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Securities Fraud Suits Resurface
Plaintiffs lawyers are slapping public companies with securities class actions months or years after the alleged fraud came to light as they turn their attention away from cases related to the financial meltdown. The delayed filings are a shift from the previously common practice of pursuing a securities fraud class action days or weeks after a stock-price decline caused investor losses. Defense lawyers say the plaintiffs bar is grasping at straws amid the recent stock market volatility.That sideshow regulatory suit a coalition of giant banks brought against the insurance department that approved MBIA's $5 billion restructuring? It just got a lot more interesting.
After a decade of litigation that's burned through three courts and at least as many law firms, Canada's Norex Petroleum has hit another wall in its quest to recover more than $1 billion from BP plc and other defendants over its stake in a Russian oil venture.
Indemnification rights got another boost this week from the Delaware Chancery Court in a case involving President Ronald Reagan's budget director.
Lawyer of the Year: Patrick Fitzgerald
As special counsel for the Department of Justice, Patrick Fitzgerald has taken on some of the world's most influential people by trying to uncover who divulged the name of CIA operative Valerie Plame. The matter encompasses the very reasons for the war in Iraq, while also striking at the heart of freedoms protected by the Constitution. For those reasons, Fitzgerald -- alternately described as exacting, thorough, obsessive and mellow -- is The National Law Journal's 2005 Lawyer of the Year.It's only been a month since Washington Mutual Inc. (the bankrupt parent of Washington Mutual Bank) announced a proposed $6.3 billion settlement with JPMorgan Chase, which acquired WaMu Bank on the cheap from the FDIC in September 2008. But rulings by two different judges in the last week have muddled the situation considerably. Seems to us it's time to go back to the table.
Expanding Insider Trading Probe Nets Lawyers
Two lawyers were among several people arrested Thursday in a rapidly expanding hedge fund insider trading scandal. Arthur J. Cutillo allegedly gave information about mergers and acquisitions he gleaned as an associate at Ropes & Gray to Jason Goldfarb, an associate with the personal injury firm Brecher Fishman Pasternack Walsh Tilker & Ziegler. Prosecutors said that Goldfarb then passed the tips to the head of a ring who based trades on the information.Is the Magic Circle Becoming the Tragic Circle?
From 1998 through 2001, U.K.-headquartered law firms had astonishingly high growth rates. The last three years have been less kind, and firms are trying to hold on to these gains by the skin of their teeth. The largest and most lucrative mergers and acquisitions deals in Europe are being cherry-picked by U.S. firms, and Europe has seen neither a rise in U.S.-style litigation nor the volume of corporate meltdowns handled by their American counterparts. Partha Bose analyzes who will survive -- and how.Trending Stories
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