UBS clients redeem losses of Auction Related Securities

Our firm has successfully prosecuted numerous actions against UBS related to auction rate securities. The goal is to recover damages for the failure of the market which essentially puts the purchasers in the position they would have been in had the market not failed, making the fair market value of the ARS substantially lower than the value at which they were purchased by the investor.

If you are a client of UBS, with depleted holdings of auction rate securities, call Shipman & Wright, L.L.P. to find out how you can be reimbursed for your losses.

Matt Buckmiller

Attorney

Shipman & Wright, L.L.P.

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New AAJ Report On Corporations Negligent Conduct

Yesterday, October 28, the U.S. Chamber held the 10th annual “Legal Reform Summit”- a day spent blaming the civil justice system for all the country’s hardships. The American Association for Justice has released a report entitled “They Knew and Failed To,”exposing corporations through several detailed examples of consumer products such as perscription drugs and medical devices that had known safety concerns within the company yet remained on the market.

Consumers are no longer surprised when they turn on the news to find another recall or product warning. Consumers would be surprised to find out that some corporations knew about the dangers of their products but thought the profit was more important, deciding to carelessly risk the lives of people and market the product anyway.

Through several true stories, non- oppinionated merely factual, the AAJ report “They Knew and Failed To,” discredits the Chamber and shames corporation after corporation. While the report creates awareness and raises red flags to consumers, it is unfortunate that there is no protection from becoming a victim. The Chamber’s “ Legal Reform Summit” is a day that fights the civil justice system that they claim works against the country and its economic success, while the Civil Justice System fights daily to hold the Chamber and countless corporations accountable for decades of wrongdoing.

North Carolina’s Extended Statue of Repose for Product Liability

North Carolina’s extended Statue of Repose has been in effect since October 1, 2009. The House Commerce Committee unanimously voted to extend the statue of repose. The amendment states that claims for defective products will be increased from six to twelve years for actions that accrue on or after October 1, 2009. Actions that accrued prior to October 1, 2009, the former statue of six years after the date of initial purchase or consumption will apply.

The six year statue of repose that North Carolina previously followed was the shortest period in the nation. This statue of repose barred a significant amount of claims, leaving many people without the compensation they deserved. The new twelve year statue of repose will positively impact many situations and North Carolina should expect to see a rise in defective product claims.

FAA revokes licenses of distracted Northwest pilots

After much public scrutiny the FAA has revoked the Northwest Airlines pilots who flew 150 miles past their destination last week. The two pilots behind this incident were out of contact with air traffic controllers for 91 minutes, violating several safety regulations. Although this situation ended with a safe landing at the desired destination, the pilots who simply “lost track of time” put all 144 passengers on Northwest Flight 188 at risk.

Both pilots insist that their loss of contact with air traffic controllers and the “delay” of landing were in result to reviewing a flight crew schedule on their personal laptops.

Lonnie Heidtke of Chippewa Falls, Wis., a passenger of flight 188, thinks this is a harsh penalty for the two pilots. He is stated as saying “I feel that the FAA pulling their license seems a little severe, I guess. But the same time. I think they should not be flying airplanes at least for a while so they have an opportunity to think about this.”

It may be questionable if the FAA’s punishment for the two pilots are appropriate but the incident in its self has raised many questions. With a drastic increase in the amount of vehicle and train accidents caused by texting and cell phone use, the FAA has no choice but to take a closer look at what is happening behind the cockpit doors.

There are no federal rules for pilots banning the use of laptops or other electronic devices as long as the plane is flying above a certain altitude. However, pilots and aviation safety experts said this episode has caused the NTSB and the FAA to take a hard look at pilot’s use of personal electronic devices while operating a plane.

Post Auto Accident Tips

An Automobile accident can be very complicated. If you’re hurt and don’t know it at first the repercussions can be severe both on your body and any possible injury claims. That’s why you always need to go to the hospital and get checked out. Actually even more than that you need to go via EMS. Letting the ambulance take you assures there is no question as to your intentions. What is you intention? To get yourself checked out. Although you don’t feel any pain right away it could be because you are in shock. If the accident is not your fault the medical bills will be paid by the at-fault party’s insurance company. No matter how insignificant you might think your bumps and bruises are you always need to get checked out by a professional. This will ease your mind and to help support any possible claim for injuries related to the accident later on down the road. Having an attorney assist you through a claim can take the burden of keeping up with everything off you so you can focus on healing. Insurance companies need to see the progression of your treatment in a clear and logical manner in order to properly evaluate. The better the information is presented the better chance you have at obtaining a fair recovery in a reasonably quick manner.

Toyota Motor Corp.'s Largest Recall

New details of a fatal crash were released by a NHTSA report that triggered Toyota Motor Corp.’s largest recall. The Federal highway safety inspectors found that the Lexus ES 350 sedan involved in the fatal crash had a gas pedal design that could increase the risk of its being obstructed by a floor mat. Toyota stated “among the remedies it is considering in the current recall is an adjustment to the pedals or their design.”

Unproven Drugs Are Still On The Market

According to the GAO, the FDA “has allowed drugs for cancer and other diseases to stay on the market even when follow-up studies showed they didn’t extend patients’ lives.” It is also said to be questionable if the FDA even performed follow-up studies on these drugs. The FDA’s 16 year accelerated approval program, was designed to allow drug makers to bring products to market sooner under the “strict” condition that they conduct follow-up studies. The GAO is critical of the FDA and their “so-called ‘accelerated approval program.” The GAO “identified several drugs still on the market that never lived up to their initial promise” and out of the 16 year program the FDA has “never once pulled a drug off the market due to missing or unimpressive follow-up data.”

