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September 7, 2010

Class Certification Denial Affirmed In Bad Faith, Breach Claims Over Annuities

ST. LOUIS - A panel of the Eighth Circuit U.S. Court of Appeals affirmed denial of class certification to a complaint over fixed deferred retirement annuities on Aug. 12, finding that the plaintiffs' claims did not meet the predominance requirements for a class action (Jacqueline Avritt, et al. v. Reliastar Life Insurance Co., No. 09-2843, 8th Cir.; 2010 U.S. App. LEXIS 16700; See 3/12/09, Page 19). Full story on lexis.com

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Panel Affirms Insurer Had No Duty To Defend Medical Malpractice Suit

LOS ANGELES - A doctor is entitled to a defense only if, during the policy period, a claim was made against the doctor and the doctor or the hospital reported it to the insurer, a California appeals panel held July 28, affirming a lower court's ruling that the insurer had no duty to defend or indemnify the doctor against an underlying medical malpractice lawsuit stemming from a spine operation (Beta Healthcare Group Risk Management Authority v. Norcal Mutual Insurance Co., No. B216295, Calif. App., 2nd Dist., Div. 2; 2010 Cal. App. Unpub. LEXIS 5942). Full story on lexis.com

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New Jersey Court Affirms $7.5 Million Award For Bystander Asbestos Exposure

TRENTON, N.J. - A judge properly concluded that a woman's claims that she contracted mesothelioma from exposure to asbestos on her husband's clothing could proceed against his employer, a New Jersey appeals court held Aug. 20. State law bars the company from seeking an apportionment of liability between her bystander exposure and any alleged exposure occurring while she worked at the company, the court held (Bonnie Anderson and John R. Anderson v. A.J. Friedman Supply Co., et al., No. A-5892-07T1, N.J. Super., App. Div.; See 6/18/08, Page 4). Full story on lexis.com

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September 6, 2010

Today in History

-- Today is Tuesday, Sept. 7, the 250th day of 2010. There are 115 days left in the year.

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Appeals court panel denies stay for Wash. inmate

YAKIMA, Wash. -- A three-judge panel of the 9th U.S. Circuit Court of Appeals has denied a Washington state death row inmate's request for an emergency stay of his execution.

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NY cigarette tax plans raise reservation tensions

CATTARAUGUS INDIAN RESERVATION, N.Y. -- As New York Indian Nation leaders battle in courtrooms to preserve their tax-free cigarette market, tensions are rising on reservations, where the state's renewed efforts to tax sales to non-Native customers is viewed as yet another attack on Native American...

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September 5, 2010

Convicted killer Alfredo Prieto returning to Fairfax County court for resentencing

Alfredo R. Prieto, convicted of three murders and two rapes , will return to a Fairfax County courtroom for a sentencing trial Tuesday morning, when Fairfax prosecutors will try for a third time to obtain the death penalty.

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September 4, 2010

While the Securities Law Firm of Klayman & Toskes Prosecutes FINRA Arbitration Claims Against Securities America Relating to Medical Capital Notes, Montana’s Commissioner of Securities Files Complaint Targeting Securities America Sales Practices

NEWPORT BEACH, Calif., Sept. 4, 2010 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com) announced today that Montana's Commissioner of Securities filed a Notice of Proposed Agency Disciplinary Action, Case No. SEC-2010-48, against Securities America in connection with its sales of Medical Capital Notes. According to the Notice, Securities America "withheld material information regarding heightened risks" from its registered representatives and their clients concerning Medical Capital Notes. Montana's Commissioner of Securities also alleges that Securities America "concealed these risks" from its brokers and their clients. Altogether, Medical Capital issued $2.2 billion in notes through numerous independent broker-dealers. Securities America, however, was the largest seller of Medical Capital Notes. Specifically, according to Montana's action, Securities America was responsible for the sale of 37% of the total Medical Capital Notes nationwide since 2003, totaling $697 million.

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Notice From the Securities Arbitration Law Firm of Klayman & Toskes to All UBS Customers Who Invested in Lehman Brothers 100% Principal Protection Notes — UBS

NEW YORK, Sept. 4, 2010 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, www.nasd-law.com, announced today that it is continuing to pursue securities arbitration claims against UBS Financial Services (NYSE:UBS) with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution, on behalf of investors who sustained losses in Lehman Brothers 100% Principal Protection Notes ("Lehman Notes"). The Lehman Notes were represented by UBS to be safe, "no risk" investments, and that, at a minimum, investors would receive 100% of their investment in the Lehman Notes once they reached maturity. Unfortunately, UBS failed to inform its customers of the risks associated with the Lehman Notes, including the credit risk of the borrower, Lehman Brothers. In reality, the Notes were just unsecured Lehman debt. Contrary to UBS' representations regarding the safety of the Lehman Notes, the Notes are now worthless. Apart from Lehman Brothers, UBS was the largest seller of the Lehman Notes.

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September 3, 2010

Judge denies Skilling bail request

Former Enron chief executive Jeffrey K. Skilling was denied a request to be released from prison on bail while he appeals his 2006 fraud conviction. The U.S. Court of Appeals in New Orleans on Friday turned aside Skilling's request in a one-sentence ruling that did not provide an explanation for the...

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