The Securities and Exchange Commission announced Wednesday that former ImClone Systems CEO Sam Waksal has agreed to pay $3 million to settle charges in the insider trading scandal that sent Martha Stewart to jail . Waksal and his father will also be liable for the repayment of $2 million in ill-gotten gains. The settlement, when [...]

Updating a JURIST report from earlier today, Cpl. Daniel Kenyon, one of the three UK soldiers facing court martial for the alleged abuse of Iraqi civilians, has blamed his commanding officers for giving orders that led to the alleged offences at a camp outside Basra. Kenyon's lawyer told the military court Wednesday that camp commander [...]

Incoming Senate Judiciary Chairman Arlen Specter , R-PA, announced Wednesday that he is backing a proposed $140 billion fund to compensate asbestos victims and cap the damages liability of the companies targeted in asbestos lawsuits. Labor interests claim the fund is about $9 billion short of the amount needed to adequately compensate victims, but Specter [...]

Democrats on the Senate Judiciary Committee have forced a one-week postponement pf the vote on Alberto Gonzales' nomination as attorney general because Gonzales hasn't answered all of the committee's questions. Gonzales submitted written answers to committee questions yesterday, but those answers have been criticized as evasive. Senator Patrick Leahy responded to Gonzales' submissions by saying [...]

Two Russian men have unsuccessfully tried to register for a marriage certificate in Moscow in an effort to provide legal grounds to challenge the Russian family code . Next week, regional MP Edvard Murzin, who says he is not gay but is trying to promote gay rights, and magazine editor Ed Mishin will receive an [...]

US District Judge Richard Casey has dismissed Saudi Arabia, its defense minister and its ambassador to the UK as defendants in the litigation stemming from September 11th terrorist attacks, ruling that all have immunity from litigation. Judge Casey is considering pre-trial matters in eight consolidated cases brought by family members of those killed in the [...]

Leading Wednesday's corporations and securities law news, potential jurors for the trial of former WorldCom Inc. chief Bernard Ebbers were questioned today about any financial ties to the company and their knowledge of the case. Ebbers faces charges of conspiracy, fraud and making false filings to the SEC over the $11 billion accounting fraud at [...]

AP is reporting that the Louisiana Supreme Court has reinstated the an amendment to the state's constitution that bans same-sex marriage. 12:53 PM ET – In a unanimous decision, the Louisiana Supreme Court has reinstated a state constitutional amendment that would ban same-sex marriages and prevent the state from recognizing any legal status for common-law [...]

FOX News is reporting that the US Supreme Court has rejected Michael Newdow's bid for an injunction banning prayer at the Presidential inaugural ceremonies January 20th. Newdow asked the Court to intervene after US District Judge John Bates denied Newdow's original petition in a ruling Friday, saying that he was not likely to succeed on [...]

The Senate Foreign Relations Committee has voted to approve the nomination of Condoleezza Rice to be secretary of state. The nomination now goes for the full Senate for its formal approval.