Since the GAO has completed its reports, the FDA claims to have “overhauled [its] tracking system. Principal Deputy Commissioner Dr. Joshua Sharstein said that there is not a policy in place for the FDA to pull drugs off the market because “we don’t want to lock ourselves into a specific set of criteria.” Dr. Sharstein is also on record saying “the agency has a task force assigned to look at polices like drug withdrawals.”

Gary Shipman on the UNCW Board of Trustees

On October 22, 2009 Gary Shipman was sworn in as a new member of the UNCW Board of Trustees. Gary Shipman states “I am deeply honored that the Governor has entrusted me with the obligations as a member of the Board of Trustees of my alma-mater. I am deeply passionate about UNC-W, and intend to contribute my efforts to insuring that this University maintains and surpasses its historical successes.”

Gary Shipman joined by Susan Carter who was also sworn in as new member of the UNCW Board of Trustees by The Honorable Phyllis Gorham.

SUV’s overly rigid design uncovered in auto acciden

A woman driving her 1995 Pathfinder SUV was struck in the front left corner by another car traveling between 45 and 50 m.p.h. The impact pushed the left front tire through the firewall and crushed the vehicle’s foot well, floor pan, and toe board area.

The driver’s medical expenses totaled about $197,000 after suffering multiple fractures to both legs, requiring implantations of nails, screws, plates and rods. The driver and her husband sued the manufacturer of the SUV for the overly rigid design that permitted the force of impact to reach the drivers compartment. The plaintiffs alleged that the design should have permitted the front structure to yield upon impact. They also alleged that the manufacturer should have preformed testing to evaluate the potential risk from frontal- offset collisions.

The jury awarded about $2.2million, including $150,000 to the driver's husband for loss of consortium.

FDA Orders A "Black Box" Warning On Phenergan

There was uproar concerning the courageous fight by Diana Levine, a musician from Vermont who lost her arm because of the drug Phenergan. Wyeth no longer sells Phenergan but many makers of generic drugs do. The Food and Drug Administration has since ordered a black box label to warn about the risks of IV push and Phenergan, also known as promethazine. This method of the "black box" warning is considered to be the strongest warning possible. When medical professionals see the "black box" it will clearly state that the preferred way to administer phenergan, also known as promethazine, is through intramuscular injection.

Borrowers On Credit Watch

Knowing when a homeowner is eligible to qualify for another mortgage is important information for them to have before making any decisions. At this point in time, some homeowners see no other option but foreclosure, bankruptcy or considering a short sale of their property. Homeowners seeing this as a last resort- the effect these actions will have on their credit is a huge concern that will unquestionably cause even more problems for them in the future. A homeowner should be aware of all options in this process, including when they’re eligible to qualify for another mortgage. This might change what they see as a last resort.

Breast Cancer Awareness

As October comes to a close, the color pink will also start to fade. There is a tremendous amount of national and local support demonstrated throughout all of October for Breast Cancer Awareness month. From local organizations and businesses raising money for research to professional football teams incorporating pink into their uniforms, Breast Cancer Awareness is everywhere. For some of us the visible support shown on a daily basis will soon fade away until October of next year. For others, those that have survived, suffered or even experienced someone who lost the battle, Breast Cancer Awareness is an everyday topic.

All women have fear of falling victim to breast cancer, so when a drug is released that can reduce the odds it becomes an appealing preventative measure. According to a recently released study that reviews the risks and benefits of the drugs raloxifene or tamoxifen, it was found that when taken by women it can reduce their risk of developing invasive breast cancer up to half, but they may be at greater risk for potentially serious blood clots. Researches found that for every 1,000 women who take the medications each year, there are seven to ten fewer cases of breast cancer. While both medications increase the risk of blood clots, tamoxifen has a bigger risk out of the two drugs. Tamoxifen not only increases the risk of endometrial cancer and cata in the study it was said that for every 1,000 women who take tamoxifen each year, four to seven additional cases of blood clots occur.

Official Press Release: Gov. Perdue Appoints Shipman to UNC-Wilmington Board of Trustees

Gov. Perdue Appoints Shipman to UNC-Wilmington Board of Trustees

RALEIGH – Gov. Bev Perdue has appointed Gary K. Shipman of Wilmington to the University of North Carolina at Wilmington Board of Trustees.

Shipman is a senior partner at Shipman and Wright, LLP. He is a member of North Carolina Advocates for Justice, North Carolina Bar Association, American Association for Justice, Supper Optimist Club, UNC-Wilmington Rebounders Club and ACCESS of Wilmington non-profit organization. Shipman received the Board Certified Civil Trial Specialist from National Board of Trial Advocacy. He is recognized as “The Best Lawyers in America” and “Super Lawyers” since 2005. Shipman received his bachelor’s degree in sociology from UNC-Wilmington and his law degree from Campbell University.

The board promotes the sound development of the institution within the functions prescribed for it, helping it to serve the State in a way that will complement the activities of the other institutions and aiding it to perform at a high level of excellence in every area of endeavor. The board has 13 members, each serving a four-year term. The governor appoints four members.