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This week hasn't been as dreadful as the last for the plaintiffs bar (although it hasn't been great, either). Meanwhile, the cascade of recent subprime-related dismissal rulings has revealed some important trends in how the litigation is going to proceed.
Let A Thousand Branch Offices Bloom
Over the past two years, planning for post-WTO China has become a top priority for Fortune 500 companies; and Western law firms sense enormous potential for profit. As China's state-owned economy moves toward a free market, the demand for sophisticated legal services has far exceeded the capacity of the country's fledgling domestic bar, allowing Western lawyers to fill the gap.Five months after Manhattan federal district court judge Thomas Griesa ruled that Argentine pension funds held in the U.S. could be seized by former bondholders that had obtained judgments against the Republic, the bondholders returned to court with claims that Argentina was secretly moving its frozen assets out of the U.S. The result: Argentina is in contempt.
Judge Jed Rakoff almost fell off the bench when a pension fund administrator told him Coughlin Stoia monitors his fund's investments for free in order to identify potential securities cases. But is the practice in fact common in the securities class action bar?
NALP Nixes Plan to Ban Offers Before Mid-January
The National Association for Law Placement has released revised guidelines for summer associate recruiting, and the organization has backed away from recommendations to adopt a system that would have banned firms from making any offers before mid-January. Instead, NALP has recommended a system in which firms can make offers to 2Ls at any time but are only obligated to keep those offers open for 28 days instead of the current 45 days.A group of bondholders wanted a judgment permitting them to collect their $2.2 billion judgment against the Republic from Banco de la Naci�n Argentina. That's not what they got.
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