities,
expert witnesses
Roger Parloff at Fortune answers some frequently asked questions. Last week he wrote about the supposed, but largely irrelevant, $75 million “cap,” in actuality, according to one expert, a provision of a law “designed to expand liability.” Earlier here.
P.S. From the WSJ (paywall):
Under all but the most dire situations, BP should have little trouble servicing its debts. The biggest risk to the company is a government-driven collapse, but experts doubt the U.S. government can carry out its harshest threats, such as forcing BP to pay the salaries of workers laid off because of the federal moratorium on deepwater drilling. “I cannot imagine that the U.S. government has anything close to the authority to do that” says Jim Langdon, executive partner at the law firm of Akin Gump Strauss Hauer & Feld.
Tagged as:
BP Transocean oil spill
- Automakers fight Bruce Braley/trial lawyer effort on Capitol Hill to overturn NHTSA preemption [Dow Jones, WSJ Law Blog, David Freddoso/Examiner, Carter Wood and more at PoL]
- Twombly/Iqbal can curb sue-’em-all, sort-’em-out-later charges of civil conspiracy [Sachse/Drug & Device Law, earlier]
- Claim: Obama, Kagan, Sotomayor typify “postradical” law school generation [David Fontana, Chronicle of Higher Ed via Wasserman/Prawfs (counter: "there are a lot of us liberal doctrinalists out here ...And students are learning that vision in law school"), Althouse ("Spare me! There are plenty of strongly liberal and lefty lawprofs and if you want theoretical ambition you can find it.")]
- FTC report contemplates much wider federal intervention in media business [Jarvis/BuzzMachine, Tapscott/Examiner, Coyote, Steele/LEF, Stoll/Future of Capitalism, LA Times, ShopFloor, Jarvis/NY Post, Pethokoukis/Reuters, Suderman/Reason] Is scary McChesneyite “Free Press” making headway in administration? [Riggs, Daily Caller]
- “Law and Society Boycott Resolution Gets Arizona Immigration Law Wrong” [Chin, Prawfs]
- “Appeal of Crunch Berries Case Dismissed” [Lowering the Bar, earlier]
- “Senior U.N. official” demanding end to U.S. use of drones against Al Qaeda in Afghanistan also happens to be NYU lawprof [NY Times, 16th/last paragraph of story]
- Unintended consequences: 1932 cut in judges’ pensions changed Supreme Court history [Magliocca, ConcurOp]
Tagged as:
Federal Trade Commission,
international human rights,
law schools,
newspapers,
NHTSA,
pleading,
preemption,
Supreme Court
Rick Woldenberg looks at the risk angles, as well as the politics, of the cadmium-in-Shrek-glasses McDonald’s scare.
Tagged as:
CPSC
A Brooklyn school safety officer sued New York City, saying it discriminated against her religious beliefs for her to have to wear a city ID card that she considered possessed and the “sign of the Beast.” A judge ruled in her favor at an earlier stage in the proceedings, but a second judge has now awarded her just $1 damages. [NY Post]
Tagged as:
NYC,
religious discrimination
Dallas entrepreneur Phebe Phillips tells in this speech (PDF) why she had to get out of her successful plush animal business:
Then in 2008 and 2009 the U.S. economy tanked … retail dwindled and a new toy regulation was enacted in response to the poor quality and mass quantity oversights by some really big toy companies.
This new law raises the testing price for each product and in some cases, doubles or triples the costs. For some small companies, it can cost one year of total revenue just to meet the requirements of this law. The law is for any product marketed to a child age twelve and under and for any product made anywhere…even here. It has frozen many small and midsize companies leaving the companies that caused the problems in the first place as some of the only companies that can afford to stay in business. Financially, it caused me to temporarily halt my business…I changed!
Via Amend the CPSIA, which had this report on Phillips in December; earlier on CPSIA and stuffed animals here and here.
Consumer Product Safety Commission member Anne Northup has also been blogging about some of the law’s ongoing damaging effects on sellers of dolls, kids’ furniture and apparel imports.
