Corporate Law

Onetime Law Firm Gofer Now a Corporate Counsel

When Ryan Swift got a job as a gofer, making sure the coffee machine was filled and fetching sandwiches for lawyers at Holland & Knight in Atlanta, his mother told him he just needed to get his foot in the door. It turns out she was right. “I told them…

Feb 11, 2008 10:35 PM CST

Lerach Gets 2 Years in Claimed Milberg Weiss Kickbacks Case

A once-mighty partner at the nation’s biggest and best-known plaintiffs securities firm was given a two-year federal prison sentence today for his role in an alleged law firm scheme to pay $11.3 million in kickbacks to lead plaintiffs in securities class actions. In addition to the prison term, William Lerach,…

Feb 11, 2008 9:44 PM CST

Former Ethics Counsel Disbarred Over Investigation of Judge

Two Massachusetts lawyers, including the former ethics counsel for two state governors, were disbarred today because of their aggressive investigation of a judge who ruled against their clients in 1995 in a high-profile family battle over control of a supermarket chain. The efforts of Gary C. Crossen and Kevin P.…

Feb 6, 2008 7:40 PM CST

Judge Allows Racketeering Suit Against Protesting Union

A federal judge has refused to dismiss a racketeering lawsuit filed against a union that criticized conditions at a North Carolina slaughterhouse. U.S. District Judge Robert Payne of Richmond, Va., refused last week to dismiss the suit, filed by Smithfield Foods against the United Food and Commercial Workers International, Adam…

Feb 5, 2008 2:29 PM CST

BP Pleads Guilty in Texas Refinery Explosion That Killed 15

A federal judge in Houston is one step closer to approving a criminal plea deal by petroleum giant BP concerning a 2005 explosion at a Texas refinery that killed 15 and injured more than 170. BP entered a guilty plea today, but U.S. District Judge Lee Rosenthal hasn’t yet decided…

Feb 5, 2008 12:03 AM CST

Candy Competition Sours Company on Now-Former Counsel

Nestle reportedly has axed its lead antitrust counsel in Europe after focusing during a review of its legal staffing there on the fact that Freshfields Bruckhaus Deringer also represented the competing Mars company. Perhaps best-known on supermarket shelves for its M&M’S candies, Mars is a competitor of Nestle. The two…

Feb 4, 2008 7:10 PM CST

Debevoise Probe of Siemens Hits Roadblocks

Debevoise & Plimpton’s internal corporate probe of misconduct at Siemens AG has been hindered by uncooperative employees and prosecutors. The investigation into allegations of bribes for business was proceeding so slowly last summer that some board members questioned whether the law firm should have been hired, according to the Wall…

Jan 23, 2008 8:11 PM CST

January Remains a Popular Month for Lateral Hires

Law firms often make lateral hires in January after the books have been closed for the previous year, and 2008 is no different. Lawyers with practices in bankruptcy and corporate finance appear particularly popular as lateral hires, the National Law Journal reports. And bankruptcy lawyers will remain in demand in…

Jan 23, 2008 1:57 PM CST

Unusual Employee Handbook: ‘Use Your Best Judgment’

The parent company of major newspapers in California and Illinois has taken an innovative approach to the revision of its employee handbook under the leadership of a new owner. Forgoing the usual detailed prohibitions and explanations, it hits employees straight on the chin with plain-language rules. Open the handbook—which is…

Jan 18, 2008 8:21 PM CST

Judiciary Committees to Probe Corporate Monitors Following Ashcroft Deal

The House and Senate judiciary committees are seeking more information about the appointment of corporate monitors amid questions about whether prosecutors are rewarding political pals with the lucrative work. The move comes after news reports that the Justice Department is investigating a no-bid contract for monitoring work awarded to the…

Jan 15, 2008 12:39 PM CST

No Cash Awarded, But $9.5M Fee Allowed

A federal judge in New Jersey has approved $9.5 million in attorney fees in an investor suit against Schering-Plough Corp. even though no money damages were awarded. U.S. District Judge Katharine Sweeney Hayden said fees were justified because the company agreed to changes in its corporate governance, and the litigation…

Jan 15, 2008 11:44 AM CST

Possible Boies Associate Bonus: $1 Million

A big litigation win for Boies, Schiller & Flexner could translate to big bonuses for some of the associates who worked on the case. Those who opted to wait for a percentage of the payoff in the case when it was resolved could get $1 million each, reports American Lawyer…

Jan 11, 2008 10:24 PM CST

$4B BOA-Countrywide Deal Price Tag Doesn’t Include Legal Woes

Bank of America Corp.’s newly announced deal to buy Countrywide Financial Corp. likely could cost considerably more than the $4 billion purchase price. That’s because BOA is taking on a lengthy list of legal issues faced by Countrywide, the nation’s largest mortgage lender, as part of the deal, according to…

Jan 11, 2008 6:53 PM CST

Lawyer Says Subprime Suits Could Be ‘Bigger Than Enron’

A lawyer at a well-known British firm says a wave of lawsuits being filed over subprime mortgage issues could eventually exceed the scope of the litigation over the infamous Enron debacle. “In terms of the potential numbers of lawsuits, the subprime crisis could be bigger than Enron,” Tim House, an…

Jan 11, 2008 4:49 PM CST

Ashcroft Contract Leads to Justice Department Policy Review

A no-bid contract awarded to the consulting firm of former Attorney General John Ashcroft has spurred a Justice Department inquiry into its procedure for selecting outside monitors to oversee company settlements. The 18-month contract, worth $28 million to $52 million, is between the Ashcroft Group and Zimmer Holding, a medical…

Jan 10, 2008 12:04 PM CST