Adult Survivors Act signed into New York Law, opening Legal window for Civil Lawsuits. Adult survivors of Sex Crimes will soon be able to Sue their alleged Abusers in New York, even if Statutes of Limitations have expired. Gov. Kathy Hochul (D) on ...
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The Independent View - 3 new articles



NY Adult Survivors Act


Adult Survivors Act signed into New York Law, opening Legal window for Civil Lawsuits.

Adult survivors of Sex Crimes will soon be able to Sue their alleged Abusers in New York, even if Statutes of Limitations have expired.

Gov. Kathy Hochul (D) on Tuesday, signed the Adult Survivors Act into Law, opening a One-year lookback window for Civil Suits, for Sexual Abuse that occurred when the victim was 18 or older.

The Legislation, modeled after the 2019 Child Victims Act, will temporarily lift the Statute of Limitations for Civil Lawsuits against Abusers of People over 18 and provide a One-year period for Survivors to take Legal Action.

New York extended the Statute of Limitations to 20 years for Adults filing Civil Lawsuits for a select number of Sex Crimes in 2019.

However, that Legislation only affected New Cases and was Not Retroactive.

Advocates have fought for the New Bill for years, arguing that Survivors often don’t come to terms with or come forward to talk about their Sexual Abuse within the Legal time frame established to file Lawsuits.










NYC Wins When Everyone Can Vote! Michael H. Drucker


    
 
 
 

U.S. To End Russia's Ability To Pay International Investors


The U.S. will close the last avenue for Russia, to Pay its Billions in Debt back to International Investors on Wednesday, making a Russian Default on its Debts for the First time since the Bolshevik Revolution all but Inevitable.

The Treasury Department said in a Notification, does Not plan to Renew the License that allowed Russia to keep Paying its Debtholders through American Banks.

Since the First rounds of Sanctions, the Treasury Department has given Banks a License to process any Dollar-denominated Bond Payments from Russia.

That window Expires at midnight May 25th. There had already been signs that the Biden Administration was unwilling to extend the Deadline.

At a Press Conference heading into the Group of Seven Finance Minister Meetings in Koenigswinter, Germany, last week, Treasury Secretary Janet Yellen said the Window existed “to allow a period of time for an orderly transition to take place, and for investors to be able to sell securities. The expectation was that it was time-limited,” Yellen said.

Without the License to use U.S. Banks to Pay its Debts, Russia would have No ability to Repay its International Bond Investors.

The Kremlin has been using JPMorgan Chase and Citigroup as its Conduits to Pay its Obligations.

Jay Auslander, a prominent Sovereign Debt Lawyer, who previously Litigated other Debt Crises like the One in Argentina, said at this point most of the Institutional Investors in Russian Debts have likely Sold their Holdings, knowing this Deadline is coming. Those who are still holding the Debts are either Distressed Sebt Investors or those willing to wait to Litigate it out over the next few years. “The majority who wanted out have gotten out. The only issue is finding buyers,” he said.

The Kremlin appears to have foreseen the likelihood that the U.S. would Not allow Russia to keep Paying on its Bonds. The Russian Finance Ministry prepaid Two Bonds on Friday, that were due this month, to get ahead of the May 25th Deadline.

The Next Payments Russia will need to make on its Debts are due on June 23rd. Like other Russian Debt, those Bonds have a 30-day Grace period, which would cause Default by Russia to be declared by late July, barring the unlikely scenario that the Russia-Ukraine War would come to an end before then.

Investors have been almost certain of Russia going into Default for months now. Insurance Contracts that cover Russian Debt, have priced a 80% likelihood of Default for weeks, and Rating Agencies like Standard & Poor’s and Moody’s have placed the Country’s Debt deep into Junk territory.

Russia has Not Defaulted on its International Debts since the 1917 Revolution, when the Russian Empire collapsed and the Soviet Union was created. Russia Defaulted on its Domestic Debts in the late 1990s during the Asian Financial Crisis, but was able to Recover from that Default with the help of International Aid.

