US Supreme Court to look into Bad Pleading

Anthony Cooper shot a woman in Detroit in 2003 and then received a really bad legal advice. Because all four of his bullets had struck the victim below her waist, his lawyer said, Mr. Cooper could not be convicted of assault with intent to murder. Based on that advice, Cooper rejected the plea bargain that was for a sentence of four to seven years. He was convicted, and is serving 15 to 30 years.

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Review of Energy loans laws in US

legalThe republican representative Tim Murphy has supported the reviewing of the laws regarding the energy laws in United States. In United States recently a car company loan was guaranteed by Department of Energy of the United States. But this electric car company has its manufacturing centers in Finland.  As a result using the tax money of people of united sates the company is operating in Finland and is not contributing to US. As no jobs are generated in US due to the fact that the company operates in Finland.

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Smith Leahy America Invents Act – A major reform to Patents Law

patent lawPatent reform has been the topmost agenda in US Economic Reforms. The key priorities of Obama Administration, mainly stimulation of economic growth and generation of employment opportunities, recognized technological innovation   as a means to reinstate economic momentum. The patent reform is considered as an essence to foster innovation, encourage competition among countries, and stimulate job growth and to guard companies from misuse and abuse of the patent system. The Smith-Leahy America Invents Act (Smith-Leahy Act/AIA), signed by President Obama on September 16, 2011 is the fulfillment of long cherished dream of American entrepreneurs. The new speedy process enables American entrepreneurs to bring their inventions to market more rapidly there by generating more job opportunities. Better assurances are offered to patent applicants and owners under this law. Additional steps were introduced by the president, to utilize the ideas from American’s universities and research labs.

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$1B Foreclosure Programme failed to turn out as expected

foreclosure$1 Billion Foreclosure Program intended to help unemployed and impoverished homeowners with short-term help and thereby shun foreclosure had failed to reach its objective of serving more than 30,000 homeowners over 32 states. Only $ 432 million will be spending for the purpose and the rest will return to US Treasury as stated by a government official.

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J P Morgan and Bank of America hit with legal suits

A legal suit had been initiated against J.P.Morgan and Bank of America by Sealink Funding Ltd over the mortgage debt loses. The plaintiff said it had bought residential mortgage-backed securities (RMBS) worth USD 2.4 billion from JPMorgan and USD 1.6 billion from Bank of America from 2005 to 2007, trusting upon the offering materials that were deceptive about the quality of the securitised loans. The defendants in order to secure a triple A reward for its RMBS had deliberately provided false information to the credit rating agencies. Similar claims had been raised by Germany’s Landesbank Baden-Wurttemberg in a separate lawsuit against JPMorgan over USD 500 million of RMBS that it bought. The lawsuits accused the banks for packaging several high risked mortgages by the issuers with the motive of high profits. This had in turn resulted in higher rates of default on the loans underlying the defendants’ RMBS and immense downgrades of the investors’ certificates. The investors through the lawsuits filed on Thursday in the New York State Supreme Court in Manhattan sought Compensatory and castigatory damages. Lawrence Grayson, spokesman for Bank of America said that the bank will proceed with the action of defence against the lawsuit which was just another one initiated by a “sophisticated investor”  for the purpose of blaming someone for losses caused by economic recession. JPMorgan spokeswoman Jennifer Zuccarelli refused to remark.

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Alabama Immigration law approved by the District Court

The judge Sharon Lovelace Blackburn of Federal District Court in Birmingham on Wednesday upheld most of the provisions of new immigration law of Alabama including the public school enrollment. This gives the authorities the power to question the people suspected to have made illegal entry in the country and hold them without bond. By this ruling Alabama has turn out the first state in the nation to require public schools to check the immigration status of students when they enroll. Those who favour the law argue that the law helps to keep a track of the illegal immigrant students in the nations and calculate the costs spend on their education and will no way obstruct the enrollment in schools. But the opponents argue that the law when taken in its broader perspective deprive many innocent children from their constitutional right of education in case they do not have sufficient documents with them. Civil rights and immigrant advocacy groups are soon to go for an appeal whereas the Obama administration on Friday went for an appeal against this ruling on the ground that immigration is a federal matter under U.S. Constitution and state has no authority to make patchwork on that subject.

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California refuses Settlement over Foreclosure Abuses

foreclosure abuseCalifornia Attorney General Kamala D Harris on Friday, 30th September refuses to have settlement negotiations with nation’s major banks over alleged foreclosure abuses. This had destabilized the effort of attorney generals and banks in all 50 states who had been working towards the settlement. Some state and federal officials had been seeking to the extent of $25 billion in penalties to write down loan balances for underwater borrowers. The agreement was expected to settle claims over poor mortgage and foreclosure practises including ‘robo-signing’ that approves documents in foreclosures without actually reading them. According to Harris the anticipated deal is inadequate for California homeowners and too much legal immunity had been given to bank officials under this. More than 2.2. Million California residents owe more on their mortgages than their homes are worth. As said by Harris ‘No other state had been harder hit than California’ and it was when they were trying to negotiate in good faith that foreclosures in California had upsurge again. Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo and Co. are some of the major banks that were involved in the talk. JP Morgan Chase and Bank of America spokesman refused to comment whereas Wells Fargo spokeswoman Vickee Adams said that they will carry on working with all parties including their customers to reinstate home ownership nationally and locally. Harris said California will better have a settlement with the banks that would keep more families in their homes. The present deal may have been helpful to only 20,000 Californian homeowners out of 2.2 million. Haris also promised to continue her own investigation in the area and to look for regulations and legislation to avoid future problems.

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