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| | Announcements | |
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| | IRS Issues Regulations on Damages Received from Physical Injury or Sickness | |
| | The IRS has released final regulations relating to the exclusion from gross income for amounts received on account of personal physical injuries or physical sickness. The final regulations in TD 9573 reflect amendments under the Small Business Job Protection Act of 1996 and affect taxpayers who have received damages on account of personal physical injuries or physical sickness and taxpayers paying these damages. The regulations take effect on Jan. 23, 2012. They delete an earlier requirement that to qualify for exclusion from gross income, damages received from a legal suit, action, or settlement agreement must be based upon “tort or tort type rights.” The regulations provide, instead, that the Section 104(a)(2) exclusion may apply to damages recovered for a personal physical injury or physical sickness under a statute that does not provide for a broad range of remedies, and that the injury need not be defined as a tort. Source: Accounting Today. Click on headline to learn more. | | Best Kept Trial Secrets: What Happens in Vegas Stays in Vegas | |
| | Don't gamble with your cases. 48 hours in Vegas can change your practice forever! Join some of TTLA's battle-tested veterans and emerging superstars in Las Vegas for a CLE experience that'll change your luck in the courtroom. February 23-25, 2012, Bellagio Hotel, Las Vegas, 8 hrs. MCLE w/ 1 hr. Ethics | | Laws/Cases | |
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| | Railroad Industry Pushing Back Against Safety Rules | |
| | In 2008, the federal government passed the Rail Safety Improvement Act, requiring all railroads be equipped with Positive Train Control technology to prevent collisions, all at the expense of the railroad companies. Railroad officials, gaining the support of key Republicans, say the act is too costly and impossible to implement, demanding less expensive, albeit less effective, technological options. Supporters of the act refer to the efforts to relax the requirements as "a scary step backwards." Staff Report, Fair Warning 01/19/2012 | | Read Article: Fair Warning | | Judge: BP Contract Shielded Transocean In Spill | |
| | A federal judge has ruled that the rig owner involved in drilling the ill-fated well that blew out in the Gulf of Mexico was shielded by its contract with BP for having to pay many pollution claims in America's largest offshore oil spill. U.S. District Judge Carl Barbier ruled Thursday, however, that Transocean Ltd. is not exempt from paying punitive damages and civil penalties that arise from the April 20, 2010, blowout 100 miles off the Louisiana coast. He also says Transocean is responsible for claims that are directly related to pollution caused by its rig. Associated Press, National Public Radio 01/27/2012 | | Read Article: National Public Radio | | Federal Judge Won’t Delay Decision in Long-Standing Tobacco Case | |
| | A federal judge on Thursday said she won’t delay an order in a 12-year-old lawsuit against the tobacco industry while other courts decide newer cases challenging tobacco marketing restrictions and graphic cigarette warning labels. U.S. District Judge Gladys Kessler in Washington issued the decision in a case in which America’s largest cigarette makers — including Philip Morris USA, maker of top-selling Marlboro cigarettes — were found to have concealed the dangers of smoking for decades. Associated Press, The Washington Post 01/27/2012 | | Read Article: The Washington Post | | Illinois AG Sues Standard & Poor’s | |
| | The Illinois attorney general filed a lawsuit Wednesday accusing Standard & Poor’s of misleading investors by assigning its highest ratings to risky mortgage-backed investments during the years leading up to the crash of the housing market. The lawsuit from Lisa Madigan’s office alleges the agency compromised its independence by issuing high ratings for unworthy or risky investments as part of a strategy to boost revenue and market share. The lawsuit cites internal emails and conversations, including an instant messenger exchange in April 2007 in which an employee tells another that an investment “could be structured by cows and we would rate it.” Associated Press, The Washington Post 01/27/2012 | | Read Article: The Washington Post | | Issues | |
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| | Trucks on Federal Highways Could Soon be Heavier | |
| | Drivers could share the highways with much heavier trucks if Congress decides that the efficiencies of larger loads trump concerns about road damage and safety. The Safe and Efficient Transportation Act would raise the maximum weight for commercial trucks that routinely travel on highways to 97,000 pounds in Texas and most other states. The current threshold in most places is 80,000 pounds unless the truck has a permit to be overweight. Gordon Dickson, Star Telegram 01/27/2012 | | Read Article: Star Telegram | |
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