A Russian Default this time will likely have little-to-minimal impact on the Global Economy, Auslander said, since Russia has been cut off from Global Financial Markets for months now, and Investors have been expecting a Default. Biden Officials have made similar statements.

Once it Defaults, the next likely step would be for Russia to turn to U.S., British, or European Courts, to argue that it was forced into Default by circumstances beyond its Control, a concept in Finance known as Force Majeure, in an effort to Restore its standing in Global Financial Markets.

It may be difficult to win that argument however, Auslander said, due to the fact that Russia got Cut-Off from Financial Markets because it chose to Invade Ukraine.










NYC Wins When Everyone Can Vote! Michael H. Drucker


    
 
 
 

D.C. AG Sues Mark Zuckerberg Over Cambridge Analytica


D.C. Attorney General (AG) Karl Racine (D) on Monday, announced he is suing Mark Zuckerberg, the CEO of Facebook’s parent company Meta, for Failing to Protect Facebook Users during the Cambridge Analytica Privacy Scandal.

The Lawsuit, filed in D.C. Superior Court, alleges that Zuckerberg oversaw Discussions that allowed Trump-aligned Consultancy firm Cambridge Analytica, to improperly obtain the Personal Information of tens of millions of Facebook Users.

“The evidence shows Mr. Zuckerberg was personally involved in Facebook’s failure to protect the privacy and data of its users leading directly to the Cambridge Analytica incident,” Racine said in a Statement. “This unprecedented security breach exposed tens of millions of Americans’ personal information, and Mr. Zuckerberg’s policies enabled a multi-year effort to mislead users about the extent of Facebook’s wrongful conduct.”

The Lawsuit is based on Information that Racine collected during previously filed Litigation against Facebook. In 2018, Racine Sued Facebook over the same Incident. That Lawsuit is ongoing.

A Judge earlier this year, ruled against allowing Racine to add Zuckerberg as a Defendant in the Lawsuit, saying that adding Zuckerberg several years after it was filed would Not help provide Relief for Consumers.

In today’s Lawsuit, Racine alleges that Zuckerberg should be held Personally responsible for the Data Breach, because he oversaw Facebook’s day-to-day Operations and opened up the Social Media platform to Third parties.

Racine’s Lawsuit says that Zuckerberg Violated D.C.'s Consumer Protection Procedures Act (CPPA), which Protects People in D.C. from Deceptive Business practices. According to the Lawsuit, 852 Consumers in D.C. installed the App that harvested User Data ultimately used by Cambridge Analytica.

Racine’s Office has been trying to Depose Zuckerberg in the 2018 Lawsuit, but the company has Not made Zuckerberg available.

Racine said in a Statement that the Lawsuit “sends a message that corporate leaders, including CEOs, will be held accountable for their actions.”

“Facebook looked into Cambridge Analytica and determined that it posed a risk to consumer data but chose to bury those concerns,” today’s Lawsuit states.

Racine, who was previously under consideration for a spot at the Federal Trade Commission (FTC), has spent years pursuing Cases against the Major Tech companies. He filed a Case against Amazon that was Dismissed by the D.C. Superior Court earlier this year, and joined Dozens of State Attorneys General in their Antitrust Case against Google.

The Suit, which will likely face a Motion to Dismiss by Facebook, could result in Fines against Zuckerberg personally.

Facebook paid a record $5 billion Fine over the Cambridge Analytica Scandal in a 2019 Settlement with the FTC. Facebook Shareholders alleged in Lawsuits that the Company paid billions extra to Shield Zuckerberg.

It’s unclear whether if Racine’s Suit will continue under the next D.C. AG. Racine has said he will Not run for Reelection as AG. His term will end on January 2nd, 2023.










NYC Wins When Everyone Can Vote! Michael H. Drucker


    
 
 
 

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