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Supreme Court Provides Blueprint for Employee Waiver of Jury Trials
Ex-Tyco Director to Pay $5.6 Million in Suit Tying N.J. Pension Losses to Fraud
A federal judge has approved a settlement by which a former board member of Tyco International Ltd. will pay $5.6 million to settle claims that New Jersey pension funds lost more than $100 million because of securities fraud. New Jersey charged that Frank Walsh Jr. took a $20 million payment from Tyco, without disclosure to shareholders or other board members, for helping arrange the corporation's 2001 purchase of The CIT Group. The settlement brings the state's recovery from the Tyco litigation to $84.7 million.Whistleblower's 'Smoking Gun' Is Stone Cold in Judge's Eyes
A whistleblower who claimed at long last that he had the smoking gun to prove his case fell short on Oct. 6 when a judge refused to reconsider his motion for summary judgment, first denied in 2004. The ruling came in a Camden County, N.J., case in which Paul Leodori claims CIGNA axed him as an in-house lawyer in retaliation for questioning an allegedly illegal insurance deal with Texaco, whose CEO was on CIGNA's board.Four Are Cleared for Federal Judgeships After Yearlong Standoff
President Bush is expected to nominate four judges to the federal district court on Wednesday, ending a stalemate that's kept four seats vacant for a year. The standoff between Bush and New Jersey's two senators was over a Camden, N.J., seat vacated by U.S. District Judge Stephen Orlofsky last year. Last February, Bush nominated former Republican State Committee executive director Peter Sheridan of West Windsor, but the senators wanted someone from southern New Jersey for the post.New Jersey Panel Wants Mitigating Factors Heard in Discipline for Student Loan Default
The New Jersey Supreme Court committee charged with drafting a new disciplinary rule for lawyers who don't repay their student loans recommended that lawyers be allowed to present mitigating factors to avoid suspension. The proposal would treat lawyers differently from other professionals -- such as doctors or engineers -- who face automatic suspension of licenses if they fail to repay a student loan.NCP Litigation Trust v. KPMG L.L.P.
A claim for negligence may be brought on behalf of a corporation against the corporation's allegedly negligent third-party auditors for damages proximately caused by that negligence, and is not barred by the imputation doctrine.Disciplinary System Flush With Cash, But Annual Fee Likely Won't Go Down
It will cost a little less to run New Jersey's attorney-discipline system next year, and revenues are on the rise, creating a healthy surplus. But the annual assessment on practicing lawyers should remain the same, the Supreme Court Disciplinary Oversight Committee says in its annual report.Trending Stories
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