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Partners Survive Pendulum Swings
HIS YEAR`S class of newly minted partners is composed of the associates that stayed the course. As mid-level associates, many of today`s new partners were besieged by lucrative or potential offers to join startups, investment banks and consulting firms. Their fellow associates abandoned the law in unprecedented numbers.School Funding Constitutional, N.Y. Court Rules Strong Dissent Concurring Opinion
An appellate court Tuesday reversed a landmark ruling that found the state`s method of funding schools violated the law and denied New York City children the chance to receive an adequate education.WorldCom Employee Claims Go Forward
A federal judge in New York has refused to dismiss claims that former WorldCom Chief Executive Bernie Ebbers violated his duty to employees who invested in company stock as part of their retirement plan. The judge found that the employees had properly alleged that Ebbers had made misrepresentations and withheld negative information about the company's finances in violation of the Employment Retirement Income Security Act of 1974.Ruling Upheld on Law Firm's Vote to Change Ex-Partner Payments
A New York court has ruled that a firm acted properly when it voted to defer payments due to exiting partners, including its former managing partner. W. Edward Bailey and Kevin J. Culligan sued Fish & Neave after other partners, shortly before Bailey and Culligan's departure, amended the partnership agreement to institute a cash accounting rather than accrual accounting system. Bailey and Culligan claimed the measure was meant to penalize them but was invalid because it had not been approved unanimously.Dewey Ballantine and LeBoeuf Lamb to Merge
Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae have agreed to merge, creating a firm of more than 1,300 lawyers. Subject to partner approval, the planned combination is the largest ever between New York-based firms. The combined firm, which will be known as Dewey & LeBoeuf, will have 550 lawyers in New York, making it the fifth-largest in the city. The announcement comes just eight months after a highly anticipated merger between Dewey and Orrick, Herrington & Sutcliffe messily collapsed.Fewer New ERISA Stock Lawsuits Being Filed
After ballooning in the wake of high-profile scandals like Enron, the number of new suits by employees whose pension plans have been hammered by falling stock prices is falling. Despite the decline, however, observers say that companies cannot afford to become complacent. For one thing, around 100 ERISA 401(k) cases are still pending around the country, said Adel Turki, who tracks the litigation for Cornerstone Research. Moreover, he said that the cases now being filed may be harder to beat.Arbitration Scorecard: Treaties
A listing of investment treaty arbitrations active in 2007-2008 in which at least $100 million was in controversy. Expanded for the Web.Carlyle Groups Attempts To Ban Shareholder Class Actions, According to IPO Documents
Symantec to Acquire Veritas in $13.5 Billion Deal
Underscoring the convergence of security and storage software technology, Symantec Corp. and Veritas Software Corp. confirmed rumors when they announced Thursday that Symantec -- best known for its Norton antivirus software -- had agreed to acquire Veritas in a stock transaction worth about $13.5 billion. The transaction is subject to customary closing conditions, including approval by the shareholders of both companies and regulatory approvals.Trending Stories
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