An Ohio investment group's lawsuit seeking to collect $100 million on three-decade-old Venezuelan promissory notes is headed back to a federal judge for further deliberations.
The decision by the U.S. Supreme Court not to hear the case was a setback for Venezuela, which argued that federal law protects it from U.S. lawsuits because it is a foreign state.
The high court declined on Monday to accept Venezuela's appeal of a 2010 federal appeals court decision that said the suit filed by Skye Ventures of Columbus could go forward in the U.S.
The 6th U.S. Circuit Court of Appeals also said a lower court must determine whether the case should be tried in Venezuela, which will be the next step.
Skye seeks payment on the notes from a defunct government-sponsored bank.
A British court has banned a man from driving for a year after he was caught traveling with four children in the trunk of his car.
Britain's Press Association news agency said Thursday that police found a total of 11 people in Zoltan Lakatos' Audi A4 when they stopped him in the English city of Leicester last year.
One passenger was in the driver's seat, three adults and two children were squeezed into the back, and officers discovered four more children in the trunk.
The news agency says Lakatos was convicted of endangering his passengers and of driving without insurance earlier this week at Leicester Magistrates' Court. He also was fined 1,325 pounds (about $2,080).
The agency said the 38-year-old was not in court for the ruling.
Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against TranS1 Inc., and certain of its officers. The class action (7:12-cv-00023-F), filed in the United States District Court, Eastern District of North Carolina, is on behalf of a class consisting of all persons or entities who purchased TranS1 securities during the period between February 21, 2008 and October 17, 2011, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased TranS1 securities during the Class Period, you have until March 26, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
TranS1 designs, develops, and markets medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. The Complaint alleges that, during the Class Period, TranS1 made false and/or misleading statements or failed to disclose that: (1) the Company was not in compliance with federal healthcare fraud and false claim statutes; (2) the Company engaged in improper reimbursement practices; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
