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Rival Sept. 11 Victims Near Potential Deal to Divide Afghan Central Bank Assets

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Rival Sept. 11 Victims Near Potential Deal to Divide Afghan Central Bank Assets

WASHINGTON — At the least six main teams of victims of the Sept. 11, 2001, assaults have struck a tentative deal to divide about $3.5 billion in Afghan central financial institution belongings they’re attempting to grab to repay authorized claims towards the Taliban, in line with a letter filed on Tuesday to a choose overseeing the matter.

However one other main group shouldn’t be a part of the deal, which might imply some households would obtain a far bigger payout than most others. And the Sept. 11 plaintiffs nonetheless should persuade a courtroom that the central financial institution funds — deposited within the Federal Reserve of New York earlier than the Taliban took over Afghanistan in August — can lawfully be used to repay the Taliban’s authorized money owed.

Nonetheless, the disclosure of the framework settlement raised the prospect of averting a probably ugly combat amongst completely different teams of Sept. 11 victims over who can get the cash. That would take away a hurdle to a legally and politically dramatic try by widows, orphans and different family members of assault victims — together with insurance coverage firms — to grab the Afghan funds.

The advanced saga traces again to lawsuits filed years in the past by victims of the Sept. 11 assaults in search of billions of {dollars} from a variety of defendants they held answerable for their losses, together with Al Qaeda and the Taliban. When such defendants failed to point out up in courtroom, judges declared them liable by default.

However with no strategy to acquire damages, the rulings appeared like symbolic gestures — till final fall, after the federal government of Afghanistan collapsed through the Taliban takeover. As a part of the fallout, the Federal Reserve of New York blocked entry to an account for the Afghan central financial institution — referred to as Da Afghanistan Financial institution or D.A.B. — during which it had deposits of about $7 billion.

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In September, legal professionals for a gaggle of about 150 Sept. 11 victims, referred to as the Havlish case, persuaded a choose to ship a U.S. marshal to serve the authorized division of the Federal Reserve of New York with a “writ of execution” to start seizing the Afghan financial institution funds to repay its judgment towards the Taliban, together with greater than $2 billion in compensatory damages.

(A smaller group of State Division victims of an assault linked to the Taliban, referred to as the Doe case, additionally started the method of attempting to grab a few of the funds to repay a $137 million judgment debt in September.)

In the meantime, the Biden administration intervened, saying it needed to weigh in on what would serve the nationwide curiosity. In February, President Biden issued an govt order that invoked emergency energy to grab half of the central financial institution belongings for what the federal government described as a fund to assist the Afghan folks. However the White Home left behind the opposite half of the cash for the Sept. 11 households to proceed pursuing in courtroom.

Within the meantime, controversies had erupted round that effort. One dispute involved whether or not it was correct for any of the Afghan funds for use to repay Sept. 11 households as an immense humanitarian catastrophe is unfolding in Afghanistan. The opposite dispute centered on how any such funds to terrorism victims must be allotted, if a courtroom have been to determine they’ll legitimately be used to repay the Taliban’s default judgment money owed.

Different teams of Sept. 11 plaintiffs cried foul on the prospect that the Havlish group — about 150 folks, linked to 47 estates of the almost 3,000 folks killed — was attempting to take a lot of the remaining central financial institution funds for itself, arguing that the funds must be distributed equally.

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As a authorized matter, nevertheless, the Havlish group appeared higher positioned to receives a commission off first as a result of it had a extra developed case — it was the one group that had a judgment in hand — and it was first in line to start attempting to grab the funds. That raised the prospect that the opposite households may obtain nothing if courts dominated that the Afghan financial institution funds may very well be used for Taliban money owed.

The letter concerning the framework settlement was filed by Sean P. Carter, a lawyer representing a gaggle of insurance coverage firms. It mentioned the plaintiff teams concerned needed the courtroom to ship a closing judgment in favor of the insurers, which might account for the rest of the Afghan financial institution belongings Mr. Biden had left behind.

The Havlish group and insurance coverage firm plaintiffs would then switch a few of these funds to the opposite Sept. 11 plaintiff teams — none of whom at present have enforceable damages judgments towards the Taliban — to divide amongst themselves, it mentioned.

The letter to the courtroom didn’t element the phrases of the potential settlement. However in line with Brian Eagleson — a member of the holdout group of plaintiffs, referred to as the Ashton case — the proposed deal implies that the Havlish plaintiffs would hold about $1.75 billion and insurance coverage pursuits would hold about $500 million.

The remaining roughly $1.25 billion would go to the opposite sufferer teams, representing the remaining estates concerned in varied litigation efforts, he mentioned. If the courtroom approves utilizing the central financial institution funds for Taliban money owed, that might work out to potential eight-figure payouts per property for the Havlish plaintiffs, in contrast with potential six-figure payouts per property for the opposite teams, relying on how they determine to distribute it.

