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Largest Class-Action Pact in Commodities History
Hailing what he termed the largest-ever class-action settlement in the modern history of American commodities trading, a Manhattan federal judge Thursday approved a $139 million accord between traders and defendants, who allegedly conspired to corner the market in copper and manipulate the price of contracts in copper futures. The judge granted certification to a class defined as all persons trading in copper futures or options from June 1993 to June 1996.Robbins Geller Rudman & Dowd secured the record judgment in its long-running securities fraud class action against Household International Inc., a unit of British banking giant HSBC Group.
Attack Has Widespread Impact on Legal System
Two of the hardest hit agencies Tuesday were the New York offices of the Securities and Exchange Commission and the Equal Employment Opportunity Commission. Both were housed in 7 World Trade Center -- the third building to fall on Sept. 11. The loss of documents is expected to mean months of extra work by the SEC and the EEOC to replicate or retrieve lost notes, depositions and interviews.The crusading, media savvy AG from Columbus negotiated last Friday's highly unusual $725 million class action settlement with AIG without any outside counsel in the room. But that's hardly the only Wall Street case on Cordray's docket.
CDnow Acquisition -- lots of lawyering
Usually James W. McKenzie Jr. is dealing with one other law firm. This time, the Philadelphia attorney who is representing CDnow Inc., found himself in massive conference calls that sometimes numbered 16 people and dealt with four large NY law firms that represented the companies -- Sony Corp. and Time Warner Inc. -- acquiring his client. "They also had Canadian counsel; we also had Canadian counsel. They also had Delaware counsel; we also had Delaware counsel," McKenzie said.Proud Papa Prince Charles Pays the Supreme Court a Visit
Just days after seeing his elder son married off, Britain's Prince Charles paid a visit to D.C. yesterday, including a stop at the Supreme Court. Not surprisingly, the visit caused quite a stir at the usually quiet quarters of the nation's highest court.Retractable Technologies argued that rival Becton Dickinson attempted to monopolize the market for safety syringes by making deceptive statements about the effectiveness of its products.
Eight months ago Manhattan federal district court judge Robert Sweet threw out ERISA and derivative claims against Bear Stearns, though he allowed securities claims in the mammoth case to move forward. Now the ERISA plaintiffs and their lawyers at Keller Rohrbach and Kessler Topaz Meltzer & Check get to keep pressing their claims as well.
Merck became just the latest healthcare company to strike a major settlement with the Justice Department on Tuesday, agreeing to a $321.6 million criminal fine and a $628.3 million civil settlement to resolve claims over its marketing of the painkiller Vioxx.
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