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2nd Circuit Rejects N.Y. Judicial Conventions
This year should be the last that political parties in New York can use the state's arcane convention system to nominate candidates for Supreme Court, the 2nd Circuit ruled Wednesday. The unanimous decision agreed with a district court ruling that the convention system is a top-down apparatus totally controlled by party leaders, which tramples the associational rights of candidates lacking leadership support to run for Supreme Court and violates the First Amendment rights of voters as well.It's time to declare third-party litigation financing a bona fide investment class: Invesco and Fidelity snapped up shares in Burford Capital, a fund whose personnel includes two former Time Warner GCs and three retired Latham litigation partners. Burford plans to invest in U.S. commercial litigation and international arbitration.
It was bad news for corporate advisers when the federal appeals court asked New York's highest court to decide whether the Refco trustee's claims against Refco's auditor fell under an exception to the doctrine that holds you can't blame someone else for wrongdoing if you're equally at fault. But now auditors should really be worrying: Delaware also wants to know when the exception applies.
Azerbaijan Bribes Put One Mogul on Trial, Another in Exile
In July, following a six-week trial, a jury in New York found American entrepreneur Frederic Bourke Jr. guilty of knowing about bribes that helped grease the wheels in the privatization of an Azerbaijan state oil company. But thanks to a bizarre series of legal events, Viktor Kozeny -- the alleged mastermind behind the bribery scheme -- is living in the Bahamas, while Bourke, an investor who merely knew of the bribes, is preparing for a possible prison term.All three leading candidates in the crucial race to replace Andrew Cuomo are pulling in big bucks. But wait til you see who's giving--and how much--to the former Bernstein Litowitz partner.
There's not a lot of juice left in the music streaming Web site after a summary judgment ruling that it induces copyright infringement. But as it fights to stay in operation--and fends off a new suit by music publishers--Lime Wire has swapped Wilson Sonsini for Fulbright.
Homebuilder Beazer Faces Barrage of Suits for 'Reckless Tactics'
A Texas-based commercial lender has sued home building company Beazer Homes USA Inc., its board, and current and former executives, claiming that their "reckless tactics" have resulted in multiple federal investigations. The shareholder derivative suit claims that Beazer arranged mortgages through its lending arm for unqualified buyers, leading to numerous foreclosures that have undermined Beazer's financial stability. The federal case is one of seven brought by Beazer shareholders and employees.Trending Stories
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