Corporate Law

Lehman’s Impact Stretches from Corporate Lawyers to Litigators

It’s not just corporate lawyers who fear the ripple effect from the Lehman Brothers bankruptcy. Litigators and plaintiffs lawyers are also worried. New York law firms dominate the market because of their work for investment banks. They fear turmoil in the financial markets could lead to more bankruptcies and new…

Sep 16, 2008 11:39 AM CDT

Lawyer Laments ‘Incredibly Shrinking Market’ as Wall Street Shudders

Turmoil on Wall Street has brought major business to a few well-known law firms, as Lehman Brothers sought bankruptcy protection and Merrill Lynch & Co. agreed to be purchased by Bank of America in developments that hit the news over the weekend. And, for those in the right practice areas,…

Sep 15, 2008 8:55 PM CDT

Law Firm Files RICO Suit Over Restaurant’s Menu Claims

A Washington, D.C., law firm has filed a federal class action against the Applebee’s national restaurant chain, contending that its “Weight Watchers” menu items aren’t as healthy as advertised. Independent testing of the Weight Watchers menu choices actually being served at various Applebee’s around the U.S. allegedly showed that “many…

Sep 15, 2008 3:25 PM CDT

Parties, Sex & Drugs Made Fed’l Office Much Like a Frat House, Probe Finds

A federal government office charged with overseeing the collection of some $4 billion in royalty payments by oil companies to the U.S. government allegedly operated more like an out-of-control fraternity than a regulatory agency. Sex, booze, drugs and parties among federal employees and representatives of the oil companies they were…

Sep 10, 2008 11:45 PM CDT

Will Misdated Report About United Airlines Bring Legal Consequences?

Updated: A report yesterday that United Airlines had filed for Chapter 11 bankruptcy sent the company’s stock plunging from over $12 to less than $3, in under an hour, before the erroneous news was corrected and the share price largely recovered. But it’s unclear whether there will be any legal…

Sep 9, 2008 4:25 PM CDT

Mervyns Sues Its Ex-Owners Over ‘Fraudulent Transfer’ of Stores

In a sign of the economically troubled times, a struggling department store chain has sued its former owners over its 2004 sale, contending that they improperly stripped it of its equity in a two-pronged transaction. Mervyns characterizes the sale, in which its department stores and the company’s real estate were…

Sep 5, 2008 1:24 AM CDT

Arnstein Plans Major Growth in Florida

In the news last month for its plan to eliminate its summer program, Arnstein & Lehr is now reportedly planning a major expansion in Florida. The Chicago-based law firm, which has 143 lawyers on its attorney roster, plans to double its Florida contingent from 43 to as many as 90…

Sep 4, 2008 9:31 PM CDT

SOX Protections for Whistle-Blowers Don’t Go as Far as Drafter Intended

Some corporate whistle-blowers who cooperate in fraud investigations are being rejected for protection from retaliation under the Sarbanes-Oxley Act because they work for a corporate subsidiary. The Department of Labor contends the law covers only publicly traded corporations—and not necessarily their corporate subsidiaries, the Wall Street Journal reports. University of…

Sep 4, 2008 4:02 PM CDT

Buyer of Bassinet Maker’s Assets Says it Didn’t Take on Liabilities

A hedge fund affiliate claims that it did not assume the legal liabilities of a troubled baby furniture maker, Simplicity for Children, when it purchased its assets in an April deal. SFCA, an affiliate of Blackstreet Capital Management, bought the assets before last week’s recall of Simplicity bassinets but after…

Sep 4, 2008 1:14 PM CDT

Make That 37 Partners Who Have Left Heller Ehrman This Year

With the departure of two San Francisco Bay area attorneys for other law firms, the total number of partners who have left Heller Ehrman this year now reportedly tallies at least 37. Trademark lawyer Harold Milstein is the seventh Heller partner to join Sheppard Mullin Richter & Hampton this year,…

Sep 3, 2008 7:33 PM CDT

Why the Happy Sumo Is Happier Now

A Utah sushi restaurant is undergoing a remodeling after a federal judge ruled its décor copied that of a competitor. The Yapona restaurant located in American Fork, Utah, is undergoing the $15,000 renovation as a result of an early ruling in a lawsuit brought by The Happy Sumo, with locations…

Sep 3, 2008 2:37 PM CDT

3 Duane Morris Corporate Partners Jump to Sheppard Mullin

A three-lawyer corporate group is jumping ship from Duane Morris to Sheppard Mullin Richter & Hampton in the San Diego area. Robert Copeland, James Mercer III and Michael Umansky are joining Sheppard Mullin as partners, according to a law firm press release. They were previously partners in the San Diego…

Sep 2, 2008 5:48 PM CDT

Chrysler’s GC Retires; Replacement is Assistant GC

Chrysler’s longtime general counsel Kenneth Gluckman is retiring. He worked for the company for 30 years. His replacement is Louann Van Der Wiele, the National Law Journal reports. Most recently she served as assistant general counsel for product litigation and discovery, according to a press release. She joined Chrysler in…

Aug 29, 2008 2:48 PM CDT

DOJ Announces New Corporate Guidelines that Ease Pressure for Privilege Waivers

Updated: The U.S. Department of Justice has unveiled new guidelines that ease pressure on corporations to waive attorney-client privilege. Under the new guidelines, corporations will no longer be required to waive the privilege to show their cooperation with the government and get more lenient treatment from prosecutors. Deputy Attorney General…

Aug 28, 2008 5:55 PM CDT

Off-Label Drugs Will Be Next Enforcement Focus, Law Prof Predicts

Every year, when Dallas attorney Steve Kardell kicks off the corporate compliance and governance class he teaches at Southern Methodist University’s Dedman School of Law, he starts by predicting the subject of the next wave of company scandals. Last year, he pointed to subprime lending. The year before, it was…

Aug 27, 2008 3:39 PM CDT