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Mr. Eagleson, whose father was killed within the south tower of the World Commerce Middle, referred to as {that a} “horrible and unfair deal.”

Mr. Carter declined to remark. However in his letter to the courtroom, he wrote that the proposed deal was “the perfect method out there below the circumstances” to make sure that all Sept. 11 plaintiffs get some aid, eliminating “the chance a lot of them could in any other case face of getting no foundation to take part in distributions of blocked D.A.B. funds discovered topic to turnover.”

Jerry S. Goldman, a lawyer for a plaintiffs’ group referred to as the O’Neill case that Mr. Carter’s letter mentioned supported the deal, declined to touch upon the substance of any settlement or the standing of negotiations. However he mentioned he was attempting to get the absolute best outcome for his purchasers “below the present circumstances and authorized surroundings.”

Additional complicating issues, nevertheless, this week a gaggle of victims of a special Qaeda terrorist assault — the 1998 African embassy bombings — persuaded a choose in New York to subject a so-called order of attachment for the Afghan belongings for a separate lawsuit they’re bringing, one other declare on the funds that might disrupt the Sept. 11 plaintiffs’ imaginative and prescient to make use of a judgment for the insurance coverage firms to take the remaining.

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2024 Presidential Election Calendar

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2024 Presidential Election Calendar

92 DAYS UNTIL ELECTION DAY

Take a look at important dates and voting deadlines in your state. States vary in when they send out mail ballots and when completed ballots need to be received. Election rules may still be changed by states. This calendar will be updated regularly.

Conventions

The Republican Party held its national convention in July at which it formally nominated former President Donald J. Trump and JD Vance as its presidential and vice presidential candidates. The Democratic National Convention is scheduled for late August.

Aug. 19–22 Democratic National Convention
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Democrats will convene in Chicago to formally nominate the party’s presidential and vice presidential candidates.

Debates

President Biden and Mr. Trump participated in a presidential debate hosted by CNN on June 27 and had agreed to a second one on Sept. 10, to be hosted by ABC News. After Mr. Biden’s exit from the race — spurred in part by his debate performance — Mr. Trump proposed changes to the schedule.

Sept. 4 Proposed Presidential Debate
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New date proposed by Mr. Trump to debate Vice President Kamala Harris on Fox News. This would replace the Sept. 10 debate Mr. Trump and Mr. Biden originally agreed on. Ms. Harris had not agreed to this change as of Aug. 5.

Sept. 10 Scheduled Presidential Debate

The original date for Mr. Biden and Mr. Trump’s second debate.

T.B.D. Vice Presidential Debate

The campaigns have not yet agreed on having a vice presidential debate.

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Vote by mail

A majority of voters live in states that allow voting by mail, though some states require an excuse — like travel, work or illness — to be eligible to receive a ballot. Many states have deadlines to request mail ballots that are less than two weeks before Election Day, but the Postal Service recommends that voters request them as early as possible and mail them at least one week before their state’s ballot return deadline.

To be counted, ballots in some states must be postmarked by a certain date, while some states require them to be received by a certain time (often by poll close time on Election Day). This deadline may be different for ballots returned in person, as opposed to through the mail. Check with your county officials for more details.

Each circle below represents one state.

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Note: The mail ballot return deadline for 32 states is Nov. 5. Some states do not provide an exact date they start sending mail ballots to voters. The earliest date on which ballots are sent may vary from dates in the table. Dates shown above are for domestic voters in those states, deadlines for those in the military or living abroad may differ.

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Mail voting period begins

Deadline to request ballot by mail

Postmark deadline for ballots returned by mail

Nov. 4 North Dakota, Ohio, Utah
Nov. 5 Alaska, California, District of Columbia, Illinois, Kansas, Maryland, Mississippi, Nevada, New Jersey, New York, Oregon, Texas, Virginia, Washington, West Virginia
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Deadline for mail ballots to be returned

States with return deadlines after Nov. 5 require ballots to be postmarked by Election Day.

Nov. 4 Louisiana
Nov. 5 Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Indiana, Iowa, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Vermont, Wisconsin, Wyoming
Nov. 6 Texas
Nov. 8 Kansas, Virginia
Nov. 9 Nevada, Ohio

Early voting

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Starting in September, voters can visit a polling location or cast their absentee ballot in person in states that allow one or both methods. For many states, early voting rules vary by county, so check with local officials for details.

Early voting ends

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Oct. 29 Louisiana
Oct. 31 Maryland, Tennessee
Nov. 1 Arizona, Georgia, Idaho, Massachusetts, Texas, Utah
Nov. 2 Florida, Kentucky, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Virginia, West Virginia
Nov. 3 Connecticut, Delaware, District of Columbia, Michigan, New Jersey, New York
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Asian stocks rebound amid global volatility

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Asian stocks rebound amid global volatility

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Japanese stocks surged in early trade on Tuesday, rebounding from the previous day’s historic 12 per cent collapse.

