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Directors' Concern Over Executive Pay Increasing
It seems the reformers are not quite finished with the corporate boardroom. This time the issue is executive compensation, propelled to the front lines by the scandal over former New York Stock Exchange Chairman Richard Grasso's $188 million compensation package.Wal-Mart Hopes Judge Doesn't Buy Huge Class
On Wednesday, U.S. District Judge Martin Jenkins will hear arguments in San Francisco to determine whether Dukes v. Wal-Mart, 01-2252, should proceed as a class action. The specter of the giant class means the stakes for Wal-Mart are huge -- the company's lawyers estimate that damages could run into the billions of dollars. But the size and scope of the proposed class also provides Wal-Mart's lawyers with a big target as they try to shoot down a class they contend is overly broad and unwieldy.Expert Testimony on False Confessions and Territorial Limits of Donnelly Act
In their New York Court of Appeals Roundup, Roy L. Reardon and Mary Elizabeth McGarry, partners at Simpson Thacher & Bartlett, analyze, among other rulings, a decision where the Court construed the Donnelly Act, New York's version of the Sherman Act, and reached two significant conclusions. First, to survive a motion to dismiss a plaintiff must allege market power in the relevant market in which defendants are alleged to have restrained trade. Second, an overseas conspiracy must have a very close nexus to harm to competition in the state for it to fall within the reach of New York's statute.2nd Circuit Revives Suit Targeting Power Plant CO2 Emissions
Global warming lawsuits brought by New York State and others who challenged major utilities on carbon-dioxide emissions from coal-burning power plants were reinstated Monday by the 2nd U.S. Circuit Court of Appeals. In a decision that New York Attorney General Andrew Cuomo called "game-changing," the circuit found there was no need for the trial court to defer to the political branches and refrain from hearing the suit until there is a definitive policy statement on global warming from Congress and the president.Survey Shows Pa. Law Firms Don't Shine When It Comes to Diversity
Whether they moved up or down in the ranks of this month's Diversity Scorecard in Legal affiliate The American Lawyer, most Pennsylvania-based firms have little to show when it comes to the number of minorities in their ranks.Supreme Court Likely to Leave Accounting Oversight Board as Is
The U.S. Supreme Court appeared inclined to leave well enough alone Monday and not tinker with the structure of an accounting oversight board created by the Sarbanes-Oxley Act of 2002. Congress created the Public Accounting Oversight Board in the aftermath of the Enron and WorldCom accounting scandals, giving the board broad and independent power to regulate accounting firms, which had been self-regulated before. The suit challenges the board's constitutionality as too insulated from presidential power.Increasing Competition in China Causes Friction for Law Firms
In China the rules state that U.S. firms can't practice Chinese law nor can the Chinese lawyers who work for them. Since the influential Shanghai Lawyers Association denounced what it said were Western firms' widespread violations of those rules, leaders of foreign and domestic firms have been abuzz over the possibility of a government crackdown. The use of Chinese lawyers as "legal consultants" isn't the only cause of friction between foreign and Chinese firms.Trending Stories
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