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GCs Bristle at Proposed Disclosure Rules
Changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers. Under the revised rules for FASB Statement No. 5, the threshold for reporting the potential loss from a lawsuit would be lowered from "probable" to anything but "remote." Public companies would also have to estimate just how much legal threats might cost and the likely outcome. They'd also have to disclose more details about the underlying litigation and the reasoning behind their predictions.Affidavit-of-Merit Requirement Holds Firm
Recent appellate decision will promote stricter enforcement of the affidavit of merit statuteHeat's Pat Riley sells Gables Estates mansion
Heat president Pat Riley and his wife, Christine, sold their Coral Gables mansion for nearly $17 million. The Rileys paid $6.3 million for the home in 1996.New Jersey wants more off-track betting options
TRENTON, N.J. (AP) - New Jersey is trying to jump-start its stalled effort to increase off-track wagering on horse races.View more book results for the query "*"
White & Case, Weil Gotshal Show Strong Financials for London Offices
At the end of January, White & Case and Weil, Gotshal & Manges confirmed strong financial results for their London offices in 2007. White & Case excelled in revenue growth, increasing its top line by 37 percent to reach $235.7 million. Weil stood out in terms of profitability, as the firm's profits per equity partner almost doubled, to hit $2.69 million last year. Weil London head Michael Francies attributes part of the London office's success to key lateral hires that the firm has made in recent years.Botox Maker to Pay $600M to Resolve Probe
Botox-maker Allergan agrees to pay $600M and plead guilty to a misdemeanor count of 'misbranding' its drug BOTOX� as part of a settlement — and also drops its First Amendment legal action against the U.S. government over off-label marketing.Graves v. Workers' Compensation Appeal Board
An off-duty police officer shot by a disruptive bar patron was not acting within the scope of his employment. The Commonwealth Court affirmed the decision not to grant the officer benefits.Trending Stories
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