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Clifford Chance Closes Two West Coast Offices
British legal giant Clifford Chance is closing its San Francisco and Los Angeles offices after partner defections to Orrick, Herrington & Sutcliffe. Clifford Chance said the closings were due to lower-than-expected profitability from the securities litigation group recruited two years ago from now-defunct Brobeck, Phleger & Harrison, but one Orrick-bound partner linked the exodus to Clifford Chance's failure to expand West Coast operations.2nd Circuit Upholds Sanctions Against Firms for Frivolous Securities Claims
The 2nd U.S. Circuit Court of Appeals has upheld sanctions against two law firms for pursuing frivolous securities claims. New York's Schoengold & Sporn and Philadelphia's Berger & Montague were sanctioned a total of $84,153 based on the fact that under a settlement advocated by Schoengold & Sporn, the plaintiff class in the case would have received nothing, while the firm would have been paid $200,000.Non-NY Fen-Phen Cases to Be Dismissed
Man non-New Yorkers who filed individual complaints in New York State court claiming heart injury from the diet drug, fen-phen, may see their lawsuits dismissed because of a decision by Manhattan Supreme Court Justice Helen E. Freedman. The court said it would dispose of all cases filed in Manhattan Supreme Court by out-of-state residents after April 30 of this year, unless they have filed an order to be expedited due to the health condition of the plaintiff.RICO Suits Can Go Forward Against Chase, Morgan
A federal judge refused to dismiss lawsuits alleging two major New York banks aided and abetted a rogue trader in a worldwide scam involving the copper market. The judge found that Sumitomo Corp. stated plausible racketeering claims against Chase Manhattan Bank and J.P. Morgan & Co. The complaints seek $532 million from Chase and $735 million from J.P. Morgan.Big Deals Fall Off, But for N.J. Firms It's Paper Loss
Though New Jersey felt the national slump in high-end corporate deal-making last year, the bread and butter for local lawyers -- merger and acquisition activity among midsized and smaller companies -- showed no sign of slowing down.
Young MoFo Partner Lands Hot GC Gig
Dawn Smith made partner at Morrison & Foerster only two years ago, and now moves in house as GC for Valley high-roller VMWare.Complications Abound in French Bid for Valley Player
Time difference was the simplest hurdle for lawyers when it came to structuring Business Objects S.A.'s recent agreement to acquire Crystal Decisions Inc. Based in France, Business Objects announced July 18 its plan to buy Palo Alto-based Crystal Decisions for $820 million in cash, stock and options. Skadden, Arps, Slate, Meagher & Flom partner Marc Packer, representing Business Objects, said the deal was complex due to the U.S. tax code and disparate French and U.S. corporate laws2nd Circuit Sends World Trade Center Insurance Case to Trial
The defeat suffered by World Trade Center leaseholder Larry Silverstein in a federal appeals court places his bid to collect almost $7 billion in insurance money for the destruction of the twin towers squarely in the hands of a jury.Trending Stories
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