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Cite as: United States v. Glenn Marcus, 07-4005-cr, NYLJ 1202475835746, at *1 (2d Cir., Decided December 7, 2010)Before: Calabresi, Straub, Wesley, C.JJ.p
TARP Ends and Treasury Hires 13 Firms to Run What Remains
The Troubled Asset Relief Program officially expired on October 3, but 13 law firms led by Cadwalader, Wickersham & Taft have been awarded government legal services contracts that caps the cost to taxpayers at $100 million.The SEC capped its investigation into Fannie Mae and Freddie Mac by charging six former executives with failing to disclose their companies' exposure in high-risk mortgages. The defendants have fired back, with one arguing that there's no standard definition for subprime loans.
We've all been waiting for the other shoe to drop since word leaked in April that AIG was getting ready to sue the banks that sold it $40 billion in toxic mortgage bonds. On Monday AIG's lawyers at Quinn Emanuel slammed it down--and hard. The bank's new litigation woes, coupled with the U.S. credit downgrade, may have conspired to knock 20 percent off BofA's stock price on Monday.
Panel Reinstates Infringement Claims Against YouTube
Reversing in part a lower court's granting of summary judgment in a suit claiming $1 billion in damages brought by Viacom and other content providers, the Second Circuit said yesterday that YouTube should not have been shielded under the safe harbor provision of the Digital Millennium Copyright Act.Jury Awards $3.85M Over Electrical Burns
A Philadelphia Common Pleas Court jury has awarded $3.5 million to an electrician who suffered electrical burns while installing a fuse. James Bitting was severely injured while working with an electrical switch manufactured by Kearney National Inc. The case, Bitting v. Kearney National Inc., was originally tried in 1998 and then reversed and remanded for a new trial.Long-simmering litigation between Bank of America and one of the major bond insurers finally ended with a settlement this week, but observers are having a tough time making heads or tails of it. The confusion was palpable during an investor conference call with BofA CFO Bruce Thompson on Wednesday.
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