Why Do So Many Billionaire Investors Seem Scared of This Bull Run?

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Ship owner in Baltimore bridge collapse seeks to blame others as liability case takes shape

LEA SKENE
October 29, 2024

BALTIMORE (AP) -- As a sprawling liability case takes shape following the deadly collapse of Baltimore's Francis Scott Key Bridge in March, the owner and manager of the container ship Dali are seeking to deflect responsibility and cast blame elsewhere.

Attorneys for Singapore-based Grace Ocean Private Limited and Synergy Marine Group argued in court Tuesday that Maryland state officials should have better protected the bridge against ship strikes. They also raised questions about whether the shipbuilder installed faulty electrical equipment that caused the Dali to lose power as it approached the bridge.

Meanwhile, lawyers for dozens of claimants seeking damages argued that the immediate focus should remain on where the two companies dropped the ball.

"It's not an offensive tool," said attorney David Reisman, who represents the state of Maryland. He argued the court shouldn't consider such allegations from the companies this early in the litigation process.

Among the claimants are the families of six construction workers killed in the collapse as well as state and local governments, businesses, longshoremen and more. They've accused Grace Ocean and Synergy of failing to properly maintain the Dali, ignoring longstanding problems with its electrical system and knowingly sending an unseaworthy vessel into Maryland waters.

Shortly after the March 26 collapse, the companies filed a petition in federal court in Baltimore seeking to limit their liability. Since then, nearly 50 other entities have filed opposing claims in the case.

At a scheduling conference Tuesday, Judge James Bredar questioned attorneys on both sides in an effort to "bring structure to this sprawling and unusual matter," which could become the most expensive marine casualty case in history.

Bredar said the ultimate goal is delivering the case "to the launching pad for settlement." But that could take years. He said a forthcoming order will address the first phase of the case, including a timeline and a determination of the appropriate scope -- whether it's narrowly focused or considers broader questions like third-party liability.

William Bennett, an attorney for Grace Ocean, argued the court should consider assigning "significant liability and fault" to state officials, among others. He cited "decades of records" showing the state of Maryland failed to properly protect the bridge, which was built in the 1970s with minimal pier protection.

The courtroom's gallery was filled with attorneys involved in the case. The discovery process will likely include dozens of hourslong depositions over the next several months, culminating in a bench trial.

It's possible some of the federal claims could be settled in the meantime. Just last week, Grace Ocean and Synergy agreed to pay more than $102 million in cleanup costs to settle a claim brought by the U.S. Department of Justice. That payment will reimburse the federal government for money spent clearing massive amounts of debris from the Port of Baltimore's main shipping channel, which remained closed for months after the collapse.

After announcing the settlement, a spokesperson for Grace Ocean said it wasn't an admission of responsibility or wrongdoing.

The Justice Department claim, which has since been dismissed, provided the most detailed account yet of the cascading series of failures that left the Dali's pilots and crew helpless in the face of looming disaster. The complaint pointed to "excessive vibrations" on the ship that attorneys called a "well-known cause of transformer and electrical failure." Instead of dealing with the source of the vibrations, crew members "jury-rigged" the ship, the complaint alleged.

FBI agents boarded the ship in April amid a criminal investigation into the circumstances leading up to the collapse.

The Dali was leaving Baltimore enroute to Sri Lanka when it lost power and veered off course, striking the bridge. Six members of a roadwork crew plunged to their deaths. A last-minute mayday call from the ship's pilots allowed police to stop traffic to the bridge, but they weren't able to alert the workers.

The collapse snarled commercial shipping traffic through the Port of Baltimore, increased commute times for local drivers and left many longshoremen temporarily out of work. Trucking businesses and other companies that relied on the bridge are anticipating long-term impacts, according to court filings.

The federal case will likely be followed by additional lawsuits in Maryland state courts.

Continue Reading...

Popular

White House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign

WASHINGTON (AP) — A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign.

