Law Firms

The hot seat just got a little hotter for Wachtell Lipton Rosen & Katz in the Bank of America bonus disclosure drama. In a court filing Wednesday, the Securities and Exchange Commission maintained that Wachtell knowingly gave Bank of America bad advice about how it should disclose $5.8 billion in bonuses approved for Merrill Lynch employees

Wachtelllipton

The hot seat just got a little hotter for Wachtell Lipton Rosen & Katz in the Bank of America bonus disclosure drama. In a court filing Wednesday, the Securities and Exchange Commission maintained that Wachtell knowingly gave Bank of America bad advice about how it should disclose $5.8 billion in bonuses approved for Merrill Lynch

The hot seat just got a little hotter for Wachtell Lipton Rosen & Katz in the Bank of America bonus disclosure drama. In a court filing Wednesday, the Securities and Exchange Commission maintained that Wachtell knowingly gave Bank of America bad advice about how it should disclose $5.8 billion in bonuses approved for Merrill Lynch employees Read More »

Peter J. Henning, a professor at Wayne State Law School writes about what we’ve learnt from the Madoff debacle. The Securities and Exchange Commission released the full report from its inspector general on the bungled investigations of Bernard L. Madoff a little after 5:00 p.m. on the Friday before Labor Day. How’s that for timely disclosure.

The Securities and Exchange Commission released the full report from its inspector general on the bungled investigations of Bernard L. Madoff a little after 5:00 p.m. on the Friday before Labor Day. How’s that for timely disclosure. The report goes into excruciating detail on how the commission missed numerous opportunities to uncover the enormous Ponzi

Peter J. Henning, a professor at Wayne State Law School writes about what we’ve learnt from the Madoff debacle. The Securities and Exchange Commission released the full report from its inspector general on the bungled investigations of Bernard L. Madoff a little after 5:00 p.m. on the Friday before Labor Day. How’s that for timely disclosure. Read More »

New partner promotions across the U.K.’s top 50 law firms plunged by a third between 2008 and 2009, with the downturn impacting lawyers’ opportunities to advance into the partnership.

London

New partner promotions across the U.K.’s top 50 law firms plunged by a third between 2008 and 2009, with the downturn impacting lawyers’ opportunities to advance into the partnership. Taking into account promotions at firms such as Clifford Chance and Simmons & Simmons, which pushed their decisions back until the summer, there were 399 promotions

New partner promotions across the U.K.’s top 50 law firms plunged by a third between 2008 and 2009, with the downturn impacting lawyers’ opportunities to advance into the partnership. Read More »

California Gov. Arnold Schwarzenegger asked federal judges Tuesday to stay their order demanding a state plan by Sept. 18 for reducing the prison population by 40,000 over two years, signaling his intent to take the issue to the U.S. Supreme Court.

Schwarzenegger

The three-judge panel already made clear in its Aug. 4 ruling (pdf) that it would not consider a stay and would view “with disfavor … any effort to postpone or delay an expeditious resolution of the terms of the population reduction plan.” So Schwarzenegger plans to appeal the ruling itself to the U.S. Supreme Court

California Gov. Arnold Schwarzenegger asked federal judges Tuesday to stay their order demanding a state plan by Sept. 18 for reducing the prison population by 40,000 over two years, signaling his intent to take the issue to the U.S. Supreme Court. Read More »

If there’s one lesson we learned from our visit to the courtroom of Manhattan-based U.S. District Judge Richard Sullivan (pictured) last week, it’s that he can be unfriendly to criminals, even if they plead guilty and cooperate with the government in bringing cases against other individuals.

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Specifically, the 45-year-old Sullivan (William & Mary, Yale Law), who became a judge two years ago after spending more than 10 years as a prosecutor at the U.S. attorney’s office in Manhattan, denied bail to Frank DiPascali, a possible key witness in future Bernard Madoff-related prosecutions. That occurred after DiPascali pleaded guilty to helping carry

If there’s one lesson we learned from our visit to the courtroom of Manhattan-based U.S. District Judge Richard Sullivan (pictured) last week, it’s that he can be unfriendly to criminals, even if they plead guilty and cooperate with the government in bringing cases against other individuals. Read More »

Aw, Jeez. We’ll admit it: we got a little excited earlier today when we read the news about Brown Rudnick rescinding its deferral offer. Could it be, we mused, that this was the faintest glimmer of light at the end of the tunnel? The lighthouse in the fog? The distant finish line at the end of a long, brutal march up a body-strewn mountain? We actually ran to Times Square to see if any lawyers had taken to the streets and begun making out, V-J Day style.

