Corporate Law

Corp. Crime Crackdown: Many Serve Minimal Sentences

Despite a renewed emphasis on corporate compliance in recent years and a high-profile crackdown on executives who don’t play by the rules, such prosecutions may be sending a mixed message to those tempted by white-collar crime. That’s because nearly half of the defendants convicted in such cases during the past…

Dec 13, 2007 7:00 PM CST

U.K. Considering Sarbanes-Like Rules

In the wake of an unprecedented loss of a government database containing confidential information about tens of millions of people, British legislators are reportedly considering new data-protection safeguards. Possible changes in the law being discussed would hold company chief executives directly responsible for data protection and make it a crime…

Dec 7, 2007 5:51 PM CST

Mortgage Mess Gets Messier

Despite cleanup efforts, the mortgage mess continues. The Bush administration announced today a plan to freeze the interest rate on some subprime mortgages for five years, which could help more than a million homeowners. As an article on the CNN Money.com website details, the plan would grant those current on…

Dec 6, 2007 8:24 PM CST

Prosecutors Bringing More Foreign Bribery Cases

Prosecutors and securities officials are increasingly targeting companies for paying bribes to obtain foreign contracts, bringing more than double the number of cases this year than the number filed in 2004. The government has already collected more than $100 million in penalties this year, the Washington Post reports. Prosecutions are…

Dec 5, 2007 4:17 PM CST

New BigLaw Job: Lend-an-Associate

An innovative perk being offered to favored clients by a small but growing number of law firms can also provide big benefits to associates. So-called secondments—essentially, a loan of an associate to work onsite for a client for a period that often lasts for months—are growing in popularity with major…

Dec 4, 2007 8:56 PM CST

European Plaintiffs Pursue U.S. Lawsuits

Although tentative steps are being made toward creating U.S.-style plaintiffs litigation opportunities in Europe, including class actions and shareholder cases, there are still substantial barriers to pursuing such cases there. The real news is that American courts, which clearly offer plaintiffs better litigation opportunities, are increasingly open to hearing cases…

Dec 4, 2007 5:05 PM CST

Seniors, Good Credit Risks Targeted By Lenders; Mortgage Solution Sought

It isn’t just people with poor credit who are now suffering in the aftermath of a subprime lending spree. And, although a federal government plan is supposed to be announced later this week to help financially struggling homeowners, it appears unlikely to do much to rescue many of those now…

Dec 3, 2007 10:16 PM CST

Lawyer-Poet a Tough Trial Opponent

Being a trial lawyer isn’t that different, in some ways, from being a poet, says Forrest Hainline III. He should know, since he does both. In addition to trying business cases, the San Francisco partner of Goodwin Procter also pens succinct poems on topics ranging from reverent to racy, reports…

Dec 3, 2007 9:18 PM CST

More Companies Suing Job Hoppers for Luring Away Co-Workers

Even without a noncompete agreement, workplace experts are advising job-hoppers to be careful about urging subordinates to join them. The Wall Street Journal reports that a growing number of companies are suing their former employees for luring staff away. The cause of action? Breach of fiduciary duty. Plus, the threat…

Nov 26, 2007 9:56 PM CST

U.K. Lawyers Long for Offices in India

Attorneys at major law firms in the United Kingdom are notably unhappy about their inability to open offices in India, and will continue to press for permission to establish a presence there, a London newspaper says. Eager to work on cross-border deals, London lawyers at big firms long for offices…

Nov 21, 2007 8:39 PM CST

18-Year-Old Aces Calif. Bar, Wins 1st Trial

An 18-year-old graduate of the UCLA School of Law is en route to become not only the youngest lawyer in the state but possibly the country. Kathleen Holtz, who learned Friday that she passed the California bar, has already been part of a winning trial team, reports the Wall Street…

Nov 19, 2007 8:50 PM CST

Auditors’ Quest for Legal Documents Could Risk Exposure

Auditors complying with post-Enron laws are increasingly asking for legal documents, putting the material at risk for disclosure in lawsuits. When confidential documents are shown to outside parties, they are no longer protected from disclosure by the attorney-client privilege, the New York Times explains. Only around 30 states protect the…

Nov 16, 2007 4:37 PM CST

Kansas Utility Owes CEO $2.46M in Defense Costs

Echoing a similar holding by a federal judge concerning another company executive, a special master in Kansas state court has found that a utility company wrongly refused to pay $2.46 million in legal fees to defend its former chairman and CEO in a criminal fraud case. The utility, Westar Energy…

Nov 15, 2007 7:17 PM CST

Are New U.S. Accounting Rules Bad News for Banks?

The last few months have not been good ones for the global banking industry, as rapidly rising mortgage defaults sparked a credit crisis. But the situation may get even worse before it gets better. And, if so, new U.S. accounting standards may be one big reason why, a British columnist…

Nov 12, 2007 8:10 PM CST

William Lerach Goes Down Fighting With WaPo Commentary

Securities class-action lawyer William Lerach, who pleaded guilty to paying kickbacks to lead plaintiffs, takes aim at sweet deals for corporate CEOs who lose shareholder money in a commentary published in the Washington Post. Lerach complains that he is being held “accountable for overzealously pursuing these corporate scam artists” while…

Nov 12, 2007 7:11 PM CST