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IPotential Founders Fight for Control of Patent Brokerage
The founders of patent brokerage IPotential have split up in an acrimonious business breakup. Joe Chernesky, president of IPotential, claims that CEO Ron Epstein tried to buy him out of the lucrative business, and when that didn't work, pushed him out. The fight between the two former friends culminated when Epstein allegedly disconnected Chernesky's computer access and demanded his keys to the office. The lawsuit reveals new details about the company and the long-simmering dispute.Hot Day in the Valley GC Market
Lots of movement among the titan tech GCs, with Apple's Donald Rosenberg, right, moving over for Oracle's Daniel Cooperman after just 10 months on the job. Valley legal watchers aren't too surprised about Rosenberg's choice.The SEC capped its investigation into Fannie Mae and Freddie Mac by charging six former executives with failing to disclose their companies' exposure in high-risk mortgages. The defendants have fired back, with one arguing that there's no standard definition for subprime loans.
Washington Mutual Sues to Get Billions Back From FDIC
A summary judgment hearing in a federal court in Delaware was Washington Mutual Inc.'s first chance to try to claw back some of the billions of dollars in assets the holding company argues were wrongfully stripped away when the government seized and sold its banking operations to JPMorgan Chase & Co. The hydralike litigation has become a case study in how a bank holding company can create a legal headache for the government, and for companies that buy banking assets, long after its main business has disappeared.Ballard Spahr Gambles on Las Vegas With New Office
Ballard Spahr Andrews & Ingersoll has opened an office in Las Vegas effective Monday with the addition of three new partners. While Ballard Spahr Chairman Arthur Makadon has said he wants to grow it to a 50-person office, some familiar with the Vegas market cautioned that out-of-town firms might have a difficult time expanding. Noting Nevada's "cowboy capitalism," one recruiter says Las Vegas attorneys don't want to be dictated to by large firms that are based outside the region.Buyer Beware: Firms Look Closely at Legal Liabilities of Merger Partners
Former Gardner Carton & Douglas partner Steven L. Loren, who pleaded guilty to a criminal felony over representation of a firm client, left the firm before its 2007 merger with Drinker Biddle & Reath. But that didn't stop Drinker Biddle's name from appearing on a lawsuit filed last month against Loren, Gardner Carton and others over an alleged kickback scheme. Drinker Biddle isn't alone in facing litigation stemming from an acquisition, which is why legal liability due diligence has become part of firms' merger process.Trending Stories
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