1. Motor Vehicle Accidents
    1. Auto Accidents
    2. Truck Accidents
    3. Motorcycle Accidents
  2. Defective Products
    1. Defective Automobiles
    2. Toys
    3. Car Seat
    4. Cribs
  3. Industrial Accidents
  4. Construction Accidents
  5. Brain Injury
  6. Long Term Disability
  7. Wrongful Death
  8. Workers' Compensation
  9. Medical Malpractice
    1. Birth Injury
  10. Federal Tort Claims Act
    1. Veterans' Administration Hospital Negligence
      & Malpractice
  1. Securities Arbitration Process
  2. Unsuitable Securities Recommendation
  3. Misrepresentation and Omission
  4. Churning
  5. Unauthorized Transactions or Trading
  6. Breach of Fiduciary Responsibilities
  7. Overconcentration
  8. Mutual Fund Fraud
  9. Annuities Fraud
  10. Securities Fraud FAQ
  1. Bedsores
  2. Falls
  3. Malnutrition and Dehydration
  4. Abuse (Physical, Sexual and Mental)
  5. Nursing Home FAQ
  1. Defective Pain Pump
  2. MRI/Gadolinium NSF
  3. Kugel Mesh Hernia Repair Patch
  4. Ortho Evra Birth Control Patch
  5. Ketek and Levaquin
  1. What a Lawyer Can Do for You
  2. Social Security Timetable
  3. Qualifying Disabilities
  4. Social Security FAQ
  1. Consumer Class Actions
  1. Wage Disputes
  2. Overtime
  3. Whistleblowers
  4. Long-Term Disability Benefits Denial

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Burke, Harvey & Frankowski LLC

One Highland Place
2151 Highland Ave., Ste. 120
Birmingham, AL 35205

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BH&F Blog

Tuesday, September 30, 2008

Motorcycle Accidents: Determining Fault

There are more and more motorcycle accidents every day. The National Highway Traffic and Safety Administration reports that motorcycle operators are 32 times more likely to experience death than drivers of automobiles. The risk of long-term disability is also high, preventing accident victims from working, from paying their bills, and supporting their families. Serious brain injuries and even death can be a consequence of a motorcycle accident.


There are a number of ways to obtain compensation for injuries and damages suffered from a motorcycle accident. At Burke, Harvey & Frankowski, LLC, we’ve seen that Alabama laws can create some unique challenges.


Some things to know about Alabama:
It’s an “at fault state” from an insurance perspective. This means that the insurance carrier of the person at fault pays for all of the damages. Who’s at fault? It’s the party the insurance company decides is 51% responsible. You may want to take an insurance company to court if it improperly decides that you are at fault and refuses to pay out. Our attorneys are experienced in dealing with insurance companies to resolve cases through settlement or through the court system.


What if the person who hit you is not insured or is under-insured? Insurance is not the only way to seek damages; you can also sue for negligence through the court system. A court will look at the duty of care owed and whether an accident was caused because there was a failure to meet this duty. For example, was the driver who hit you careless? Drunk? Was there a defect in the car that hit you? Poor highway conditions? As these questions may lead you to suspect, it’s not just the driver who can be sued. Depending on the circumstances, a car manufacturer, and even the state may have liability. Multi-party suits can be complex, but the attorneys at Burke, Harvey & Frankowski, LLC have expertise in these kinds of cases.


Additional challenges arise because Alabama applies a “contributory negligence” standard. This means that if your injury and/or damages are due in part to your own negligence, you may not be able to collect any damages. So even if you are only 2% at fault, you may not be able to recover damages. Needless to say, issues of fault and negligence can be highly contentious.


We recommend a prompt investigation. Taking a disposable camera with you when you’re on the road is a good idea so you can document an accident scene and your injuries. Though it may be tempting to discuss fault at an accident scene, you really should hold off. You may not be thinking straight and statements you make in the excitement of the moment can come back to haunt you. Fault is a complicated issue, dependent on Alabama state laws. Our motorcycle accident attorneys can help you make sure that there are complete records of your injuries and the crash and can help you navigate the complexities of fault and negligence.


Long-term disability insurance also can provide a source of income if you’re injured in a motorcycle accident and are unable to work for more than six months. It’s not tied to fault but you do have to show that your injury prevents you from working. It’s also a good idea to seek help when filing a long-term disability claim and appealing claim denials. The legal issues can be confusing and unfortunately, insurance companies are in the business of protecting their bottom line, not your best interests.


Your next step after a motorcycle accident should be to contact Burke, Harvey & Frankowski, LLC as soon as possible. We have expertise in the laws of Alabama, Georgia, Tennessee, and Florida, and we are here to help you. Please contact us for a free consultation.

posted by Patti at 1:16 PM 0 comments

Friday, September 26, 2008

FINRA Proposes Raising Threshold For Three Arbitrator Cases

The Financial Industry Regulatory Authority (FINRA) today announced it has filed a proposed rule change with the Securities and Exchange Commission to have investor cases with claims of up to $100,000 in dispute heard by a single public arbitrator, an increase from $50,000. One arbitrator would be assigned to cases involving $25,000 to $100,000, under the proposal, unless all parties in arbitration agree to a three-person panel. Claims of $25,000 or less would continue to be heard by a single arbitrator, while three would continue to be assigned to cases involving more than $100,000 in dispute. "As more claims are heard by one arbitrator, we further simplify and streamline the dispute resolution process," said Linda Fienberg, President of FINRA Dispute Resolution. "It is much easier to appoint one arbitrator than three, and these efficiencies multiply when we schedule and conduct prehearing conferences and evidentiary hearings."
To read the full article, click here.

