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Private Dining Rooms Take Many Forms
LANNING A DINNER party for a newly announced partner is like buying a gift for the kid who has everything: By the time someone makes partner at a New York firm, chances are she has eaten her way through the Zagat top 50 several times over.Thanks to a 2011 Second Circuit decision, AIG has trimmed down a class action alleging that it misled investors about its exposure to mortgage-backed securities. In a Friday ruling, a U.S. district judge in Manhattan dismissed claims that AIG's offering materials from 2006 to 2008 misstated its credit risk.
Bingham Still Seeks Growth Binge
Bingham McCutchen is run as close to a corporate model as any Am Law 100 firm. Let the traditionalists cluck, but at Bingham McCutchen it works quite well. With 850 lawyers and offices in 11 cities, Bingham's revenues more than tripled from 1999 to 2003. During that time it rocketed from No. 81 to No. 26 on the Am Law 100 list, the fastest rise of any firm. Along the way it's gobbled up five firms, and and it doesn't appear that the acquisition spree is over.Judge Victor Marrero still won't permit claims by foreign investors, who hold the lion's share of Credit Suisse stock. But he ruled U.S. residents can proceed with a class action.
Shanghai Office Pays Dividends for Weil, Gotshal
Last month, Weil, Gotshal scored a pair of deals reflecting China's growing importance in the global marketplace. One client in particular kept Cooley Godward M&A lawyers hopping last year: eBay Inc. Cooley handled five deals for the company in 2004, most recently overseeing eBay's $415 million purchase of Rent.com.Alas, now we'll never know if the Second Circuit would have upheld class certification and affirmed the $250 million punitive damages award.
Will the judge overseeing the multibillion dollar Vivendi securities class action buy the plaintiffs' arguments that the verdict shouldn't be tossed under a particular interpretation of the Supreme Court's Morrison ruling? Not if he follows the reasoning of two other judges in recent cases.
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