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Court sides with Argentina, speeding along bond settlements
Court Line |
2016/04/16 07:45
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A federal appeals court cleared the way Wednesday for Argentina to settle its debts and strengthen its ability to maneuver in worldwide markets.
The 2nd U.S. Circuit Court of Appeals turned away creditors who wanted to keep in place court-ordered protections, though Circuit Judge Christopher Droney said a lower-court judge should take steps to determine whether Argentina has met conditions he required be fulfilled before court orders against the republic are permanently lifted. The conditions include completing settlement payments.
A three-judge panel announced its decision after hearing oral arguments for more than an hour. It found a judge was within his rights to conclude that circumstances surrounding the decadelong court battle changed dramatically when Argentina's new president, Mauricio Macri, decided to let the nation negotiate deals with bondholders after he took office Dec. 10.
Since January, Argentina has reached agreements to pay more than $8 billion to creditors, mainly U.S. hedge funds.
Argentine Economy Minister Alfonso Prat-Gay, who is in New York ahead of Argentina's first international bond sale in more than a decade, said, "This is a step toward achieving normality and the kind of development that Argentina deserves."
His country is expected to sell up to $15 billion in bonds, and he said the holdout funds will be paid on April 22.
The creditors went to court in New York after Argentina in 2001 defaulted on $100 billion in bonds. Argentina invited all its bondholders to swap their bonds at steep discounts for new bonds in 2005 and 2010.
U.S. District Judge Thomas Griesa had issued orders banning Argentina from paying interest through U.S. banks to 93 percent of its bondholders, who agreed to exchange their bonds for new bonds worth 25 percent to 29 percent of their original value.
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Clinton: Americans should put Court nomination at forefront
Court Line |
2016/03/29 19:16
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Hillary Clinton wants voters to consider what Republican front-runner Donald Trump might do to shape the Supreme Court.
Clinton planned to use in a speech in Madison, Wisconsin, on Monday to argue that Trump could roll back the rights of individuals, further empower corporations and undo some of the nation's progress.
Clinton was campaigning in Wisconsin ahead of the state's April 5 primary and speaking Monday at the University of Wisconsin about President Barack Obama's nomination of Judge Merrick Garland.
Clinton holds a large lead among delegates against Democratic rival Bernie Sanders but is trying to stamp out the Vermont senator's momentum following his victories in five of the last six states holding contests.
Clinton's campaign said ahead of the speech that the Democratic presidential candidate would call on Senate Judiciary Chairman Charles Grassley of Iowa to commit to giving Garland a hearing. Grassley and Senate Majority Leader Mitch McConnell, R-Ky., have said that the late Justice Antonin Scalia should not be replaced until the next president picks a nominee.
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Supreme Court rejects Blagojevich appeal in corruption case
Court Line |
2016/03/28 19:16
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The Supreme Court on Monday rejected former Illinois Gov. Rod Blagojevich's appeal of his corruption convictions that included his attempt to sell the vacant Senate seat once occupied by President Barack Obama.
The justices let stand an appeals court ruling that found Blagojevich crossed the line when he sought money in exchange for naming someone to fill the seat. Blagojevich, 59, is serving a 14-year sentence at a federal prison in Colorado.
A federal appeals court last year threw out five of his 18 convictions and Blagojevich was hoping the Supreme Court would consider tossing the rest. His lawyers argued in an 83-page November filing that the line between the legal and illegal trading of political favors has become blurred, potentially leaving politicians everywhere subject to prosecution.
The appeal to the high court was a last slim hope for Blagojevich, who has proclaimed his innocence for years. Since his 2008 arrest and through his two trials, Blagojevich has argued he was participating in legal, run-of-the-mill politicking.
Blagojevich meanwhile is awaiting a resentencing ordered in July by the 7th U.S. Circuit Court of Appeals in Chicago when it ruled to toss the five convictions.
The Supreme Court hears only around 80 cases a year out of more than 10,000 requests and typically accepts cases that raise weighty and divisive legal issues. |
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Judge begins to deliver verdict in Ukrainian pilot trial
Court Line |
2016/03/22 04:56
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The judge began reading the verdict Monday morning. He quoted arguments by prosecutors who said Savchenko, who served in a volunteer Ukrainian battalion at the time, called in the coordinates for shelling that killed the two journalists and several civilians in July 2014. He also quoted them as saying she was driven by "political hatred" toward residents of Ukraine's Luhansk region.
The judge in the trial quoted the prosecution saying that Savchenko was part of a "criminal group" and aimed to kill an "unlimited number of people."
Prosecutors have asked for a 23-year prison sentence for Savchenko. Sentencing is expected on Tuesday.
This story has been corrected to show that Savchenko has not been found guilty. The judge, quoting prosecutors, said Savchenko was complicit in the killing, but stopped short of pronouncing her guilty. A verdict will come at the end of the verdict-reading process, which is expected to take two days.
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Pound: Sharapova guilty of 'willful negligence' in drug test
Court Line |
2016/03/15 04:58
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Maria Sharapova was guilty of "willful negligence" for using meldonium, and international tennis officials were aware that many players were taking the drug before it was banned this year, former World Anti-Doping Agency president Dick Pound said Wednesday.
Pound told The Associated Press that Sharapova could face a ban of up to four years unless she can prove mitigating circumstances to explain her positive test for meldonium at the Australian Open in January.
Meldonium, a Latvian-manufactured drug designed to treat heart conditions, was added to the World Anti-Doping Agency's banned list on Jan. 1 after authorities noticed widespread use of the substance among athletes.
In announcing her positive test at a news conference in Los Angeles on Monday, Sharapova said she had been using the drug for 10 years for various medical issues. The five-time Grand Slam champion and world's highest-earning female athlete said she hadn't realized meldonium had been prohibited this year, taking full responsibility for her mistake.
"An athlete at that level has to know that there will be tests, has to know that whatever she or he is taking is not on the list, and it was willful negligence to miss that," Pound said. "She was warned in advance I gather. The WADA publication is out there. She didn't pay any attention to it. The tennis association issued several warnings, none of which she apparently read."
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