posted by BHF at 2:02 PM 0 comments

Wall Street Profits While Market Crashes

Tom Randall and Jamie McGee of Bloomberg report that Wall Street's five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system. Merrill Lynch & Co. paid its chief executives the most, with Stanley O'Neal taking in $172 million from 2003 to 2007 and John Thain getting $86 million, including a signing bonus, after beginning work in December. The company agreed to be acquired by Bank of America Corp. for about $50 billion on Sept. 15. Bear Stearns Cos.'s James ``Jimmy'' Cayne made $161 million before the company collapsed and was sold to JPMorgan Chase & Co. in June. Democrats and Republicans in Congress are demanding that limits be placed on executive pay as part of the $700 billion financial rescue plan proposed by U.S. Treasury Secretary Henry Paulson. The former Goldman Sachs Group Inc. CEO, who received about $111 million between 2003 and 2006, said in testimony to Congress on Sept. 24 that he would accept such limits as part of the plan, after initially opposing them. ``Shareholders and boards should have done something about this a long time ago,'' said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware in Newark. ``They justified these levels of pay on the idea that they're all geniuses. I think that balloon has burst.'' Wall Street firms have shared profits liberally with employees. The five biggest -- Goldman, Morgan Stanley, Merrill, Lehman Brothers Holdings Inc. and Bear Stearns -- paid their 185,687 employees $66 billion in 2007, as problems with subprime mortgages mounted, including about $39 billion in bonuses. That amounts to average pay of $353,089 per employee, including an average bonus of $211,849. The five firms had combined net income of $93 billion during the five years through 2007.
To read the full article, click here.

posted by BHF at 1:48 PM 0 comments

Friday, September 19, 2008

Drug Label, Maimed Patient and Crucial Test for Justices

Adam Liptak with the New York Times reports:

MARSHFIELD, Vt. — When Diana Levine starts talking about her rock ’n’ roll days, she plays a little air guitar, mimicking the way she used to handle her electric bass in bands like the Re-Bops and Duke and the Detours. But Ms. Levine is missing much of her right arm, which was amputated below the elbow after a medical disaster.

In November, the Supreme Court will hear arguments about whether Ms. Levine may keep more than $6 million that a Vermont jury ordered Wyeth, a pharmaceutical company, to pay her for failing to warn her adequately about the risks of one of its drugs. The case, the latest in a brisk parade of similar ones, will help define the contours of a signature project of the Roberts court.

In legal jargon, the cases concern “pre-emption,” a doctrine that can bar injured consumers like Ms. Levine from suing in state court when the products that hurt them had met federal standards. The issue is less boring and more consequential than it sounds, and Ms. Levine’s case is shaping up to be the most important business case of the term.

To read the entire article, click here.

Burke Harvey & Frankowski represents hundreds of individuals who have been injured and even caused death by defective pharmaceutical products. Should the United States Supreme Court find that our client's claims are "preempted" they will have no recourse for their injuries and the pharmaceutical companies whose conduct caused their injuries will get away without having to compensate them at all. Often these companies are able to get their products approved by failing to provide the FDA with all available information related to safety of their proposed drugs. Even the prestigious New England Jounral of Medicine has opposed the imposition of preemption stating that drug products liability lawsuits are important in keeping drug companies honest and helps provide protection to consumers.

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posted by Todd Harvey at 8:03 PM 0 comments

Senate Committee Passes Nursing Home Arbitration Bill

McKnight's Long term Care News reports that The Fairness in Nursing Home Arbitration Act of 2008, a bill that would eliminate arbitration agreements as a requirement for admission into a nursing home, is one step closer to becoming a law. The Senate Judiciary Committee passed the bill last Thursday. Since its introduction in April of this year, the legislation has sparked a heated debate between lawmakers and consumer advocates on one side and nursing-home groups on the other. As recently as last Wednesday, healthcare lobbyists were sending letters to high-ranking members of the Senate Judiciary Committee in an effort to defeat the bill. Many in the long-term care industry argue that eliminating mandatory arbitration agreements will cause facilities to focus resources more on legal battles than on improving quality of care.The Fairness in Nursing Home Arbitration Act will not entirely do away with arbitration agreements, lawmakers note. Rather, it will make them a voluntary agreement. Before it can become law, the bill must be debated on the Senate floor. No debate is currently scheduled.

We are hopeful that the Fairness in Nursing Home Arbitraiton Act of 2008 will ultimately become law. This law will help further guarantee and protect the rights of nursing home residents and prevent nursing homes that provide sub-standard care and treatment to their residents from hiding behind arbitration agreements in their admissions contracts. If you have a question about a nursing home admissions contract or an arbitration provision that you are being asked to sign, call the experienced nursing home abuse and neglect lawyers at Burke Harvey & Frankowski. We will answer any questions you have about this important issue that affects every prospective or current nursing homr resident.

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posted by Todd Harvey at 7:46 PM 0 comments

House passes "Silver Alert" Legislation to Help Locate Missing Seniors

McKnight's Long Term Care News reports that [T]he U.S. House of Representatives Wednesday passed legislation that would set up a nationwide "silver alert" system to help coordinate local law enforcement officials in the event of a missing senior. The silver alert system would augment the amber alert system, which alerts law enforcement agencies and the general public when a child has disappeared or been kidnapped. Recent reports suggest that up to 14 million seniors will develop Alzheimer's disease in the next few decades, and that up to 60% of them are likely to wander (McKnight's, 6/2). The bill would allow for up to $5 million per year between 2009 and 2013 to be spent implementing the silver alert system. The bill, the National Silver Alert Act (H.R. 6064), also would reauthorize Kristen's Act, which was established to create a national database to track missing adults who are endangered due to age or diminished mental capacity. The Kristen's Act re-authorization would provide an additional $4 million per year over the next decade to help families locate and recover missing adults.

Every year elderly individuals as a result of diminished mental capacity become injured or even die as a result of wandering away from their homes. Unfortunatley, there are documented cases of nursing home residents wandering away from the their facilities -- many of these residents fall down and are injured while still others die as a result of drowning, being struck by moving vehicles or as a result of exposure. Often, these residents are missing for hours or even days before anyone realizes they are gone after which they are difficult to locate. We are hopeful that laws such as the National Silver Alert Act and Kristen's Act will help to prevent these terribly unfortunate incidents. Burke Harvey & Frankowski is committed to representing our nation's elderly particularly in cases where they have been abused and neglected in nurisng homes, assisted living facilities and other long term care factilites. We have handled cases in which residents have been allowed to wander away from or elope from their nursing home. If you or someone you know has suffered abuse or neglect in a nursing home, call the experienced nursing home abuse and neglect attorneys at Burke, Harvey & Frankowski. We are currently representing nursing home residents and their families in Alabama, Georgia, Mississippi, Tennessee and Kentucky. We are here to help you.