A Huge Crack Is Forming in the US Economy - Ad

A former Trump Advisor has uncovered alarming information that could impact your financial security over the next few months. These new stock market highs are built on shaky foundations. A huge crack is forming in the American economy. The elites know all about it, but most ordinary citizens have no idea.

Warren Buffett Says Parents Should Do This One Thing Before They Die, Whether They Are Rich Or Not

Legendary investor Warren Buffett has a piece of critical advice for parents that he believes they should follow, regardless of their wealth status.

Delaware judge reaffirms ruling that invalidated massive Tesla pay package for Elon Musk

DOVER, Del. (AP) — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package

Debts, Deficits & Destruction of the US Dollar - Ad

The economist Time Magazine called "out of step with economic reality" for predicting the U.S. economy would implode in his 2005 best-selling book Empire of Debt over two years before the Financial Crisis tore America and the global economy apart... is back to issue his next warning. Before you invest a single dollar in the markets -- or make any investment decisions -- it's critical you see this alarming video right away.

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

Donald Trump's second term as president is expected to bring about a significant shift in the global and domestic order, with Trump's selections for key posts set to aid in this transformation.

Tesla Cybertruck Crash In California Claims 3 Lives, Leaves 1 Seriously Injured

In a tragic incident early Wednesday, a Tesla Cybertruck crashed in Piedmont, California, resulting in three fatalities and one serious injury.

Crypto Stocks Surge Amid Market Boom - Ad

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Why retailers still see Black Friday as the high point of the holiday shopping season

NEW YORK (AP) — After weeks of plugging increasingly inviting discounts, retailers in the United States and several other countries are preparing for prime time: , the bargain bonanza that still reigns as the unofficial kickoff of the holiday shopping season even if it's lost some luster.

Trump's Energy Policies Poised To Reshape Oil & Gas Market: Winners And Losers Revealed

Trump's energy plans could reshape US markets with potential tariffs, increased production, and LNG exports. Goldman Sachs breaks down winners and losers.

Wall Street Warns: Stocks Could Be "Dead Money" for Next 10 Years - Ad

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Honeywell Stock Slides After Hours On Updated 2024 Outlook

Honeywell International Inc (NASDAQ:HON) shares are trading lower in Monday's after-hours session after the company announced a strategic agreement with Bombardier and cut its near-term 2024 outlook.

Rogue Economist Comes Out of Shadows to Issue Shocking Warning - Ad

The man who correctly predicted the 2008 Financial Crisis two years before it unfolded... Now says that by the end of 2025 the US dollar could lose its status as the world reserve currency. In his new presentation, he'll show you how you can avoid the fallout and possibly even profit from it.

The IRS is at risk of losing $20 billion in funding without legislative intervention

WEST PALM BEACH, Fla. (AP) — Already bracing for funding cuts under a new Trump administration, U.S. Treasury officials are calling on Congress to unlock $20 billion in IRS enforcement money that is tied up in legislative language that has effectively rendered the money frozen.

Oil field owner sues California over law that would end its Los Angeles-area operations

LOS ANGELES (AP) — The owner of an oil field in Los Angeles County is suing the state of California over a law that will require it to stop production and plug its wells or face costly fines.

Elon's New Tech Could Be Bigger Than Tesla & SpaceX... Combined - Ad

Forget rockets or brain implants... Elon's new AI product could be his biggest invention yet. Jeff Brown tried it himself recently and caught his experience on camera. See this footage because according to Tesla Magazine, this new product "could well shape the technological and economic future of our society."

Mississippi Gulf Coast restaurant and its co-owner are sentenced for mislabeling seafood

GULFPORT, Miss. (AP) — A Mississippi Gulf Coast restaurant and its co-owner it were sentenced Monday on federal charges of as local premium fish.

Google Hit With Groundbreaking Antitrust Lawsuit In Canada Over Ad Tech Tools

Canada's Competition Bureau has filed an antitrust lawsuit against Google, demanding the sale of key ad tech tools and penalties for alleged anti-competitive practices, echoing similar U.S. actions.