PUBLIC DOMAIN IMAGE from Honor C. Appleton, The Bad Mrs. Ginger (Frederick A. Stokes Co., 1902), courtesy ChildrensLibrary.org.
Tagged as:
CPSC,
CPSIA,
CPSIA and apparel/needle trades,
CPSIA and toys,
small business
- Compensation awards to soldiers in the UK: £161,000 for losing leg and arm, but £186,896 for sex harassment? [Telegraph]
- Judge in banana pesticide fraud case says threats have been made against her and against witnesses [AP, L.A. Times]
- Teacher plans to sue religious school that fired her for having premarital sex [Orlando Sentinel]
- Now sprung from hoosegow, class-actioneer Lerach on progressive lecture circuit and “living in luxury” [Stoll, Carter Wood at PoL and ShopFloor (Campaign for America's Future conference), San Diego Reader via Pero]
- Connecticut law banning “racial ridicule” has palpable constitutional problems, you’d think, but has resulted in many prosecutions and some convictions [Volokh, Gideon]
- Gone with the readers: newsmagazines, metro newspapers facing fewer libel suits [NY Observer] More: Lyrissa Lidsky, Prawfs.
- Having Connecticut press comfortably in his pocket helped Blumenthal turn the tables against NY Times [Stein/HuffPo] Must not extend to the New Britain Herald News, though;
- Interview with editor Brian Anderson of City Journal [Friedersdorf, Atlantic] I well remember being there as part of the first issue twenty years ago.
Tagged as:
banana pesticide litigation fraud,
Bill Lerach,
Connecticut,
damages,
discrimination law,
hate speech,
libel slander and defamation,
Richard Blumenthal,
United Kingdom
How do you know the popular TV show is fiction? Because if a real-life high school glee club in Lima, Ohio were actually basing its performances on contemporary material without employing a small army of rights-clearers and paying heftily in royalties, it could face copyright damage demands approaching a million dollars:
Defenders of modern copyright law will argue Congress has struck “the right balance” between copyright holders’ interests and the public good. They’ll suggest the current law is an appropriate compromise among interest groups. But by claiming the law strikes “the right balance,” what they’re really saying is that the Glee kids deserve to be on the losing side of a lawsuit. Does that sound like the right balance to you?
[Christina Mulligan, Yale Law School Information Society Project via Katherine Mangu-Ward, Reason] More: Legal Blog Watch, A Foolish Consistency.
Tagged as:
copyright,
music and musicians
Doesn’t really impress Kevin Underhill at Lowering the Bar:
His lawyers filed a motion prior to opening statements arguing that [former Gov. Rod] Blagojevich had the right to say the things that he was recorded saying because, far from misusing his office for personal gain, he was just talking politics. Blagojevich had “the right,” the motion argues, “to vigorously debate about different options for appointments and different fundraising strategies.” And because “[t]he marketplace of ideas is critical to Democracy [sic],” the prosecution “violates fundamental free speech.”
I just wonder if “marketplace” was the best metaphor to use in association with Rod Blagojevich.
Let’s see — so, when Blagojevich met with a lobbyist in 2008, mentioned that he was about to announce a $1.8 billion construction project and said “I’ve got Lon going to Construction Executive and asking for $500,000 . . . . I could have made a larger announcement but wanted to see how they perform by the end of the year. If they don’t perform, f— ‘em,” he was simply engaging in vigorous debate about a fundraising strategy. See United States v. Blagojevich, No. 08 CR 888, Government’s Evidentiary Proffer, p. 55 (filed Apr. 14, 2010).
Or, when told that Children’s Memorial Hospital (which was hoping for a rate increase) was not returning calls about political contributions, Blagojevich said “Screw them,” then called the deputy governor, asked “Where are we on the money to Children’s Memorial Hospital? . . . . Hold it up,” that was an even more vigorous debate about fundraising. See id. at p. 62.
Tagged as:
Illinois,
Rod Blagojevich