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Gatekeeper GCs Increasingly Becoming Targets for Liability
When the SEC went after Biopure and its executives for misleading public statements, the company escaped without financial repercussions but the GC had to pay a $40,000 fine. The Biopure settlement illustrates the increase in government scrutiny of "gatekeepers," including GCs, responsible for safeguarding shareholder interests. Says attorney William Schuman, "We're seeing more inquiries and investigations where the conduct of in-house counsel is being examined every bit as much as the businesspeople's."Antitrust Battle Builds Over Chicago Board of Trade Merger
While the Chicago Board of Trade and the Chicago Mercantile Exchange are trying to consummate their merger, a European rival is battling them in federal court. Eurex A.G. sued the Chicago institutions in 2003 on antitrust claims and is now demanding merger-related documents that the Chicago exchanges have filed with the U.S. Justice Department. The case is likely to go to trial as opposed to settling because Eurex is looking for a structural change in the markets, says one antitrust attorney.The Globalization of Corporate Criminal Investigations
Over the past several years, the Department of Justice has expanded its tools and efforts to gather evidence from abroad, and reciprocates by helping foreign prosecutors gather evidence in the U.S. Attorneys Benjamin Goldberger and Michael Kendall discuss agreements that have arisen between countries to provide such aid, called mutual legal assistance treaties. The law regarding MLATs is currently sparse, providing defense counsel with opportunities to make new law protecting their clients' rights.Chevron Deal Another Mega-Merger With Mega-Money
What's $16.4 billion to Terry Kee? Over the course of 26 years representing ChevronTexaco, the Pillsbury Winthrop Shaw Pittman partner has become accustomed to monstrous mergers involving the San Ramon, Calif.-based oil giant. So, work on Chevron's acquisition of fellow oil giant Unocal Corp. is familiar territory. In addition to big money, Kee said that oil industry transactions generally involve big companies and big personalities.Fish Sticks With Corporate Plan
In 2000, intellectual property specialist Fish & Richardson launched a corporate group to diversify and feed its patent litigation and prosecution practice. General practice firms have long sought entry to the hot IP litigation market, so it was odd to see an IP specialist go after corporate work. After six years, the results are mixed, but the firm remains optimistic. If they can make it work however, it will be a profitable effort, because most corporate transactions today are driven by IP assets.HP Investigator Accepts Plea Deal
Private investigator Bryan Wagner pleaded guilty Friday to conspiracy, wire fraud and related charges, making him the first person in the Hewlett-Packard pretexting scandal to strike a deal with federal prosecutors. It wasn't clear what value such a low-level player in the scandal holds for U.S. Attorney Kevin Ryan. Wagner's plea came with a cooperation agreement that may hint at what he can offer prosecutors, but his attorney asked Northern District of California Judge Jeremy Fogel to seal the document.Water District May Pursue Suit Over Gas Spills Before Contamination Occurs
A municipal water district whose 10 wells are allegedly threatened by contaminants from a series of gasoline spills may pursue actions against the companies responsible, even though the chemicals have not yet contaminated any wells, a New York judge has held. Nassau County Supreme Court Justice Kenneth A. Davis found that the 13 claims based on "threatened impact" theories were "largely fact-driven" and could proceed against Shell Oil and Exxon Mobil, among others.Offering Practices Set for Change
Recent reforms to the Securities Act of 1933 have begun to have an impact on securities distribution techniques. Two of these rule revisions have particular potential to alter some of the most basic securities-offering practices. The first is the permissible use of "free-writing" prospectuses, and the second is a new interpretive rule that moves up the time at which the adequacy of disclosure to investors is assessed for purposes of certain Securities Act liabilities.Trending Stories
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