The Bear Stearns fire sale has already lead to the first of – what many consider – to be a raft of lawsuits against the former securities and banking giant. U.S. law firm Coughlin Stoia Geller Rudman & Robbins LLP said on Monday it had sued Bear Stearns Co Inc, accusing the investment bank, sold […]
Over the years, Richard F. “Dickie” Scruggs earned a reputation as one of the nation’s wiliest and most powerful plaintiff’s attorneys. Along the way he was hailed as a champion of the little guy. He was also derided as a scoundrel who would stoop as low as necessary to get his way — and fatten
An ongoing Pentagon investigation into the videotaping of terror suspect interrogations has uncovered at least 50 videotaped interrogations, the New York Times reported Thursday. Most of the videotaped interrogations involved two terror detainees, Jose Padilla and Ali al-Marri. Officials denied that any of the tapes depict interrogation tactics that would qualify as torture, although one
Four Federal Reserve governors voted unanimously to approve a 28-day secured Fed loan facility to Bear Stearns Friday using a rarely used Depression-era provision of the Federal Reserve Act that normally requires five governors’ approval, Fed officials said. The Fed normally has seven governors but two seats are currently vacant and one governor was traveling
Resigning over reports he paid for a $1,000-an-hour prostitute, New York Gov. Eliot Spitzer leaves behind his political post but could face legal trouble from the stunning sex scandal. Spitzer, who fought malfeasance on Wall Street with publicity-conscious vigor, fell from grace after The New York Times reported this week that his conversations to arrange
The nation’s top economic policymakers, hoping to prevent a repeat of the excesses that led to the mortgage bubble and bust, on Thursday proposed a broad series of reforms aimed at tightening oversight of financial institutions. The changes include tougher disclosure requirements for banks and Wall Street firms, a nationwide licensing system for mortgage brokers
Federal Prosecutors unsealed an affidavit that details a rendezvous in a Washington hotel room last month between a prostitute and “Client 9,” who a CNN source says is New York Gov. Eliot Spitzer. That afternoon Spitzer addressed the press and apologized for letting voters and his family down. Now, some leaders are calling for Spitzer
Gov. Eliot Spitzer has been caught on a federal wiretap arranging to meet with a high-priced prostitute at a Washington hotel last month, according to a person briefed on the federal investigation. An affidavit in the federal investigation into a prostitution ring said that a wiretap recording captured a man identified as Client 9 on
The FBI has begun a criminal inquiry into the largest U.S. mortgage lender, Countrywide Financial Corp (CFC.N: Quote, Profile, Research), for suspected securities fraud as part of investigations into the mortgage crisis, The New York Times reported on Sunday. Citing unnamed government officials with knowledge of the case, the Times said the investigation into whether
The UK’s top 100 law firms have continued to grow despite signs that the economic downturn is beginning to have an impact, according to the figures from Deloitte. The accountancy firm’s Quarterly Legal Sector Survey showed that law firm fee income rose by an average of 11 per cent in the three months to the