But nope. No smooching lawyers. Just some sweaty tourists asking us the location of the nearest Sbarro. And now we know why: Things might be getting marginally better in BigLaw, but the turnaround ain’t going to be swift. It, like the economy at large, is going to take a long long time. The news on

Aw, Jeez. We’ll admit it: we got a little excited earlier today when we read the news about Brown Rudnick rescinding its deferral offer. Could it be, we mused, that this was the faintest glimmer of light at the end of the tunnel? The lighthouse in the fog? The distant finish line at the end of a long, brutal march up a body-strewn mountain? We actually ran to Times Square to see if any lawyers had taken to the streets and begun making out, V-J Day style. Read More »

We can’t speak to the validity of plaintiffs’ lawyer Mark Lanier’s latest lawsuit, one filed in Orange County, Calif., against Facebook. But we can say this: Lanier and colleague Dana Taschner have managed to squeeze an interesting assemblage of people into the suit. A photographer, two unnamed minors, a model and actress, and a college student. Sounds like an episode of Heroes.

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But all five have one main gripe: Facebook violated their rights, in some fashion. The photographer and actress claim their professional photos were uploaded from Facebook without thier consent; the minors claim their pages were accessed without their knowledge; and the college student claims Facebook altered the terms of service without her consent. Reads the

We can’t speak to the validity of plaintiffs’ lawyer Mark Lanier’s latest lawsuit, one filed in Orange County, Calif., against Facebook. But we can say this: Lanier and colleague Dana Taschner have managed to squeeze an interesting assemblage of people into the suit. A photographer, two unnamed minors, a model and actress, and a college student. Sounds like an episode of Heroes. Read More »

Former House Majority Leader Dick Armey has resigned from DLA Piper, saying a firestorm over his ties to a conservative nonprofit opposed to health care reform has hurt the firm.

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In an interview, John Merrigan, a DLA Piper partner who chairs the federal affairs practice, said Armey, who had been a senior policy adviser, made the decision to leave. The nonprofit group, FreedomWorks, has been associated with disruptive protests at town hall meetings on health care reform. Armey’s association with FreedomWorks, and his ties to

Former House Majority Leader Dick Armey has resigned from DLA Piper, saying a firestorm over his ties to a conservative nonprofit opposed to health care reform has hurt the firm. Read More »

In a 34-page ruling (pdf) that one defense lawyer describes as “a sweeping review of the Alien Tort Statute,” a three-judge panel of the 11th U.S. Circuit Court of Appeals upheld a Miami federal district court’s dismissal of four cases claiming that Coca-Cola and its two Colombian bottling subsidiaries were liable for the murder and torture of trade unionists by Colombian paramilitary forces. Citing the Supreme Court’s now-infamous May 2009 ruling in Ashcroft v. Iqbal (pdf), the court concluded that the plaintiffs’ complaints “fail to sufficiently plead factual allegations” to establish subject matter jurisdiction and state a valid claim.

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The plaintiffs, represented by veteran Alien Tort Claims lawyer Terry Collingsworth of Conrad & Scherer, alleged in four lawsuits that two Coca-Cola bottlers, Panamco and Bebidas, collaborated with paramilitary forces in what the 11th Circuit called “the systematic intimidation, kidnapping, detention, torture, and murder of Colombian trade unionists.” The complaints didn’t accuse Coke or its

In a 34-page ruling (pdf) that one defense lawyer describes as “a sweeping review of the Alien Tort Statute,” a three-judge panel of the 11th U.S. Circuit Court of Appeals upheld a Miami federal district court’s dismissal of four cases claiming that Coca-Cola and its two Colombian bottling subsidiaries were liable for the murder and torture of trade unionists by Colombian paramilitary forces. Citing the Supreme Court’s now-infamous May 2009 ruling in Ashcroft v. Iqbal (pdf), the court concluded that the plaintiffs’ complaints “fail to sufficiently plead factual allegations” to establish subject matter jurisdiction and state a valid claim. Read More »

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