The State of Florida was sued recently in a Miami federal district court. The lawsuit challenges a Florida Board of Education policy that forces certain U.S. citizens to pay out-of-state tuition because their parents are undocumented immigrants. The policy is the result of regulations implemented by the state’s Education Department and Florida’s Board of Governors. These two entities oversee Florida’s higher education system. Thus far, neither has commented on the complaint allegations.
Heads: the risks pan out, the executives look like geniuses, and they have “earned” their multimillion dollar bonuses and Cuban cigars. Tails: the uberderivative financial instruments that these “geniuses” have concocted crash, as in the subprime mortgage crisis…
A World Series as exciting as any in memory ended two weeks ago. Notwithstanding the end of the season, the Los Angeles Dodgers’ chapter 11 case offered the promise of more baseball-related thrills. Dodger’s owner Frank McCourt and Major League Baseball (“MLB”) Commissioner Bud Selig appeared headed towards an epic courtroom showdown that promised to rival the high drama of the cliffhanger auction in last year’s Texas Rangers’ bankruptcy. However, the settlement last week between McCourt and MLB peremptorily ended the battle.
The Federal Trade Commission recently announced its settlement with the operator of www.skidekids.com, a social media website marketed as the “Facebook and Myspace for kids.” The FTC claimed that the website collected personal information from approximately 5,600 children without parent consent in violation of the Children’s Online Privacy Protection Act (“COPPA”).
There’s the great scene in the movie “Network” that features the line – “I’m Mad as Hell and I’m Not Going to Take it Anymore!”. After 12 days without power, that’s a message that is resonating with me quite loudly. But this is an employment law blog and there’s a message there for employers too.
Pennsylvania and the nationwide Penn State alumni network has been shocked by Saturday’s grand jury presentation (essentially an indictment) of Jerry Sandusky, a former defensive coordinator for Penn State’s football team, for sexually abusing eight children that he “groomed” through a charity for troubled young boys he founded, The Second Mile. Also indicted were athletic director Tim Curley and a Penn State Senior VP, Gary Schultz, for perjury and failure to report the abuse to authorities. NPR has a breakdown of key figures and the timeline.
Last week, I received a call from a reporter at the Chronicle of Philanthropyasking whether it was true that people could donate in support of Occupy Wall Streetand receive a charitable tax deduction. Here’s how I answered
Apple is in trouble again for copyright infringement. They were recently sued for copyright violations for selling an application through the iStore that extracts pictures from Flickr and then re-publishes them. The application doesn’t seek permission in advance, and it even (allegedly) strips any embedded copyright management information.
SEC V. Citigroup: The Commission Responds to Judge Rakoff’s Questions and Gives Some Insight into the Settlement Process
On Monday, November 7, 2011, the SEC filed its Brief in response to questions posed by the Court regarding the proposed settlement in SEC v. Citigroup, No. 11-cv-7387 (S.D.N.Y.). In answering the Court’s questions, the Commission emphasized that “[t]he proposed consent judgment embodying this settlement is fair, adequate, and reasonable, and should be entered by this Court.” The brief submitted by the Commission provided a broader-than-normal look at the Commission’s approach to settling cases (although the SEC did argue that the Court was not entitled to consider some of the issues it had raised). Judge Jed Rakoff has scheduled a hearing for Wednesday, November 9, 2011 to consider the proposed settlement.
MF Global Files for Bankruptcy—FBI Investigates Potential Misuse of Customer Accounts: LXBN Roundtable
The bad news had been building for MF Global. A week before the brokerage firm filed for bankruptcy, Moody’s Investors Service and Fitch Ratings downgraded MF Global’s credit rating to “junk” status. It was widely known MF Global was attempting to ditch as much of its $6.3 billion in European sovereign-debt holdings as it could, and was actively looking for potential suitors to buyout the company.