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Business LawyersThese lawyers cover all areas of business law including contracts, agreements, business formation and incorporation, business disputes, partnerships and more. Business Law Practice
Business Lawyers New York City Tax Case The Supreme Court on Tuesday grappled with a case that sounds local but has the makings of an international incident: whether the city of New York can take the nations of India and Mongolia to federal court in a dispute over property taxes. At stake in the case Permanent Mission of India to the United Nations v. The City of New York is more than $18 million in back taxes the city claims it is owed for the portions of the countries' U.N. mission buildings that house employees. It is undisputed that the missions themselves are untaxable under international treaties, but the city claims that 20 residential floors of India's 26-floor mission and the top half of Mongolia's six-floor mission are subject to tax because they are used for staff housing, not diplomatic purposes. In New York City, unpaid property taxes become liens on the property. But when the city went to federal court to enforce the liens, India and Mongolia argued that the federal courts have no jurisdiction. The nations also argued that because the staff housing is essential to their missions, it should be tax-exempt like the missions themselves. Lower courts sided with New York, finding that a provision of the Foreign Sovereign Immunities Act allows for federal court jurisdiction in disputes over "immovable property." April 21, 2007 Andrew M. Cuomo, New York’s attorney general, notified Drexel University yesterday that he intended to sue it for deceptive business practices, the first time that he has singled out a university for a lawsuit in his broadening investigation of the college loan industry. Mr. Cuomo accused Drexel of steering students seeking loans to one private lender, Education Finance Partners, in exchange for payments from that lender based on loan volume. He had settled with eight other institutions that agreed to end such practices, and yesterday he announced settlements with four more: Salve Regina University in Rhode Island and, in New York, Pace University, New York Institute of Technology and Molloy College. April 16, 2007 Eastern District of New York Judge I. Leo Glasser on Friday approved a restitution agreement requiring Sanjay Kumar, the former chief executive of Computer Associates (which now does business as CA) to pay at least $52 million over the next 18 months. Kumar, who was sentenced in November to 12 years in prison for his role in Computer Associates' $400 million accounting fraud scandal, will make a series of installment payments by December 2008. He will then be required to pay 20 percent of his annual income once he is released from prison. In a stipulation and order of settlement, the former CEO agreed that the fraud victims were owed more than $1 billion in damages. April 16, 2007 Dishonest attorneys prompted the awarding of $7.1 million in 2006 from the New York Lawyers' Fund for Client Protection, which warned Thursday that the fund is likely to start seeing claims from the largest case of lawyer theft in its 25-year history. Last year, the fund paid out $1 million less than the $8.1 million awarded in 2005. The average awarded annually over the last five years has been just over $6.3 million. (The report is available at www.nylawfund.org.) Adanas Law Firm, P.C. Weinstein, Chase, Messinger & Peters Stark & Stark
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