Judge Approves CA Ex-CEO's $800M Restitution
Lawyer Blogs
[##_1L|1368132801.jpg|width="180" height="128" alt=""|_##]Former Computer Associates (CA) CEO Sanjay Kumar will pay almost $800 million in restitution over his lifetime for his role in the accounting fraud in which CA swapped revenues of $2.2 billion with another company in 1999 and 2000, according to a settlement approved Friday in the US District Court for the Eastern District of New York. Kumar, who pleaded guilty to charges of securities fraud and obstruction of justice in April 2006 and was sentenced to a 12-year prison sentence and an $8 million fine in November 2006, is required to sell personal property to pay $52 million of the total restitution amount by the end of 2008. Although the agreement does not mandate the liquidation of his family's home, it does require Kumar to turn over 20 percent of his annual income for the rest of his life.
Kumar, who has not served any prison time yet, also faces a lawsuit filed by CA seeking repayment of $14.9 million it fronted for Kumar's legal defense. The settlement comprises part of the over $1 billion in restitution due to victims of the CA revenue-swapping scheme.
Related listings
-
State Supreme Court upholds Killen conviction
Lawyer Blogs 04/13/2007The Mississippi Supreme Court Thursday upheld the manslaughter convictions of former Ku Klux Klan organizer Edgar Ray Killen. Killen, now 82, was sentenced to 60 years in prison in 2005, receiving one 20-year sentence for each of the 3 young men who ...
-
Bankruptcy Court Orders External Audit for Church
Lawyer Blogs 04/12/2007[##_1L|1265235366.jpg|width="120" height="88" alt=""|_##]A federal bankruptcy judge Wednesday ordered an external audit of the Roman Catholic Diocese of San Diego amid accusations church leaders are trying to hide assessts to avoid payment to sex abu...
-
Senate-approved stem-cell bill faces veto
Lawyer Blogs 04/12/2007[##_1L|1289411221.jpg|width="140" height="135" alt=""|_##]The U.S. Senate passed a bill that aimed to loosen President Bush's restrictions on human embryonic stem cell research for the second time in nine months, but once again falling short of the 6...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.