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posted by Todd Harvey at 7:28 PM 1 comments

President to sign bill expanding Americans with Disabilities Act

McKnight's Long Term Care News reports that [T]he House of Representatives this week passed legislation to expand the definition of "disability" under the Americans with Disabilities Act, helping millions more disabled Americans receive government assistance. The current legislation was in response to Supreme Court decisions in 1999 and 2002. The court ruled that individuals who could compensate for their disabilities with medications, medical devices or prosthetics did not qualify for protection under ADA. The bill states that the Supreme Court made a mistake by "eliminating protection for many individuals whom Congress intended to protect." The original ADA passed in 1990. The definition of disability must now be interpreted to include broader coverage for the disabled, according to the new bill.The legislation is strongly endorsed by a number of consumer advocate groups, including the American Civil Liberties Union. The bill, which was originally introduced to the Senate on July 31 of this year, now makes its way to President Bush's desk for ultimate approval. A Bush spokesman has said he will sign the bill.

This is an important development for our nation's most vulnerable residents including some individuals who reside in our nation's nursing homes. Burke Harvey & Frankowski are committed to representing individuals who are disabled and folks who reside in nursing homes and other long term care facilities. If you or someone you know has been discriminated against because of a disability covered under the Americans with Disabilities Act or have been abused or neglected in a nursing home, call Burke Harvey & Frankowski. We are here to help you.

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posted by Todd Harvey at 7:18 PM 0 comments

U.S. Plans Sweeping Reforms For Markets

Deborah Solomon and Damien Paletta report that the federal government is working on a sweeping series of programs that would represent perhaps the biggest intervention in financial markets since the 1930s, embracing the need for a comprehensive approach to the financial crisis after a series of ad hoc rescues. Treasury Secretary Henry Paulson briefed reporters in Washington about efforts to heal the crisis in the U.S. financial markets. Treasury Secretary Henry Paulson announced plans Friday to quickly set up a "bold" government program to take over troubled mortgage assets from financial institutions, along with other efforts to step up the purchase of mortgage-backed securities. "The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy," Mr. Paulson said in prepared remarks for a press conference. (Read the full remarks) President George W. Bush warned that a "significant" amount of taxpayer funds will be put at risk with the government's plan to bolster shaky markets, but said intervention is necessary to keep the financial system from grinding to a halt. "This a pivotal moment for America's economy," Mr. Bush said Friday. "In our nation's history, there have been moments that require us to come together across party lines to address major challenges. This is such a moment." Meanwhile, the Federal Reserve took another step deep into uncharted territory Friday morning, effectively coming to the rescue of another struggling financial sector -- this time the money market mutual fund industry. Separately, the Securities and Exchange Commission proposed a temporary ban on short-selling on 799 financial stocks. The ban, which is effective immediately, is set to last for 10 days, but could be extended for up to 30 days. (See related article.) Mr. Paulson plans to work with Congress over the weekend to get legislation in place next week, he said, calling for "prompt, bipartisan action." The program must be big enough to have "maximum impact," while protecting taxpayers, said Mr. Paulson.
To read the full article, click here.

posted by BHF at 10:11 AM 0 comments

Wednesday, September 17, 2008

Nursing Home Administrator's Salaries Top $80,000

McKnights reports that [I]t was a respectable year for the long-term care industry, with many managers' salaries growing at or above standard market rates, according to a recently released survey of nursing home personnel. The national median for administrators saw a 3.6% pay bump; their assistants gained 4.3%. Directors of nursing experienced a 3.9% rate increase over the previous year. Assistant DONs weren't so fortunate, dropping 0.03% from last year's high-water mark. National median salaries for administrators topped out at $85,464, up from $82,400 last year. Assistant administrators, falling short of last year's incredible 10.8% leap, still mustered a median raise of $2,643, bringing them to an even $62,000 per annum. Directors of nursing reached the $75,000 mark, while their assistants actually lost ground, losing a median average of $22 from last year, and lowering them to $60,000. The report comes courtesy of the Hospital & Healthcare Compensation Service, in partnership with the American Association of Homes and Services for the Aging, and the American Healthcare Association. For 31 years, HHCS has collected information from a wide array of nursing homes across the nation. This year, 2,135 homes responded to the survey.

To read the entire article, click here.

posted by Todd Harvey at 5:54 PM 0 comments

Stock Market Crashes Again

Alexandra Twin of CNNMoney.com reports that stocks plummeted Wednesday, with the Dow industrials falling 449 points in its second worst session of the year, as the government's emergency rescue of AIG amplified fears about the stability of financial markets. The Dow Jones industrial average (INDU) lost about 449 points, or 4%, according to early tallies and fell to the lowest level since November 2005. The Standard & Poor's 500 (SPX) index lost 4.7% and fell to its lowest point since April 2005. The Nasdaq composite (COMP) lost 4.9% and ended at its lowest point since August 2006. Selling pressure had eased up in the mid-afternoon as the jump in oil and gold prices boosted the underlying stocks. But any recovery attempt quickly lost steam and the market finished the session just above the worst levels of the day. Financial stocks tumbled across the board, with Goldman Sachs (GS, Fortune 500) down 21% and Morgan Stanley (MS, Fortune 500) off 29% on worries about the companies profits and ability to raise capital in the current environment. Both companies reported better-than-expected third-quarter results Tuesday. (Full story) The Philadelphia KBW Bank (BKX) index fell 6.2% and the Amex Securities Broker/Dealer (XBD) index fell 9.1%. Small cap stocks were hit, too, with the Russell 2000 (RUT) index sliding 3.9%. The selloff comes in the wake of the government's bailout of Fannie Mae and Freddie Mac, Lehman Brothers' bankruptcy, Merrill Lynch's sale to Bank of America and ongoing worries about Washington Mutual and other firms. "There's a fear of a financial system meltdown going on, and it's grounded in the headlines we're seeing about the series of firms that are in trouble," said Paul Rabbit, president of Rabbit Capital Management.
To read the full article, click here.

