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Court Adopts Modified Business Judgment Rule
The nuclear power plant miseries suffered by PSE&G from the mid-1980s to the mid-1990s led to In re PSE&G Shareholder Litigation, Docket No. A-41/42-01, 2002 N.J. LEXIS 1082, in which the Court addressed the standards to be applied in the contest -- between a board of directors and plaintiff shareholders -- to control or terminate derivative litigation.In a case involving a transaction of dizzying complexity, a state court judge offered more reason to doubt that credit default swap litigation is the next big thing--as least for deals with a foreign flavor.
In an unusual trial defeat for the SEC, a Newark federal district court judge tossed a five-year-old accounting fraud case against a Lucent officer and employee. A Dewey & LeBoeuf lawyer who represents one of the defendants calls the case an example of the agency's "bad judgment or lack of judgment." Ouch.
Lederman et al v. Prudential Life Insurance Company et al
In this action alleging a conspiracy between plaintiff's attorneys and their employer, the parties' contractual agreements to resolve their employment claims, and providing that any court action to enforce the terms of the agreement is to be sealed, do not outweigh the presumption of openness that applies to court proceedings and filed documents.Lederman et al v. Prudential Life Insurance Company et al
Plaintiffs' claims alleging a conspiracy between their attorneys and employer do not fall within the scope of the arbitration clause they entered into with the employer to resolve their employment claims.