Watch Jeff's New Demo: Elon Musk's New $9 Trillion AI Product - Ad

Why is Jeff Brown blindfolded and with his hands tied behind his back? It's all part of a crazy experiment involving a Cybertruck. See this demo because if Jeff is right... Elon Musk could make a lot of people rich with his new AI technology.

China's aging population fuels 'silver economy' boom, but profits can prove elusive

HONG KONG (AP) — Every Wednesday, retiree Zhang Zhili travels an hour by bus to an education center, drawn by the pulsing rhythms of the African drum she plays there in a classroom filled with fellow retirees whose hands move in unison, every beat lifting her spirits.

Canada is already examining tariffs on certain US items following Trump's tariff threat

TORONTO (AP) — Canada is already examining possible retaliatory tariffs on certain items from the United States should President-elect Donald Trump follow through on his threat to impose sweeping tariffs on Canadian products, a senior official said Wednesday.

Discover the $2 Stock That Has Institutional Attention - Ad

With a $1.3B market cap and forecasts to grow 2X faster than the sector, dozens of investment banks are betting big. Strong leadership, cash on hand, and a $3 target make it a must-see.

What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News?

Comcast's means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News.

Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue.

This $2 Stock Outshines Historic Gold Rally! - Ad

Gold has soared 25% in the last 6 months, but this young company has more than doubled that return. With a price target nearly double its current value, it's caught the eye of 40+ investment banks and funds. Discover the name of this standout company today and see why it's a potential gold mine for investors.

What Trump's DOT Pick Could Mean For EVs, Airlines, Railroad Stocks

President-elect Donald Trump announced Sean Duffy as his pick for secretary of the Department of Transportation (DOT) on Monday. Here's a look at how the latest Trump selection could affect companies in the transportation sector:

India's Adani says his group is committed to compliance after US bribery and fraud charges

NEW DELHI (AP) — Indian tycoon Gautam Adani said his conglomerate is committed to “world-class regulatory compliance” after being indicted and an alleged bribery scheme worth millions of dollars, his first remarks since the accusations surfaced.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

What to know about Scott Bessent, Trump's pick for treasury secretary

WASHINGTON (AP) — has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary.

Top Choice for Tech-Savvy Investors - Ad

Exploring the next wave of electric aviation stocks? This company is leading the charge with its innovative approach to electrification and strong industry ties.

Australian Senate begins debate on world-first social media ban for children under 16

MELBOURNE, Australia (AP) — The Australian Senate on Thursday began considering a from social media after the House of Representatives overwhelmingly supported the age restriction.

Stock market today: Asian shares are mixed after Big Tech losses pull Wall Street lower

BANGKOK (AP) — Shares were mixed Thursday in Asia after stocks on Wall Street retreated, weighed down by losses for technology shares.

Tech Funds Are Hemorrhaging Cash: Sell This Stock Now - Ad

U.S. technology funds are HEMORRHAGING cash. It's the biggest selloff since the 2022 bear market. A 50-year Wall Street veteran just explained everything you need to know. For now, he's pounding the table on the No. 1 tech stock to BUY before 2024 comes to an end... And the No.1 tech stock Wall Street says to sell NOW.

Alaska political leaders hope to see Trump undo restrictions on oil drilling

JUNEAU, Alaska (AP) — President-elect Donald Trump during his campaign to expand oil drilling in the U.S., which is good news for political leaders in Alaska, where oil is the economic lifeblood and many felt the Biden administration has obstructed efforts to boost the state's diminished production.

Analysts Are Projecting "Safe-Haven" Stock Will Nearly Double - Ad

Already up nearly 50% in the last 6 months this gold company has an analyst target nearly twice its current price. With 45 investment banks and funds already invested it's no wonder this $1.3B company (trading under $2) is grabbing investor attention.

Joby's Electric Air Taxi Lands In Microsoft Flight Simulator 2024, Here's How You Can Fly It

Joby Aviation, Inc. has integrated its electric air taxi into Microsoft Flight Simulator 2024, allowing aviation enthusiasts worldwide to experience the future of urban air mobility.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service