Corporate Law

Siemens Reaches $1.3B Bribe Settlement with Help of Debevoise, Davis Polk

The engineering firm Siemens AG has agreed to pay more than $1.3 billion to settle corruption charges in the United States and Germany. The company entered a guilty plea in Washington, D.C., on Monday, the Associated Press reports. It will pay more than $800 million to settle U.S. charges of…

Dec 16, 2008 3:53 PM CST

Lawyers’ Full Employment Act: Alleged $50B Madoff Fraud

In addition to keeping prosecutors and white-collar defense lawyers busy, the alleged $50 billion Ponzi scheme that 70-year-old Bernard Madoff is accused of operating under the guise of a purportedly profitable hedge fund is also providing plenty of work for securities and tax specialists, not to mention litigators. As accountants…

Dec 15, 2008 9:32 PM CST

Florida Fetish Club Sues Competitor, Creating Legal Drama

Individuals in the Tampa, Fla., area for whom “airport security,” “nasty nurse” and “Mad Science ElectroPlay” role-playing fantasies are a turn-on apparently now have more than one option, as far as local fetish clubs catering to their interests are concerned. But that’s a problem for the Largo-based Quest club, the…

Dec 12, 2008 6:50 PM CST

Ohio Lawyer and University Trustee Indicted Over Real Estate Deal

A partner in an Akron, Ohio, law firm who is also a trustee of the University of Akron has been charged in a misdemeanor ethics case concerning a real estate deal that involved the university and property in which he allegedly had an interest. Jack Morrison Jr., 56, has been…

Dec 10, 2008 7:20 PM CST

Convicted Ex-Gen Re Finance Chief: I Should Have Testified

Accused of participating in a $597 million fraud to deceive shareholders of American International Group Inc. into thinking the insurance giant had $500 million more in loss reserves than it did, Elizabeth Monrad took her lawyer’s advice and didn’t testify. Doing so, she felt, would not only pose a risk…

Dec 10, 2008 4:50 PM CST

Muslim Charity, 5 Leaders Convicted in Hamas Terrorism Aid Case

A major Muslim charitable organization and five of its former leaders were convicted by a federal court jury in Texas today of aiding terrorism via their charitable contributions. Prosecutors claimed that the Holy Land Foundation for Relief and Development funded terrorism by paying for charitable projects controlled by Hamas, thus…

Nov 25, 2008 12:34 AM CST

Temp Attorneys Paid $35-$40/Hour; Plaintiff Firms Seek $500 in Xerox Case

At least two graduates of big-name law schools earned $35 to $40 an hour to work on a contract basis in class action litigation against Xerox Corp. But now the law firms that hired them are seeking to get reimbursed about $500 per hour for their services. Plaintiffs’ counsel have…

Nov 24, 2008 8:52 PM CST

How to Avoid the In-House Ax—and Recover, If It Falls

As law firm layoffs become relatively commonplace news, it isn’t just attorneys in private practice who are nervously wondering where the ax might fall next. In-house lawyers are at risk of losing their jobs, too—and likely will have more trouble finding new corporate jobs, compared to their law firm colleagues.…

Nov 19, 2008 10:34 PM CST

Flip Side of Law Firm Merger Mania: Clients Wonder, What About Our Rates?

For years, it has been the accepted wisdom that major corporations want to use fewer law firms in order to control legal costs, and many BigLaw firms have taken that message to heart, adding to their attorney rosters and expanding their geographic range by merging with other legal partnerships. But…

Nov 18, 2008 9:14 PM CST

‘Recession-Proof Practice’: Advising Employers on Layoffs

With news of new layoffs being announced by major companies seemingly on almost a daily basis, attorneys who advise clients in this arena are not short of work. In fact, many say, they’ve never been busier. Marc Mandelman, who heads the practice group at Proskauer Rose, has been in the…

Nov 17, 2008 10:01 PM CST

SEC Sues Billionaire Mavericks Owner Mark Cuban, Alleges Insider Trading

Mark Cuban, a billionaire Internet entrepreneur who owns the Dallas Mavericks basketball team, has been charged by the SEC in a civil case with insider trading. The federal Securities and Exchange Commission contends that Cuban acted almost immediately to sell his entire position in Mamma.com Inc.in 2004, after the online…

Nov 17, 2008 5:27 PM CST

Fed Could Be Sole Regulator for Financial Institutions, Says Sullivan Chair

Speaking at a conference today in New York on the outlook for mergers and acquisitions, a famed attorney dealmaker predicted that one result of the current economic crisis will be streamlined regulation for financial institutions. H. Rodgin Cohen, the chairman of Sullivan & Cromwell, “said the crisis was likely to…

Nov 13, 2008 12:03 AM CST

UBS Exec Charged in Federal Tax Fraud Conspiracy Case

A senior private banking executive with UBS AG has been indicted in a federal tax fraud conspiracy case after months of investigation of how some U.S. residents allegedly dodged their taxes by hiding some $20 billion in assets in secret accounts. However, a lawyer for Raoul Weil says the case…

Nov 12, 2008 9:28 PM CST

Wachtell to Clients: Lessons Learned from Lehman Brothers Bankruptcy

A memo to clients yesterday from Wachtell, Lipton, Rosen & Katz discusses lessons that some major investors learned the hard way from the Lehman Brothers bankruptcy. For example, hedge funds and other counterparties who put up collateral, as a condition of making trades through Lehman’s prime brokerage unit, discovered that…

Nov 12, 2008 5:50 PM CST

‘Green’ Alternative to Gift Cards May Protect Against Bankruptcy Loss

It isn’t just in an environmental context that going “green” can be considered the best option. People who have been giving gift cards to those on their holiday shopping lists may want to consider giving greenbacks instead, especially if the cards come from struggling retailers facing potential bankruptcy cases, reports…

Nov 10, 2008 9:49 PM CST