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Cite as: Whitley v. Ercole, 10-3119-pr, NYLJ 1202496405172, at *1 (2d Cir., Decided June 7, 2011)Before: Raggi, Livingston and Chin, C.JJ
Blackman won a ruling from the Second Circuit that vulture funds with judgments against Argentina cannot attach Argentine pension funds held in the U.S.
Manhattan district judge Scheindlin: "As I (and others) have repeatedly stated, the fact that damages must be calculated on an individual basis" is not fatal to class certification.
No. 1 Task for Shearman Leader: Keeping the Firm in the Top Tier
With its illustrious history and posh name, Shearman & Sterling strikes many as the epitome of the patrician, white-shoe New York law firm. But the past few years have seen the 1,013-lawyer firm's image tarnished by associate layoffs, partner departures and signs of internal dissent, all capped by a profitability gap between Shearman and its erstwhile peers. Now the firm may be enjoying a fresh start, due partly to firm leader Rohan Weerasinghe and a 22 percent jump in profits per partner.SEC Clarifies Exemptions to Short-Swing Profit Recovery
A Delaware federal court recently held that two amended SEC rules clarifying important exemptions to the short-swing profit recovery provisions of �16(b) of the Securities Exchange Act of 1934 are entitled to deference and should be applied retroactively. These clarifications and their subsequent application by a Delaware district court should come as welcome news to directors and officers of companies with a registered class of securities, says attorney Joseph M. McLaughlin.Landmark Ruling Raises Public Education Standard
In its eagerly awaited decision in Campaign for Fiscal Equity (CFE) v. State, New York's Court of Appeals concludes that the state has allowed the city's education system to sink below minimum standards, and must take steps to improve learning opportunities within 13 months. Observers say the court has set what may be one of the highest educational standards nationwide, and will cause the Legislature to examine funding statewide.Bailey, plaintiffs-appellants v. Fish & Neave, defendants-respondents
Panel Upholds Ruling That Law Firm Acted Properly In Vote to Defer Payments Due Departing PartnersThe banks that backed out of an $800 million revolving loan right before the ill-fated Las Vegas resort and casino went into bankruptcy have been remarkably unscathed by the ensuing litigation. In their latest win, they've fended off two suits claiming they cost the Fontainebleau's other lenders millions when they pulled out.
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