Amid warnings from traders to expect extreme volatility over the coming hours, the broad Topix index rose 8.3 per cent in the first half-hour of trading as investors began cautious bargain-hunting and the yen stabilised at about ¥145.70 after two weeks on the rise.

Global markets have in recent days fallen amid fears the Federal Reserve has been too slow to respond to signs the US economy was weakening, and might be forced to play catch-up with a series of rapid interest rate cuts.

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The global sell-off has been exacerbated by the unwinding of the so-called yen carry trade, in which traders had taken advantage of Japan’s low interest rates to borrow in yen and buy risky assets.

The rise in the Topix on Tuesday, along with an 8.2 per cent resurgence in the narrower, tech-heavy Nikkei 225 Average, came despite heavy overnight falls in US markets including a 3 per cent drop in the S&P 500.

The rally was echoed across other Asian markets, with the South Korean Kospi rising 4.5 per cent in early morning trading. The Taiwanese stock index, which had its worst selloff in history on Monday, recovered 4 per cent.

Atul Goyal, a Japan equities analyst at Jefferies, said that while fear was gripping markets, the fall in certain Japanese stocks on Monday had been “far too extreme”.

On Tuesday, a broad range of stocks in Tokyo soared, led by soy-sauce maker Kikkoman, whose stock was up more than 17 per cent. Carmaker Honda rose over 15 per cent and semiconductor equipment maker Tokyo Electron gained 15 per cent.

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Financials, telecoms, industrials and parts of the tech sector were the main focus of buying in Japan on Tuesday after what Nomura strategist Tomochika Kitaoka described as “something akin to a taper tantrum”. 

A surprise Bank of Japan interest rate increase last week propelled the yen higher and triggered a three day equities sell-off, culminating in Monday’s dramatic fall. By Monday’s close, the Topix had lost all its gains for the year after hitting an all-time high on July 11.

After Monday’s close in Japan, traders and analysts struggled to explain the extremity of the sell-off, questioning why a hardening debate over the possibility of a US recession and a return of the dollar-yen rate to levels last seen in January had produced one of the country’s worst market collapses.

“There must be some forced or technical selling as the fundamentals did not change by 11-12 per cent in one weekend,” said Kiran Ganesh, multi-asset strategist at UBS. He added that a sharp sell-off presented a buying opportunity, but that the market would have to wait and see where the yen settles.

Others, including CLSA Japan strategist Nicholas Smith, pointed to the exaggerated impact of algorithmic trading programs, which may have specifically responded to the recent sharp upward move in the yen. 

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“It does look like they are correlated with the yen,” Smith said. “After all the excitement about the prospects of AI, it now looks like AI may have got us into this mess.”

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Former Trump attorney agrees to cooperation agreement in Arizona 'fake elector' case

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Former Trump attorney agrees to cooperation agreement in Arizona 'fake elector' case

Former Trump attorney Jenna Ellis reads a statement after pleading guilty in Atlanta on Oct. 24, 2023, to one felony count of aiding and abetting false statements and writings in the Fulton County election subversion case.

John Bazemore/Pool/AFP via Getty Images


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John Bazemore/Pool/AFP via Getty Images

A onetime attorney for former President Donald Trump has agreed to a cooperation agreement with the Arizona attorney general in the state’s “fake electors” case.

Jenna Ellis, an attorney for Trump’s 2020 campaign, is one of 18 individuals charged in April for allegedly scheming to undermine President Biden’s victory in Arizona in 2020 and deliver the state’s 11 electoral votes to Trump.

Arizona Attorney General Kris Mayes announced Monday that Ellis agreed to cooperate with prosecutors and is willing to testify in court. In exchange, the state will drop the nine felonies — including fraud and conspiracy charges — filed against her.

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“This agreement represents a significant step forward in our case,” Mayes said in a statement. “I am grateful to Ms. Ellis for her cooperation with our investigation and prosecution. Her insights are invaluable and will greatly aid the State in proving its case in court.”

In a statement, lawyers representing Ellis continued to claim she was not involved in the fake elector scheme.

“We are grateful the Arizona Attorney General’s Office completely dismissed the indictment against Jenna Ellis as she was not involved in the so-called ‘fake elector’ scheme,” attorneys Matt Brown and Matt Melito said in a statement. “Jenna was originally told she was not a target and her cooperation is her continued willingness to tell the truth.”

According to indictment, 11 of the individuals charged in the case — including former Arizona Republican Party Chair Kelli Ward and state Sens. Jake Hoffman and Anthony Kern — signed fraudulent documents claiming Trump won Arizona’s electoral votes. Other Trump allies, including Mark Meadows and Rudy Giuliani, also face charges in the case.

Ellis had pleaded guilty last year in Georgia in the Fulton County election subversion case.

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