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Tax Certificate Purchaser Receives $21M Verdict Against Hedge Fund, Then Settles
A Miami company that specializes in purchasing tax certificates at auction won a $21 million verdict against a large California hedge fund in a federal breach of contract case -- but then entered a confidential settlement before judgment was entered. From 1998 to 2002, Gulf Group was the exclusive Florida agent for Coast Asset Management, an $8 billion hedge fund. The contract case stems from civil bid-rigging charges brought against both companies, and 21 others, by the Florida attorney general's office.
Calif. Law Schools Reach Out of Ranks for Deans
Several top law schools in Southern California recently named deans who came from outside their own faculty ranks, a strategic departure from those chosen in past years. Law school leaders attributed the shift to a desire for change and an opportunity to recruit faculty members. An outside dean "always brings a new perspective and can look at things afresh," says Robert Rasmussen, who arrives at the University of Southern California Gould School of Law next month from Vanderbilt University Law School.Docket Watch: Upcoming Arguments at the Supreme Court
Cases coming before the Supreme Court in the coming weeks and the lawyers who will argue them. "Docket Watch" appears at the beginning of each two-week argument cycle when the high court hears cases.Ability to Certify IPO Class Unlikely After Circuit Rules
Delays Could Cost Mirant $1.15M
Judge D. Michael Lynn in U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth has granted Mirant Corp. an extension on its exit financing until Oct. 2, according to Eric Taube, co-counsel for the official equity committee at Hohmann, Taube & Summer. But the delay will come at a price. Mirant could pay an extra $1.15 million in fees to cover the fifth postponement of a hearing for the $2.35 billion exit loan.New York's Top Court Asked to Address Damages Question
The 2nd U.S. Circuit Court of Appeals has asked the New York Court of Appeals to settle the question of whether punitive damages are recoverable against a municipality under New York City's Human Rights Law. The question stems from a sexual harassment case in which a $1 million punitive damages award to a New York City Police Department civilian employee was overturned by a federal judge.
The S&L Payouts That Never Came
When Charles Cooper argued and won United States v. Winstar at the Supreme Court, plaintiffs lawyers thought thrifts and investors would recover billions of dollars. The landmark 1996 ruling found the government liable for breaking contracts with savings and loan associations as regulators tried to avert the 1980s S&L fiasco. But so far, actual damage awards have fallen far short of what everyone -- even the government -- anticipated.AGG lawyer rides volatile market in notes sale
Robert F. Dow of Arnall Golden Gregory knows from personal experience that the corporate debt market has picked up in recent weeks. It hasn't been easy.Dow represented Sysco Corp., the food distributor that is a longtime client of the firm, in a $500 million public offering.As the deal headed to completion, Dow said lead underwriter Goldman, Sachs Co.Trending Stories
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