Dorsey & Whitney Fires Partner as Insider Trading Probe Continues

A Canadian partner of Dorsey & Whitney has reportedly been fired by the Minneapolis-based law firm, as an insider trading probe to which the lawyer has been linked continues. Gil Cornblum, the fired partner, was a law school colleague of business consultant Stan Grmovsek, one of three individuals who reportedly…

May 9, 2008 5:20 PM CDT

Chinese Arbitration Concerns Some U.S. Companies

Some U.S. companies and their lawyers are concerned about arbitration of business disputes in China. In one high-profile case, an arbitrator who sided with PepsiCo Inc. against a Chinese bottler was detained in 2006 on charges of committing financial improprieties within the arbitration organization that hired him, a Chinese-sponsored group…

May 9, 2008 3:57 PM CDT

Suspect in Insider Trading Probe Had ‘Connection’ to Lawyer

Canadian and U.S. securities regulators are investigating possible insider trading in a probe focused on 11 Canadian takeovers during the past two years and a Minneapolis-based law firm that advised companies involved in each deal, a Canadian newspaper says. According to Ontario Superior Court documents, the Ontario Securities Commission is…

May 8, 2008 4:08 PM CDT

Appeals Court Upholds Victims’ Right to Be Heard in BP Plea

A federal appeals court has ruled that a law giving crime victims a say in the plea bargain process was violated when prosecutors forged a deal in the 2005 BP oil refinery explosion. The New Orleans-based 5th U.S. Circuit Court of Appeals said U.S. District Judge Nancy Atlas should not…

May 8, 2008 1:06 PM CDT

Skadden Helps Yahoo Buy Time With Legal Maneuver

Lawyers at Skadden, Arps, Slate, Meagher & Flom advising Yahoo used an unusual legal maneuver to give the company’s board more time to consider its response to Microsoft’s takeover bid. Yahoo board members contended the company’s stock was worth $37 a share, but Microsoft was willing to offer only $33,…

May 6, 2008 10:49 AM CDT

Feds Rev Up National Mortgage Fraud & Securities Probe

Federal prosecutors in at least five major cities throughout the country are reving up for a more expansive investigation of possible widespread fraudulent practices by mortgage lenders and investment banks. Prosecutors in Atlanta, Dallas, Los Angeles, New York and Philadelphia, with the help of the FBI and the criminal division…

May 5, 2008 4:11 PM CDT

Backdating Derivative Suit Names Wilson Sonsini

A derivative suit that targets Brocade Communications for backdating includes the company’s law firm as a defendant. The suit claims Wilson Sonsini Goodrich & Rosati committed legal malpractice by giving its approval to backdated stock options, the Recorder reports. The suit also claims the law firm gave bad advice on…

May 2, 2008 12:35 PM CDT

Thirty-Four

May 1, 2008 1:00 PM CDT

To Delete or Not to Delete? Not Doing So Puts Deal Lawyer on Hot Seat

In Peter Ehrenberg’s 34-year legal career, testifying in December in a Georgetown, Del., courtroom was clearly a low point for the Lowenstein Sandler partner. Like other M&A lawyers, he had found the second half of 2007 a difficult time to try to close deals. But Ehrenberg got particularly unlucky. Contested…

Apr 25, 2008 8:17 PM CDT

Testimony: Hacker Says News Corp. Unit Hired Him

A computer hacker testified in a corporate-spying lawsuit Wednesday in California that a unit of News Corp. hired him to develop pirating software to penetrate a rival satellite service’s security system. Christopher Tarnovsky, who says his first $20,000 was paid in cash hidden in electronic devices mailed from Canada, denied…

Apr 24, 2008 11:43 AM CDT

How Attorneys Can Avoid Big Claims Over Bankrupt Clients

When struggling companies go under in a big way, bankruptcy trustees today are increasingly looking to their accountants and lawyers to ante up at least some of the missing money So professionals should keep a wary eye out for red flags that should warn them, early in the representation, that…

Apr 23, 2008 6:46 PM CDT

FBI Expects Massive Rise in Mortgage Fraud Cases

The FBI is dealing with a deluge of new mortgage fraud cases in a real estate meltdown of unprecedented scope. At a Senate hearing earlier this week, Robert Mueller, the agency’s director, noted that the FBI now has more than 1,300 mortgage fraud investigations underway, reports the Associated Press. A…

Apr 18, 2008 7:04 PM CDT

Most GCs Happy With Job, Many Looking to Hire In-House Counsel

Despite headaches created by increased corporate compliance requirements and tension with outside auditors, the vast majority of lawyers at the helm of corporate legal departments are happy with their jobs. Some 85 percent of the nation’s chief legal officers and general counsels say their careers are rewarding, according to an…

Apr 17, 2008 8:24 PM CDT

Kirkland & Ellis Snags 3 Partners from Mayer Brown

One Chicago-based BigLaw firm reportedly has just raided another of three partners. Bruce Gelman, Thomas Geraghty and Joshua Hanna have left Mayer Brown are now practicing at Kirkland & Ellis, reports Legal Week. Gelman and Geraghty are tax lawyers, and Hanna specializes in real estate and private equity matters.

Apr 15, 2008 8:32 PM CDT

Suit Claims Boss Waterboarded Worker as Motivational Tack

A suit by a sales employee claims his boss subjected him to waterboarding as part of a “team-building exercise.” Chad Hudgens, part of a 10-person telephone sales team, said he had volunteered for the exercise, devised by his supervisor during a slow sales week, but had no idea what he…

Apr 14, 2008 3:54 PM CDT