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In a case that filled the courtroom with Am Law 100 lawyers, Judge Richard Sullivan ruled that brokerages had no obligation to place their customers' extra cash in the highest-possible interest-bearing money market accounts, but could instead sweep it into accounts at the brokerages. It was a welcome ruling for the brokerages. The plaintiffs had alleged that $186 billion in customer accounts had been affected.
We were pretty excited that Judge Rakoff sent us his opinion explaining why he upheld a $20.6 million FINRA arbitration award against Goldman Sachs. Reading the ruling--in which Rakoff takes subtle digs at the arbitration process and those who choose it as an alternative to court proceedings--was also fun.
`First Monday` Flubs Will Bring Out Lawyers` Penchant for Nitpicking
The Supreme Court debuts this week as a vehicle for television drama, and it is more likely to have Washington`s legal elite shouting "oy, vey" than "oyez."Upcoming Trial Highlights Disclosure Requirements of Biotech Companies
In a civil fraud action set for a May trial, the SEC argues that Biopure, its GC Jane Kober and two former executives misled investors about the prospects for Hemopure, a blood substitute that is the company's flagship product. The outcome will provide important guidance to other biotechnology outfits, particularly those built around a single product. One major issue in the case is an undeniably upbeat Biopure press release that came after the FDA suspended review of Hemopure pending more information.On Second Thought, Company Skips IPO for a Sale
Symantec Corp. snaps up anti-spam company Brightmail Inc. just after Brightmail filed its IPO; Fruit�s In Deep Freeze, Sale Isn�t; Bandwidth BountyEarlier this week, Novo-Nordisk agreed to pay $18 million to resolve Justice and SEC charges that it paid kickbacks to win pharmaceutical contracts in Iraq--the second of what is predicted to be a run of pharma FCPA deals. Also: What do Sun's disclosures of potentially material FCPA charges mean for its Oracle merger?
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