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BigLaw Firm Pulled Deeper Into Ex-Partner's Legal Woes Over Young Lawyer's Murder
Lay's Death Clouds Legal Process, Attorneys Say
The death Wednesday of Kenneth Lay, the founder and former chairman and CEO of Enron Corp., means that any restitution in the criminal case will probably be vacated and the future of the Securities and Exchange Commission and civil cases will be more difficult to pursue, according to attorneys following the case. In particular, new questions surround the seizure and forfeiture of assets. Says one attorney: "Those seeking to pursue his assets may or may not be able to find recovery."Third Circuit Protects Post-Confirmation Appeal Rights
The Third Circuit has addressed the tension that may exist between the needs of a bankrupt debtor attempting to reorganize and the rights of nondebtor litigants. The court held that the doctrine of "equitable mootness," regarding an appeal, may not be applied merely when a Chapter 11 plan for reorganization has been substantially consummated, but instead requires that the appeal at issue would actually undermine that plan.Defendants Can Cut Proposed Class Out of Settlement, 3rd Circuit Rules
In a decision that gives defendants in some proposed class action suits a silver bullet, the 3rd U.S. Circuit Court of Appeals reversed two rulings by a federal judge in Philadelphia by deciding that a defense offer of judgment under Rule 68 that provides the maximum available relief to the named plaintiff effectively moots his claim and ends the case -- so long as the plaintiff has not yet moved for class certification.Bankruptcy Filings at Five-Year High, Led by Chapter 7s
The number of bankruptcies filed nationwide last year was the most since 2005, driven mainly by increased Chapter 7 filings, and New Jersey had one of the biggest boosts overall, according to the latest federal judicial figures.Trending Stories
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