posted by BHF at 3:59 PM 0 comments

Even Money Market Funds Are Losing Value

Jon Markman of MSN.com reports that extraordinary events are piling up on Wall Street so fast, it's hard to know where to focus. Forgetting the prospective bailout of AIG for a moment, since every media outlet is on that one, the most shocking development of the day for me is news that a $60 billion money market fund "broke the buck" on Monday due to losses in Lehman Brothers paper that it held. So much for the safety of "cash". The Reserve Primary Money Fund (RPFXX) has become the first money-market fund in more than a decade to lose money because its board was forced to write down $785 million worth of LEH debt to zero. The fund has reportedly seen assets plunge by 60% to $23 billion in the past two days after holders got wind of the fact that it would have to cut its net asset value to less than its usual $1 per share. Reserve Primary, which is one of the oldest money market funds in the country, is now trading at 97 cents, although it is showing up on the MSN Money site at $1. Its founder is considered the father of the money market fund, and he was one of the last holdouts against buying higher-yielding commercial paper rather than super-safe Treasuries. The company said in its that it would suspend redemptions for seven days while it tries to straighten things out. To review its most recent list of holdings, see its quarterly SEC filing here.
To read the full article, click here.

posted by BHF at 3:59 PM 0 comments

Consumer Ads for Medical Devices Subject of Senate Panel

Barry Meier reports for the New York Times today that [A]s makers of medical devices like artificial knees and heart stents increasingly pitch their products directly to consumers, some lawmakers, medical groups and others are calling for restrictions on such advertisements, claiming they mislead patients.

The amount of medical device advertising directed to consumers on television or over the Internet — an estimated $193 million last year — represents just a small fraction of the volume of consumer advertising for prescription drugs, according to TNS Media Intelligence, a consulting firm.

But some experts maintain that the advertising of a medical device can have more of an impact on a patient’s well-being than a drug, because devices often require surgery to implant and may remain inside the body for years.

To read the entire article, click here.

Burke Harvey & Frankowski is currently handling medical device cases on behalf of hundreds of clients from all over the country. These cases include Shouler Pain Pumps and Kugel Mesh Hernia Repair Patches. If you or someone you know has suffered injury as a result of a defective medical device, call Burke, Harvey & Frankowski.

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posted by Todd Harvey at 3:37 PM 0 comments

U.S. Gov. Bails Out AIG With $85 Billion Loan

Matthew Karnitschnig, Deborah Solomon, Liam Pleven and Jon Hilsentrath of the WSJ report that the U.S. government seized control of American International Group Inc. -- one of the world's biggest insurers -- in an $85 billion deal that signaled the intensity of its concerns about the danger a collapse could pose to the financial system. The step marks a dramatic turnabout for the federal government, which had been strongly resisting overtures from AIG for an emergency loan or some intervention that would prevent the insurer from falling into bankruptcy. Just last weekend, the government essentially pulled the plug on Lehman Brothers Holdings Inc., allowing the big investment bank to go under instead of giving it financial support. This time, the government decided AIG truly was too big to fail.The U.S. negotiators drove a hard bargain. Under terms hammered out Tuesday night, the Fed will lend up to $85 billion to AIG, and the U.S. government will effectively get a 79.9% equity stake in the insurer in the form of warrants called equity participation notes. The two-year loan will carry an interest rate of Libor plus 8.5 percentage points. (Libor, the London interbank offered rate, is a common short-term lending benchmark.)

To read the full article, click here.

posted by BHF at 9:40 AM 0 comments

Stocks Fall On News Of AIG Rescue

Aaron Smith of CNNMoney.com reports that stocks tumbled Wednesday morning, as the government's rescue of AIG and Barclays' purchase of some of bankrupt Lehman's operations underscored the ongoing turmoil in financial markets. Investors also considered a report on new home construction that dipped to a 17-year low. The Dow Jones industrial average (INDU), the Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) all slumped in the early going. On Tuesday, the Dow and Nasdaq gained as investors digested the Fed's decision to hold interest rates steady and geared up for news on AIG. AIG shares fell 30% Wednesday morning, while Lehman shares fell 36%. European markets were up in afternoon trade Wednesday. Asian markets ended mixed: Japan's Nikkei index was up, while Hong Kong's Hang Seng index was down. Lakshman Achuthan, managing director of the Economic Policy Research Institute, said that government intervention during times of economic crisis is being perceived as short-lived. "Each time the government takes a drastic action to facilitate the survival of one of these institutions caught up in the housing and credit crisis, there is a hope that it will put a floor under the financial markets," said Achuthan, in an e-mail to CNNMoney.com. "But from Bear, to Fannie and Freddie, to Merrill and AIG, the half-life of intervention benefits has been plunging as markets weaken further after brief respites."
To read the full article, click here.

posted by BHF at 9:17 AM 0 comments

Tuesday, September 16, 2008

Mealtime Help Cuts Weight Loss in Residential Care

Joene Hendry reports for Reuters that [I]ndividualized attention during daily meals and snacks in between minimizes weight loss among long-stay nursing home residents, researchers report.
The amount and quality of daily feeding assistance "can and does make a significant difference on the nutritional health status of a frail population," Dr. Sandra F. Simmons told Reuters Health. Previous studies have shown that unintentional weight loss in the elderly increases the risk of illness and death.

Simmons, of Vanderbilt University in Nashville, Tennessee, and colleagues assessed unintentional weight loss among 76 nursing home residents (83 years old on average) who were at risk of weight loss. The mostly female participants had been in residential care for about 3 years. Half the group received meal and snack time assistance for 24 weeks, while the other study participants took meals and snacks without additional attention (control group). During a second 24-week period, those initially given feeding assistance returned to usual feeding practice, while the original control group received feeding assistance.
Simmons' team documented weight and food intake at the start, during, and at the end of each study phase.

