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

As U.S. Deals Dry Up, Law Firms Go Abroad; $150K Moving Bonuses

Although the number of corporate deals has plummeted in the U.S., starting midway through last year, overseas mergers and acquisitions are a booming business. So American law firms are going where the work is, revving up their foreign offices at the same time that some are downsizing at home, reports…

Apr 11, 2008 4:05 PM CDT

More Securities Cases, Higher Damages Predicted By Accounting Firm Experts

More securities class actions, as well as increased efforts to obtain redress abroad, were predicted today by experts from the PricewaterhouseCoopers accounting firm. They also said that the growing presence of unions and pension funds as plaintiffs in such cases is apparently driving up damages awards. Speaking today at a…

Apr 10, 2008 8:13 PM CDT

Trustee Targets Investment Banks; Will His Suit Spark Others?

In a case that may be something of a signpost pointing to further litigation related to the subprime mortgage crisis, a bankruptcy trustee has filed suit against major investment banks claiming that their lax practices shored up a third-party lender, Philadelphia-based American Business Financial Services Inc., and thus cost ABFS…

Apr 9, 2008 5:29 PM CDT