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Bank of America lost a bid Wednesday to shake claims brought by the trustee for a $1.75 billion mortgage-backed securities deal. But the bank's lawyers at Arnold & Porter and Munger, Tolles & Olson narrowed the case to just a fraction of the loans at issue.
Fairfield Greenwich Defendants Move to Dismiss Investors' Billion-Dollar Madoff Suit
In April, a trio of plaintiffs firms filed an amended complaint in Manhattan federal district court accusing Fairfield Greenwich and its co-founders of committing fraud by passing along $7 billion of their investors' money to Bernard Madoff. Two days before Christmas, the defendants answered the allegations with two motions to dismiss the plaintiffs' complaint. Fairfield Greenwich's principal argument seems to be that the Fairfield defendants were also duped by Madoff and that they, too, lost money.Trial Begins Anew for McKesson Execs -- but With a Defense Witness From the Other Side
The accounting fraud case against former McKesson HBOC executives has gone topsy-turvy as the government's main cooperator is now officially a defense witness. In opening statements Tuesday, Paul Weiss' Theodore Wells Jr., who represents ex-CEO Charles McCall, told the jury he will call Albert Bergonzi to the stand. Once company president, Bergonzi pleaded guilty and testified for the government in its bid to convict McCall and former GC Jay Lapine. Both were acquitted on one count, as the jury hung on several others.Morgan Lewis Sued Over Clients' Business With Cuba
Two businessmen have sued Morgan Lewis & Bockius for malpractice and conflict of interest, claiming they were prosecuted for following advice that they were free to trade with Cuba despite the U.S. embargo. Morgan Lewis called the suit baseless and seemed especially irked by claims that an ex-Morgan Lewis partner reiterated others' advice about a viable defense of past and future transactions, after the government began investigating the Bro-Tech Corp.Lawyers' Fund for Client Protection - Lists
Notice to the bar.A divided appeals court in New York tossed claims that Goldman Sachs duped ACA Financial Guaranty into providing insurance for Goldman's notorious ABACUS 2007-ACI CDO, ruling that ACA could have ferreted out the facts about ABACUS on its own.
Justice Barbara Kapnick may have refused to allow a full-blown bench trial on claims that New York's insurance department let MBIA pull a fast one on its structured finance policyholders, but Bank of America and Soci�t� G�n�rale tried to make the most of opening arguments in Manhattan state court on Tuesday.
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