Their findings, published in the Journal of the American Geriatrics Society, show 56 percent of the study participants maintained or gained weight when given feeding assistance, while just 28 percent did so under usual feeding practices.The feeding assistance provided in this study required an average of 42 minutes per resident per meal and 14 minutes per resident per snack - more time than is generally allotted for meal and snack delivery by nursing home staff.

To read the entire article, click here.

Burke Harvey & Frankowski are currently handling numerous cases involving the abuse and neglect of nursing home residents in Alabama, Tennessee, Georgia, Mississippi and Kentucky. In some of these cases weight loss and malnutrition are issues because the nursing homes involved simply do not provide adequate staff to assist residents who are not capable of feeding themselves. In such cases, the residents slowly starve to death simply because they are not provided assistance at meal time. Unfortunately, such tragedy plays out every day in some of our nation's nursing homes. If you or a loved one is a resident in a nursing home and feel that you are not receiving the care and treatment that you deserve, call the knowledgeable and experienced nursing home neglect lawyers at Burke, Harvey & Frankowski. We are here to help you.

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posted by Todd Harvey at 6:12 PM 0 comments

Jefferson County Judge Says Benefits Too Low for Some Injured Workers

Eric Velasco with the Birmingham News reports that [A] Jefferson County judge has called on legislators to increase compensation for some workers severely injured on the job, saying a benefits cap set 23 years ago guarantees poverty for them and their families.

Alabama employees with permanent partial disabilities - serious on-the-job injuries that still allow the person to work after recovery - can receive pay of $220 a week for up to 5¾ years, depending on the level of disability.

But $220 now buys half of what it did when the benefits cap was set in 1985. It's inadequate, Circuit Judge Scott Vowell wrote in a pretrial ruling last week in a lawsuit filed by Shane Robinson against his former employer, Birmingham's Mid-South Control Systems.
"The trial courts see these workers leave our courtrooms week after week, without the ability to support themselves or their families," Vowell wrote in his order.

"They leave our courthouses with relatively small `lump sum' checks in their pockets," he wrote. "After that is spent for their necessities, who knows or cares what becomes of them?"

To read the entire article click here.

The firm of Burke Harvey & Frankowski is committed to representing injured workers and their families. If you or someone you know has suffered an on the job injury you may be eligible for worker's compensation benefits under Alabama law. Contact us for a free consultation.

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posted by Todd Harvey at 9:19 AM 0 comments

Stocks Push S&P 500 To Steepest Drop Since 9/11

Lynn Thomasson and Elizabeth Stanton of Bloomberg report that U.S. stocks tumbled, pushing the Standard & Poor's 500 Index to the steepest drop since the September 2001 terrorist attacks, as Lehman Brothers Holdings Inc.'s bankruptcy and declining commodities increased speculation that credit-market losses and the economic slowdown will worsen. Stocks erased more than $600 billion in value as financial shares in the S&P 500 decreased the most since at least 1989, according to data compiled by Bloomberg. American International Group Inc. sank 61 percent and Washington Mutual Inc. decreased 27 percent. Concern the U.S. is heading for a recession pushed oil lower, prompting a drop in energy stocks, and sent General Electric Co. down 8 percent. ``Fear is in charge,'' said Henry Herrmann, president and chief executive officer of Waddell & Reed Financial Inc. in Overland Park, Kansas, which manages $70 billion. ``This blows another hole in the banking system's ability to extend credit.'' The S&P 500 declined 59 points, or 4.7 percent, to 1,192.70, the lowest level since October 2005. The Dow Jones Industrial Average tumbled 504.48, or 4.4 percent, to 10,917.51. The MSCI World Index of developed-market equities slumped the most in six years while the 7.6 percent drop in Brazil's Bovespa was the steepest since Sept. 11, 2001. The dollar weakened the most against the yen in a decade and two-year Treasury notes surged.
To read the full article, click here.

posted by BHF at 9:03 AM 0 comments

Lehman Failure Provides Warning To Investors

David Roeder of the Chicago Sun Times reports that Lehman Brothers Holdings Inc., the value of its assets turning to dust, was forced to file bankruptcy Monday. It happened because for years, under Chairman Richard Fuld Jr., the company pressed hard to repackage and sell mortgages, duping some into thinking it had a foolproof formula to profit from real estate. It worked well as long as values went only one way. In Chicago, Lehman's impact was heaviest in loans to developers, its appetite for leverage matched by that of serial condominium investors who snapped up unbuilt units. The bursting bubble has claimed Bear Stearns Cos Inc., Fannie Mae and Freddie Mac and now Lehman, which looks like a latter-day Enron Corp., the once high-flying firm that reveled in the "smartest guys in the room" label until its business blew up. Fraud played a role in Enron, and no one has made that allegation regarding Lehman. Still, Lehman was a victim of its own excesses, several of Chicago's top business leaders said. They agreed with the federal government's "no bailout" stance, which forced Wall Street's fourth-largest investment bank into bankruptcy.
To read the full article, click here.

posted by BHF at 8:52 AM 0 comments

Monday, September 15, 2008

Wall Street Crisis Hits Lehman and Merrill

CARRICK MOLLENKAMP, SUSANNE CRAIG, SERENA NG and AARON LUCCHETTI of the WSJ report that the American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. filed for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp. It was a gut-wrenching weekend for Wall Street, with Lehman Brothers headed toward possible liquidation, Merrill Lynch about to be taken over and AIG facing shareholder wrath. WSJ's Dennis Berman and Matthew Karnitschnig look at what's ahead. The U.S. government, which bailed out Fannie Mae and Freddie Mac a week ago and orchestrated the sale of Bear Stearns Cos. to J.P. Morgan Chase & Co. in March, played much tougher with Lehman. It refused to provide a financial backstop to potential buyers. Without such support, Barclays PLC and Bank of America, the two most interested buyers, walked away. Barclays said Monday it pulled out of the potential deal after deciding it wasn't in the best interest of shareholders. Early Monday morning, Lehman filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. Lehman said none of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate. Customers of Lehman Brothers, including customers of its wholly owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts, Lehman said. On Sunday night, Bank of America struck an all-stock deal to buy Merrill Lynch for $29 a share, or $50 billion. (See related article.)
To read full article click here.

