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Securities Law

1415 ABA Journal Securities Law articles.

Chitwood Wins Motley Face-Off; Former Lawyers Spin Off Again

A year-and-a-half after Chitwood Harley Harnes settled claims against four former lawyers who set up a rival securities litigation shop at a new Atlanta office of Motley Rice, the Chitwood firm apparently has prevailed in a head-to-head battle for clients. Motley is closing its Atlanta office, and the four former…

Dec 10, 2007 11:27 PM CST

‘Forgotten’ Sarbanes Clawback Clause Used Against UnitedHealth Ex-CEO

Two former executives of UnitedHealth Group Inc.—the CEO and general counsel—have agreed to give back stock options gains, unexercised options and retirement pay to resolve stock-options backdating claims by the company. Under an agreement announced by the company yesterday, givebacks by ex-CEO William McGuire are valued at more than $600…

Dec 7, 2007 2:17 PM CST

Judge Denies Milberg Fee Request, Raises Skadden Questions

A federal judge has refused to approve the $30 million settlement of a securities class action in a case brought by indicted law firm Milberg Weiss, saying attorney fees of 25 percent were too high. Chief District Judge Vaughn Walker of San Francisco said that when the hours spent in…

Dec 5, 2007 11:46 AM 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

GC Scolded for Backdating Warning Lands New Job

The former general counsel of KLA-Tencor who sparred with the company’s then-CEO over stock options backdating has been named the new top lawyer for another Silicon Valley company. Stuart Nichols will make $250,000 a year at his new employer, MIPS Technologies, the San Jose Mercury News reports. He is also…

Nov 28, 2007 2:24 PM CST

Telecom Wins Securities Class Action

A telecommunications company has won a securities class-action trial in one of the few cases to reach a jury. Jurors in the Northern District of California found for JDS Uniphase Corp. and four of its executives, the Recorder reports. The JDS case is one of seven defense wins out of…

Nov 28, 2007 2:03 PM CST

Milberg Weiss Sued Over Settlement

Texas billionaire Sam Wyly is among the investors who have filed a suit against Milberg Weiss that claims the law firm quickly settled a shareholder lawsuit to make big attorney fees. The suit claims the law firm settled the suit against Computer Associates to reap $40 million in attorney fees…

Nov 27, 2007 4:37 PM CST

More Bankruptcy Trustees Target Law Firms

More law firms are facing lawsuits by bankruptcy trustees who claim lawyers helped companies hide financial problems. Such suits “have largely replaced shareholder class actions in the nightmares of law firm managing partners,” the New York Law Journal reports. “These suits are often better funded, better lawyered and, with the…

Nov 27, 2007 12:11 PM CST

Lerach Could Earn $50M in Enron Fees

Securities class-action lawyer William Lerach, who has pleaded guilty to paying kickbacks to lead plaintiffs, could get as much as $50 million in attorney fees from a settlement in Enron-related litigation. The Wall Street Journal Law Blog reported the figure based on anonymous sources familiar with the distribution. Lerach’s firm,…

Nov 26, 2007 11:35 AM CST

Lawyer Ordered to Testify About Client Communications

A lawyer has been ordered to testify about his communications with clients regarding opinion letters he wrote facilitating the sale of shares in Defense Technology Systems Inc. U.S. District Judge Shira Scheindlin has ordered lawyer Frank Hariton of White Plains, N.Y., to testify under the crime-fraud exception to attorney-client privilege,…

Nov 21, 2007 12:52 PM CST

Record $700M in Attorney Fees Sought in Enron Litigation

San Diego securities class-action firm Coughlin Stoia Geller Rudman & Robbins is seeking a record $700 million in fees for plaintiffs lawyers in litigation against professionals accused of aiding Enron accounting fraud. A $700 million attorney fee would be the largest ever in a securities class action, the Wall Street…

Nov 21, 2007 11:30 AM CST

Lawyer’s Conviction for Obstructing Probe Upheld

A federal appeals court has upheld the conviction of a former Florida lawyer for conspiring to obstruct an investigation by the Securities and Exchange Commission. The lawyer, Donald Frank Mintmire, was sentenced to 21 months in prison, according to the Fulton County Daily Report. The Atlanta-based 11th U.S. Circuit Court…

Nov 20, 2007 2:33 PM CST

More Law Firms Seek to Sue Banks

After the subprime mortgage meltdown in the U.S. and a resulting worldwide credit crunch worsens, a traditional law firm taboo against suing banks has been relaxed as related litigation looms. A growing number of well-known law firms in the U.S. and U.K. are now ready to take such cases despite…

Nov 14, 2007 7:52 PM CST

SEC Won’t Act in Several High-Tech Backdating Probes

Several high-tech companies are reporting that the Securities and Exchange Commission won’t be taking any action against them for backdating stock options. The SEC has closed its investigations of Electronic Arts, Linear Technology Corp., Nvidia Corp., PMC-Sierra Inc. and Zoran Corp., the Recorder reports. Marc Fagel, the enforcement chief of…

Nov 13, 2007 12:01 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

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