$450m class action launched against NAB
Headline Legal News
A $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt.
Legal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow.
The firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market.
It will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.