posted by BHF at 8:57 AM 0 comments

Sunday, September 14, 2008

Former Credit Suisse Brokers Accused of Securities Fraud

Jenny Anderson of the International Herald Tribune reports that the broker said the securities were as safe as cash. After all, he claimed, the outfit that issued them, Glacier Education Loan, bought student loans guaranteed by the U.S. government. The problem: there is no such thing as Glacier Education Loan. Authorities say the broker, Eric Butler, sold customers some of the most toxic investments of the subprime age — collateralized debt obligations — in what U.S. prosecutors characterize as a $1 billion bait-and-switch. On Wednesday, Butler and a former colleague, Julian Tzolov, were indicted on securities fraud and other charges, believed to be the first criminal charges stemming from the auction-rate securities debacle. In a statement, a U.S. attorney's office in New York said the pair, who formerly worked at Credit Suisse Securities, sold corporate clients securities backed by collateralized debt obligations, subprime mortgages and mobile-home contracts but told the investors they were buying investments linked to safe student loans. The scheme was designed to reap high commissions, the authorities say.

To read the full article, click here.

posted by BHF at 12:56 PM 0 comments

Greenspan Claims Economy Is In A "Once In A Century" Crisis

CNNMoney.com reports that former Federal Reserve chief Alan Greenspan said that the U.S. credit squeeze has brought on a "once-in-a-century" financial crisis that is likely to claim more big firms before it eases. Greenspan told ABC's "This Week" that the situation "is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go." "Indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes," Greenspan said. He predicted that would not happen until early 2009, and said the odds of U.S. recession have gone up in recent months. "I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring," he said. While recent declines in the prices of oil and food may help avert a recession, he said, "I wouldn't put my money on it." The financial crunch already has claimed investment bank Bear Stearns, spurred the federal seizure of mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) and left century-old Wall Street institution Lehman Brothers (LEH, Fortune 500) clinging by its fingernails after suffering nearly $7 billion in real estate-related losses.
To read full article, click here.

posted by BHF at 12:52 PM 0 comments

FINRA Bars Brokers From Boca Office For CMO Sales

The Financial Industry Regulatory Authority (FINRA) announced that it has barred two brokers from the Boca Raton branch office of the now defunct brokerage firm, SAMCO Financial Services, Inc. -- and suspended a third broker for two years -- for misconduct in connection with selling complex mortgage-backed securities called Collateralized Mortgage Obligations (CMOs) to retail customers. Brokers Cindy Schwartz (CRD No. 4649760) and Brian Berkowicz (CRD No. 4787371) were permanently barred from the securities industry. Broker John Webberly (CRD No. 4537227) was suspended. No monetary sanctions were imposed against Webberly due to his demonstrated inability to pay. "These are FINRA's first enforcement actions arising from our ongoing investigations into abuses in the marketing and sales of mortgage-backed securities such as CMOs to retail customers," said Susan Merrill, FINRA Executive Vice President and Chief of Enforcement. "Brokers and firms have an obligation to ensure that they recommend these securities only to those customers for whom they are a suitable investment -- namely sophisticated investors with a high-risk profile. Webberly, Schwartz and Berkowicz failed to fulfill this obligation when they recommended 'inverse floaters' to retail customers with little or no investment experience. And they compounded this misconduct by permitting the head trader to exercise discretionary authority in the customers' accounts to purchase CMOs." A CMO is a security that pools together mortgages and issues shares -- called "tranches" -- with various characteristics and risks. The underlying mortgages serve as the collateral for the CMO and provide principal and interest payments to shareholders.
To read the full article, click here.

posted by BHF at 12:48 PM 0 comments

Fidelity Settling with NY AG on Auction Rate Securities

Michael J. de la Merced of the New York Times reports that Fidelity Investments, the mutual fund giant, will buy back $300 million worth of auction-rate securities by the end of the year as part of a settlement with the New York attorney general’s office. According to the terms of the deal, Fidelity will not pay a fine. Most of the large originators of auction-rate securities have already reached settlements with state regulators and the Securities and Exchange Commission. The banks held the auctions at which interest rates on these securities were reset, often weekly. After the onset of the credit crisis, they began saddling investors with securities they could not resell. So far the big banks have repurchased more than $35 billion of the securities and paid more than $360 million in fines.

posted by BHF at 12:45 PM 0 comments

Thursday, September 11, 2008

WaMu Stock Continues to Plunge

The Atlanta Journal Constitution is reporting that [S]hares of Washington Mutual Inc. continued a perilous plunge on Thursday as anxiety grew on Wall Street over the financial stability of the nation’s largest thrift and its options for survival.

WaMu stock dropped 39 cents, or 16.8 percent, to $1.93 in morning trading, after diving 29.7 percent on Wednesday to a 17-year low of $2.32.

Wall Street’s edginess over the fate of major financial firms also was fanned by Lehman Brothers Holdings Inc.’s plans announced Wednesday to sell a majority stake in its investment management unit, spin off its commercial real estate assets and slash its dividend. The nation’s fourth-largest investment bank also said it lost $3.9 billion during its fiscal third quarter.
The company, like many others on Wall Street, has suffered from bad bets on mortgage securities and other risky assets and has seen its stock price drop about 90 percent this year.

WaMu, likewise, has seen its market value wither, as it battles rising mortgage delinquencies and defaults. Its shares have fallen more than 90 percent since early July of last year, right before the rapid erosion in the credit markets began. With losses in its mortgage portfolio expected to peak at $19 billion, the Seattle-based bank could be Wall Street’s next casualty, some analysts believe.

To read the entire story, click here.

posted by Todd Harvey at 11:10 AM 0 comments

Lehman Brothers Suffers Huge Loss

David Ellis of CnnMoney.com reports that Lehman Brothers suffered its worst quarterly loss since going public, reporting a loss of nearly $4 billion Wednesday, and announced a series of drastic steps aimed at reviving the beleaguered firm. Among those changes were plans by the firm to spin-off part of its commercial real estate assets, sell a majority stake of its investment management division and slash its annual dividend. Following a wild market session Tuesday in which Lehman (LEH, Fortune 500) shares plunged 45% to their lowest levels in nearly a decade, the investment bank said it lost $3.9 billion during the fiscal third-quarter, or $5.92 a share.
To read the full article, click here.

posted by BHF at 10:24 AM 0 comments

Wednesday, September 10, 2008

Vioxx Securities Case Against Merck Is Reinstated By Appeals Court.

