Corporate Law

Appeals Court Upholds Sarbanes-Oxley Law

A federal appeals court in a 2-1 decision has upheld a corporate accountability law passed following the collapse of Enron. The U.S. Court of Appeals for the D.C. Circuit rejected contentions that the Sarbanes-Oxley law gave too much power to a nonprofit board that oversees accounting firms that audit companies,…

Aug 25, 2008 10:46 AM CDT

Top Corporate Lawyer Creates ‘Virtual’ Law Firm in Hawaii

After 16 years as a partner at Hawaii’s largest law firm, Greg Kim was ready for a change. Even though he had developed a technique of doing much of his work outside the office at Goodsill Anderson Quinn & Stifel, as his reputation as a top corporate attorney helped him…

Aug 20, 2008 3:27 PM CDT

Morgan Lewis No. 1 in Survey of Litigation Firms Used by Fortune 100

Morgan, Lewis & Bockius came out on top in a Corporate Counsel survey of law firms most often used in Fortune 100 litigation last year. Helping propel Morgan Lewis into the top spot was employment and labor work, making up half of the matters the firm worked on and captured…

Aug 18, 2008 11:01 AM CDT

10 Stock Exchanges Plan Joint Enforcement of Insider Trading Rules

Ten stock exchanges plan to coordinate their efforts to enforce rules against insider trading, once their agreement to do so is OK’d by the U.S. Securities and Exchange Commission. Public comments are now being sought by the SEC concerning the plan. It would make the regulatory arm of the New…

Aug 13, 2008 7:56 PM CDT

W. Va. Governor Reportedly Got DuPont’s Help Before Filing Amicus Brief

DuPont lawyers accommodated a request by West Virginia’s governor by supplying two draft briefs that he could use for the state’s amicus brief urging the state supreme court to hear a case involving the company, the New York Times reports. The brief urges the supreme court to hear an appeal…

Aug 13, 2008 3:15 PM CDT

Wachtell Still #1, Vault Survey Says

For the sixth straight year, Wachtell Lipton Rosen & Katz ranks as the top law firm in the country according to the latest Vault survey. Cravath Swaine & Moore retains the No. 2 spot, and among the rest of the top 10, only one name is different than last year,…

Aug 12, 2008 10:33 PM CDT

WSJ: Accounting Rule Would Allow Lawyers to ‘Extort Settlements’

A proposed Financial Accounting Standards Board rule that would require companies to account for the potential cost of litigation will do less to offer transparency than it will be a boon for trial lawyers, a Wall Street Journal editorial maintains. “The real gift is to the trial lawyers, who will…

Aug 7, 2008 12:42 PM CDT

SEC Eases Disclosure Rules Under Reg FD

Corporations may now sometimes fulfill their public disclosure requirements under Regulation FD by posting information on their websites and blogs rather than having news releases distributed by third-party companies, according to new guidance issued by the U.S. Securities and Exchange Commission. The move is expected to cut compliance costs. However,…

Aug 1, 2008 9:19 PM CDT

GCs Fear Litigation Strategies Would Be Revealed if Rule Changes

The ABA is among the critics of a proposed accounting rule change that would require public companies to disclose more details about the risks of litigation. In-house lawyers and other critics say the rule change would force companies to reveal details that could provide opponents with a preview of their…

Jul 24, 2008 10:49 AM CDT

L.A. Moves Closer to Limiting New Fast-Food Restaurants

Los Angeles has moved a step closer to banning new fast-food restaurants for at least a year in a significant swath of the city. A city council committee last night unanimously approved a measure calling for at least a one-year moratorium on new fast-food franchises in a 32-square-mile area including…

Jul 23, 2008 6:47 PM CDT

Despite Settlement, N.J. Plaintiffs Can Sue Law Firms for Malpractice

Considerably expanding what some understood to be the scope of permissible malpractice claim against a law firm after the underlying case at issue has settled, a New Jersey appeals court has revived a claim against two law partnerships. Distinguishing the current case from a 2005 state supreme court holding in…

Jul 22, 2008 8:35 PM CDT

Jury Rules Bratz Doll Created During Designer’s Stint at Mattel

A California jury has ruled that the popular Bratz doll was created by a designer when he was working for Mattel, a blow for the doll’s maker, Mattel rival MGA Entertainment Inc. Mattel had claimed designer Carter Bryant took the idea for the hip, multi-ethnic doll to MGA even though…

Jul 18, 2008 11:14 AM CDT

Delaware Supreme Court Ruling a Defeat for Shareholder Activists

In a defeat for activist shareholders, the Delaware Supreme Court has declared invalid a proposed bylaw that would require a computer company to reimburse dissidents for the cost of getting elected to the corporate board. The court ruled the proposal violated state law because it would force the directors of…

Jul 18, 2008 10:54 AM CDT

McNulty Memo Changes Not Enough to Protect Privilege, ABA Task Force Chair Says

The chairman of an ABA task force says legislation is still needed to protect the attorney-client privilege, despite a pledge by the Justice Department that it will change its policy to bar privilege waiver requests in corporate investigations. R. William Ide III, chair of the ABA Task Force on Attorney-Client…

Jul 16, 2008 2:36 PM CDT

Congresswoman Plans Bill to Regulate Corporate Monitors

U.S. Rep. Linda Sanchez thinks new Justice Department guidelines regulating the selection of corporate monitors are inadequate. The Democrat from California plans to introduce reform legislation this week to regulate the hiring process for monitors scrutinizing companies targeted by the Justice Department for wrongdoing, Legal Times reports. The new legislation…

Jul 15, 2008 1:02 PM CDT