New York

AIG to Allow Cuomo to Review Executive Compensation

Bending to criticism from New York Attorney General Andrew Cuomo, the American International Group will allow Cuomo’s office to review its spending, including its payments to executives who have since left the company. The insurer will allow Cuomo to review compensation and bonuses paid to senior executives and will work…

Oct 17, 2008 12:50 PM CDT

Recover Executive Perks, or Else, NY’s AG Tells Insurance Giant AIG

In an effort that could serve as a blueprint to others seeking to hold executives of failed corporations financially responsible, the attorney general of New York has sent a letter to insurance giant AIG. In it, Attorney General Andrew Cuomo says the company must recover millions of dollars in “unreasonable”…

Oct 15, 2008 7:22 PM CDT

Heller Veterans Open 2 New Calif. Offices for Growing Hogan & Hartson

Hogan & Hartson is opening two new offices in Northern California with eight veterans from the dissolving Heller Ehrman law firm, including Heller’s former litigation practice chair and securities litigation co-chairs. The move by the 1,000-attorney Washington, D.C.-based international law firm to open new offices in San Francisco and Silicon…

Oct 15, 2008 12:00 AM CDT

Clifford Chance Lays Off 20 Associates in N.Y. and D.C.

Despite expectations of more litigation work because of the global financial crisis, the work hasn’t yet materialized. So one of the world’s biggest law firms has laid off 20 U.S. litigation associates because of market conditions. The Clifford Chance associates, most of whom graduated from law school less than six…

Oct 14, 2008 9:56 PM CDT

N.Y. Gov Signs New Pension Law to Rein In Renegade Gov’t Legal Advisers

By early next year, New York lawyers who erroneously wind up in the state’s pension plan could face hefty penalties. A new law signed Friday by Gov. David Patterson makes pension fraud a felony, rather than a misdemeanor; allows criminal punishment of those who “improperly” receive pension benefits; and gives…

Oct 13, 2008 10:59 PM CDT

NY Appeals Court Tosses Conviction of PI Law Firm and Name Partner

A New York appeals court has overturned the conviction of a personal injury law firm and one of its name partners for conspiring to defraud insurance companies. The court said there was insufficient evidence against the law firm Silverman & Taylor in Freeport, N.Y., and against name partner Daivery Taylor,…

Oct 10, 2008 4:09 PM CDT

Citigroup Abandons Wachovia Bid, but not its Lawsuit

Citigroup has given up its bid for Wachovia, but it hasn’t abandoned a state court lawsuit over what it contends is a violation of an exclusivity agreement it had with the bank as it worked out details of its $2.2 billion buyout offer. Citigroup plans to seek $60 billion in…

Oct 10, 2008 1:59 PM CDT

Wall Street Crisis Creates Too Much Work for Weary Bank Lawyers

Amidst what one consultant describes as a horrible year for major corporate law firms, one practice area is red-hot: advising struggling financial institutions, for those considered expert in the practice area. One unnamed lawyer billed 450 hours last month—that’s 15 per day, every day, according to Bloomberg. Others, according to…

Oct 9, 2008 9:00 PM CDT

Sharpton, 7 Others, Convicted in Protest of NYPD Sean Bell Shooting

New York police officers who fired 50 shots at an unarmed African-American man leaving his bachelor party in 2006 weren’t convicted of any crime, although the gunshots killed Sean Bell. But eight individuals, including the Rev. Al Sharpton, were, after protesting three detectives’ acquittal in the Sean Bell case earlier…

Oct 9, 2008 4:49 PM CDT

More NY Lawyers Settle in Pension Probe; $1.28M Recovered to Date by AG

Several more New York lawyers have settled with the state attorney general in an ongoing probe of attorneys in private practice who for years have simultaneously earned benefits and government pension fund credit by being reported as employees of school districts and other government entities. So far, the probe has…

Oct 8, 2008 5:00 PM CDT

NYC Lawyer Pleads to Violation in Attorney Groping Case

A New York City lawyer who had been facing misdemeanor charges for allegedly groping two female attorneys has pleaded guilty to a lesser violation. Richard Dienst, 67, was given a conditional discharge in exchange for his guilty plea to second-degree harassment, reports AM New York. If he completes a year…

Oct 8, 2008 12:07 AM CDT

Ex-General Counsel of UBS Settles Insider Trading Probe by NY AG

The former general counsel of investment bank UBS AG has agreed to pay $6.5 million to resolve an insider trading investigation by the New York attorney general. The settlement calls for lawyer David Aufhauser to give up a $6 million bonus he received and pay a $500,000 civil penalty, the…

Oct 7, 2008 6:05 PM CDT

Jury Says Ex-NY Lawyer Murdered Wife; Couple Lived Near Bill & Hillary Clinton

A disbarred criminal defense lawyer has been convicted of murdering his wife in 2006, as the couple were on their way home to upscale Westchester County. At the time, they lived three doors away from Bill and Hillary Rodham Clinton. “Carlos Perez-Olivo, 60, shot his wife, Peggy, 55, in the…

Oct 6, 2008 8:19 PM CDT

Dechert Lied in Job Interview, Ex-Associate Claims

Former Dechert associate Marc Lubin has filed suit against the firm, claiming it lied to woo him to join the firm from Skadden in 2002, then fired him in part because he is an Orthodox Jew. He made the move—even though it meant taking a 20 percent pay cut from…

Oct 3, 2008 8:50 PM CDT

Citi Has Upper Hand in Merger Fight, Law Prof Says

Wells Fargo’s deal to acquire Wachovia violates Wachovia’s exclusivity agreement with Citibank, which prohibits Wachovia from negotiating a merger with others prior to October 6, according to University of Connecticut School of Law Professor Steven M. Davidoff writing on NYTimes.com. But that may not matter much, according to Davidoff, who…

Oct 3, 2008 8:25 PM CDT