The Wall Street Journal is reporting that A federal appeals panel ruled that a securities lawsuit can go forward against Merck & Co. stemming from the removal of Vioxx from the market.
In a 2-to-1 ruling, a panel of judges from the Third U.S. Circuit Court of Appeals on Tuesday reversed a ruling by a federal judge in Newark, N.J., who had dismissed the lawsuit brought on behalf of investors in April 2007. The suit seeks class-action status. The Whitehouse Station, N.J., drug maker said it may ask the full circuit court or the U.S. Supreme Court to review the three-judge decision that reinstated the suit.

Judge Stanley Chesler had dismissed the case on statute-of-limitations grounds. The appeals panel disagreed with that rationale. Merck on Tuesday said it "presented several alternative grounds for dismissing the lawsuit" that weren't addressed by Judge Chesler in his decision. The company said that if the ruling isn't reversed again, it will "renew its request to dismiss the suit on those alternative grounds." Merck also highlighted a Supreme Court ruling subsequent to the April 2007 dismissal that imposes a higher bar for plaintiffs pursuing a securities case.

Merck pulled Vioxx from the market in 2004 after its study showed that the big-selling painkiller doubled the risk of heart attack or stroke. Merck shares plunged 27% -- a loss of about $30 billion for investors -- on the day of the Vioxx withdrawal and fell further in the ensuing months.

To read the entire article, click here.

posted by Todd Harvey at 8:53 AM 0 comments

Tuesday, September 9, 2008

Nursing Homes Fight Effort to Help Patients Sue

Kim Dixon for Reuters reports that U.S. nursing homes are pushing against an effort in Congress to invalidate arbitration clauses in admissions contracts, a change that would make it easier for residents to sue for shoddy care or wrongdoing.

A spokeswoman for the industry, which includes Kindred Healthcare, Sun Healthcare and Skilled Healthcare, testified before lawmakers on Wednesday in opposition to the proposed legislation that backers say is needed to protect residents' rights to sue.

Advocates say families and patients often do not notice fine print in standard contracts, which compels them to engage in binding arbitration instead of going to court to address claims of abuse or negligence.

To read the entire article, click here.

Not surprisinly, companies that run nursing homes are fighting efforts in the U.S. Congress to invalidate arbitration clauses in nursing home admissions contracts. These arbitration clauses are but one ploy of nursing homes to deny their residents the right to bring lawsuits againt nursing homes for neglect, abuse and for failing to provide competent care and treatment. These arbitration agreements have become particuarly prevalent in nursing home admissions contracts in states such Alabama and Tennessee. Arbitration clauses are often buried in the "fine print" of admissions agreements. More often than not, no one exlains to the prospective nurisng home resident or their sponsor or family members that signing such a clause means giving up the right to a jury trial under the Consitutition of the United States should the nursing home not live up to its agreement to provide competent care.

Burke Harvey & Frankowski represents nursing home residents in Alabama, Georgia, Tennessee, Mississippi and Kentucky -- even in cases where there is an arbitration agreement. We feel that especially in such cases, nursing home residents who have been abused and neglected deserve a voice and agressive representation. If you or someone you know has suffered injury as a result of abuse or neglect in a nursing home, call the experienced nursing home abuse and neglect attorneys at Burke, Harvey & Frankowski.

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posted by Todd Harvey at 1:43 PM 0 comments

Consumer Group Sues Miller Over New Drink

David Kesmodel reports for the Wall Street Journal that [A] consumer-advocacy group sued MillerCoors LLC in an effort to have the company's Sparks beverage removed from the Washington, D.C., market in the latest campaign against the caffeinated alcoholic beverage.

The nonprofit Center for Science in the Public Interest sued the second-largest U.S. beer maker in District of Columbia Superior Court, contending that Sparks contains unapproved ingredients and poses health and safety risks for consumers.

MillerCoors, a joint venture of SABMiller PLC and Molson Coors Brewing Co., declined to comment on the suit. But spokesman Julian Green said "it is important to note" that the Treasury Department's Alcohol and Tobacco Tax and Trade Bureau had approved all formulas and labels for Sparks, Sparks Light and other versions of the drink. "We have and we will continue to ensure that the labeling, marketing and product formulations of all our brands meet all applicable federal regulations and that our brands are marketed responsibly to legal drinking age adults," he said in a prepared statement.

The suit came amid probes of Sparks's marketing by various state attorneys general, who are concerned about the drink's appeal to minors. In June, MillerCoors's main rival, No. 1 beer maker Anheuser-Busch Cos., agreed to stop selling similar products in a settlement with 11 state attorneys general.

To read the entire article, click here.

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posted by Todd Harvey at 9:36 AM 0 comments

Motorcycle Accidents -- An All Too Common Occurrence in Alabama

The Birmingham News reported today that a woman has been killed in a collision involving the motorcycle on which she was a passenger. Motorcycle accidents have become an all to common occurence in Alabama. Motorcycles can be difficult to see as they maneuver through traffic. Drivers in passenger vehicles are not always on the lookout for motorcycles and the results are often deadly. In fact, the National Highway Traffic Safety Administration reports that "[N]early 62,000 motorcycle riders died in multi-vehicle motorcycle crashes between 1975 and 2005. Of these, 56,000 were killed in two-vehicle motorcycle crashes." To read the entire NHTSA study, click here.

If you or someone you know has been injured in a motorcycle or other traffic accident, the lawyers at Burke Harvey & Frankowski stand ready to assist.

posted by Todd Harvey at 8:57 AM 0 comments

Monday, September 8, 2008

UAB Trying Number of Approaches to Recruit Nursing students as Projected Nationwide Nursing Shortage Looms in the Next Decade

Hannah Wolfson reports for the Birmingham News:

Lindsay Cokel just started nursing school, and she already has a job lined up.

