New York

How Former Dreier Client Became a Co-Defendant in Claimed $200M Scheme

In 2006, Kosta Kovachev consented, without admitting wrongdoing, to a $358,146 judgment in a civil Securities and Exchange Commission case. It concerned an alleged timeshare-sales Ponzi scheme involving 10 defendants and claimed profits of $28 million. His attorney at the time was Marc Dreier. By 2008, Kovachev, a 57-year-old Harvard…

Jan 5, 2009 6:10 PM CST

After 1-Year Hunt, Job Search Ends for Laid-Off Investment Banker

A laid-off New York investment banker’s long struggle to find another job in a horrendous economy may offer some lessons for lawyers in a similar predicament. Handing out resumes for a week while wearing a sandwich board stating “experienced MIT grad for hire,” near the intersection of 50th and Park…

Dec 24, 2008 7:39 PM CST

N.Y. Judge Orders Surgery for Amish Tot After Parents Refuse Consent

Finding that a one-year-old Amish boy will die if he doesn’t have heart surgery, a New York judge has ordered that it be performed despite his parents’ refusal to consent, on religious grounds. “Family Court Judge Barbara R. Potter ordered that 20-month-old Eli Hershberger, who was born in April 2007…

Dec 24, 2008 5:18 PM CST

Dreier Group Jumps to Olshan Grundman

A group of trademark, copyright and unfair competition lawyers from the imploding Dreier law firm is leaving for New York’s Olshan Grundman Frome Rosenzweig & Wolosky. Steven R. Gursky, whose practice centers on anti-counterfeiting in the apparel industry, is leading the move, the National Law Journal (reg. req.) reports. The…

Dec 24, 2008 2:48 PM CST

Fairfield Hedge Fund Sued Over $7.5B Madoff Investment

Add another lawsuit to the growing list of litigation concerning the alleged $50 billion Ponzi scheme claimed to have been run by Bernard Madoff under the guise of a hedge fund. A complaint filed Friday in state court in New York alleges breach of fiduciary duty, negligence and unjust enrichment…

Dec 23, 2008 1:25 AM CST

Bad Year Gets Worse for Eliot Spitzer: His Real Estate Firm Invested With Madoff

Surely 2008 must already have been a year that former New York Gov. Eliot Spitzer won’t remember as a particularly good one, after resigning from office over a prostitution scandal. But it’s just gotten even worse for Spitzer, who is also a former state attorney general known for his crusades…

Dec 19, 2008 11:23 PM CST

Paul Hastings Associate Accused in $4.8M Insider Trading Scheme

A Paul Hastings tax associate was one of four people charged Thursday with insider trading based on information provided by the husband of a public relations representative who had information on pending deals. Lawyer Eric Holzer, 34, is accused of buying stock based on information provided by former Lehman Brothers…

Dec 19, 2008 12:50 PM CST

In Real ‘Wonderful Life,’ James Stewart Might Have Gotten 2 to 7 Years

Considered classic holiday fare with an uplifting message, the schmaltzy It’s a Wonderful Life actually remains well worth seeing because of the gritty reality it portrays to those with a cynical mindset, a New York Times critic writes. The 1946 Frank Capra movie accurately points out, for instance, the perils…

Dec 18, 2008 11:55 PM CST

No Grinch at Skadden: Bonuses are $35K to $65K, Blog Says

As other law firms lay off attorneys, cut year-end bonuses and even announce a salary freeze, one BigLaw firm reportedly has announced bonuses that should make this a happy holiday season for its own associates. Skadden Arps Slate Meagher & Flom will give its associates year-end bonuses of between $35,000…

Dec 18, 2008 11:24 PM CST

Ex-Brown & Wood Partner among Three Advisers Convicted in Tax Case

Former Brown & Wood partner Raymond Ruble was convicted of tax evasion Wednesday for writing opinion letters supporting fraudulent tax shelters. Prosecutors claim Ruble was paid $50,000 for each opinion letter he wrote, the New York Law Journal reports. The letters said the tax shelters were likely to survive any…

Dec 18, 2008 12:34 PM CST

Judge Questions Dewey Fee Application Seeking About $100K a Day

A federal judge is seeking more information on a $2.1 million fee application by Dewey & LeBeouf that breaks down to about $100,000 a day in attorney fees. U.S. District Judge Denny Chin asked for more information on the application by Dewey partner Timothy Coleman, who is the receiver for…

Dec 17, 2008 2:55 PM CST

Why Wasn’t Madoff’s Alleged $50B Ponzi Scheme Discovered Earlier?

After staggering news last week that the longtime head of a respected Wall Street investment firm had allegedly been running a massive $50 billion Ponzi scheme under the guise of a hedge fund for years, there has been fallout on many fronts. As victims lawyer up, both the Securities and…

Dec 16, 2008 6:25 PM CST

Caroline Kennedy Wants Hilary Clinton’s Senate Seat

After a lifetime of avoiding the spotlight, the sole surviving child of former President John F. Kennedy has decided to cast her hat into the political ring in which her family has been so prominent. Caroline Kennedy, 51, a 1988 graduate of Columbia Law School, has decided to seek the…

Dec 16, 2008 12:31 AM CST

Thacher Proffitt Offices for Lease

A venerable New York law firm apparently may be on the brink of closing its doors. Thacher Proffitt & Wood, which has lost about 100 attorneys during the past year, mostly through layoffs, is now offering its offices for lease, reports Crain’s New York Business: “On Thursday, the firm listed…

Dec 15, 2008 6:46 PM CST

Another Issue for Dreier Lawyers: Lapsed Malpractice Coverage

A scary law firm financial situation that already posed possible liability risks to non-equity partners at Dreier has gotten even more frightening. Initially, with Marc Dreier, the firm’s only equity partner, as the sole person in charge of the 250-attorney partnership’s finances, it seemed that other attorneys there were benefited…

Dec 15, 2008 5:50 PM CST