Cokel, who's working on her bachelor's degree at the University of Alabama at Birmingham's School of Nursing, will start at Brookwood Medical Center as soon as she graduates. In exchange, Brookwood is helping pay some of her tuition.

Deals like Cokel's are increasingly common as health care providers, nursing schools and others try to figure out how they'll handle a nursing shortage that's expected to hit sometime in the next decade. Experts estimate there's a need for at least a million new nurses nationwide by 2012, but there aren't enough nursing students to fill the gap.

The federal Bureau of Labor Statistics reports that employment for registered nurses - just one type of nurse - was expected to grow 23 percent from 2006 to 2016, mostly because of the aging population and advances in health care that allow more treatments.

To read the entire article, click here.

Nursing shortages in our nations hospitals, nursing homes and other healthcare facilities can create serious life or death situations. As the baby boomer generation ages and becomes more and more dependent upon others for care and supervision, compasionate, competent nurses in sufficient numbers particularly in our nation's nursing homes will be crucial. Currently, Burke Harvey & Frankowski is handling a number of cases involving nursing homes in Alabama, Mississippi, Georgia, Tennessee and Kentucky in which the failure of the nursing homes to provide competent nurses in sufficent numbers or understaffing contributed to neglegt or abuse. If you have questions concerning nursing home staffing or if you or someone you know has been the victim of nursing home abuse or neglect, call the experienced nursing home abuse and neglect attorneys at Burke Harvey & Frankowski.

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posted by Todd Harvey at 10:09 AM 0 comments

Sunday, September 7, 2008

Digital Data Drive Up Legal Costs

Gary Fields reports in the Wall Street Journal that [L]awyers who work on complicated civil trials say the system is too expensive, especially the handling of electronic evidence such as emails, voicemail and text messages.

According to a joint report by the American College of Trial Lawyers and the Institute for the Advancement of the American Legal System, a Denver research group that focuses on the civil justice system, 87% of lawyers who responded to a survey said electronic discovery is too costly and is driving up litigation costs. Large majorities said those costs lead to deserving cases not being filed and others with little merit being settled rather than tried.

The findings include responses from more than 1,400 lawyers who are members of the American College of Trial Lawyers. The report, due to be released Tuesday, grew out of concern in the legal community that discovery -- the process by which evidence is turned over to the opposition -- had become prohibitively expensive.

To read the entire article, click here.

posted by Todd Harvey at 4:45 PM 0 comments

Saturday, September 6, 2008

FDA Unveils List of 20 Drugs In Side-Effect Probes -- Goal Is to Provide Signs of Possibility of Side Effects

Jared A. Favole and Shirley S. Wang reports in the Wall Street Journal that the [T]he Food and Drug Administration on Friday unveiled a report listing 20 drugs that the agency is investigating for potential side effects, as part of a new policy to warn patients and health-care professionals as early as possible.

The list includes a wide array of drugs, from Eli Lilly & Co.'s antidepressant Cymbalta to Purdue Pharma LP's painkiller Oxycontin. It also addresses a range of adverse reactions, including cardiac arrest, cancer and Purple Glove Syndrome, which can result in patients having their arms amputated. (See the FDA's list of drugs that are under investigation.)

The FDA has already sent out warnings about a handful of the drugs on the list. The report lists TNF blockers -- such as Johnson & Johnson's Remicade -- as being potentially associated with cancer in children. In June, the FDA said it was investigating the possible link. TNF blockers target a compound known as tumor necrosis factor, which is overproduced in many patients with inflammatory diseases like arthritis and Crohn's.

But there appear to be new ones, too. The report lists Biogen Idec Inc. and Elan Corp.'s multiple-sclerosis treatment Tysabri as potentially being associated with skin cancer. Medical journals have reported cases of melanoma in patients taking Tysabri, but the FDA hasn't previously said it was investigating the drug for this side effect.

The list, which the FDA will start issuing quarterly, is aimed at giving consumers and health-care professionals early indications of what the FDA is investigating, but it might end up creating more confusion. Indeed, the agency is concerned "that people will stop taking a drug inappropriately" because it is on the list, said Paul Seligman, associate director of safety policy at the agency.

"It is very, very important that patients and their physicians understand the benefits and the risks of the drug. To speak about one without the other could have an impact on patient perception of their medications," said Tony Jewell, a spokesman for AstraZeneca PLC, whose psychiatric medication Seroquel made the list for the possible safety concern of overdose due to confusing sample-pack labeling.

The FDA's intention is for patients and doctors to use the list to be aware of potential adverse events and to encourage them to report any problems. The list doesn't represent a comprehensive list of drugs the FDA is investigating, the FDA's Mr. Seligman said.

To read the entire article, click here.

It is important for patients and their doctors to know and understand the potential side effects of drugs that are prescribed. Unfortunately, drug companies are not always forthcoming with all necessary informaiton to make informed decisions about the side effects of some drugs. When information is withheld from public, the healthcare community and even the FDA, people's health and even their lives are put at risk. The lawyers at Burke, Harvey & Frankowski are committed to representing people who have been injured as a result of defective and dangerous drugs and medical devices. Our lawyers are currently handling cases involving Gadolinium Based Contrast Dyes used in MRIs, Shoulder Pain Pumps, AMO Contact Lens Solution, Kugel Mesh Hernia Patches, anti-psychotic drugs including Seroquel and antibiotic drugs including Levaquin and Cipro. If you are someone you know has been injured as a result of taking a pharmaceutical product, drug or medical device, call Burke, Harvey & Frankowski.

posted by Todd Harvey at 8:51 PM 0 comments

Judge to Unseal Documents on the Eli Lilly Drug Zyprexa

Mary William Walsh is reporting for the New York Times that [A] federal judge in Brooklyn decided on Friday to unseal confidential materials about Eli Lilly’s top-selling antipsychotic drug Zyprexa, citing “the health of hundreds of thousands of people” and “fundamental questions” about the way drugs are approved for new uses.

The decision by Judge Jack B. Weinstein of Federal