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Hey, they also lost money when they funneled $7 billion to the Ponzi king. Or at least that's what lawyers for the feeder fund defendants are claiming in two new motions to dismiss.
Lawyer Layoff News Is Not All That Bad
Click on most law blogs or open a legal newspaper, and it will not take long to see some mention of law firm layoffs. With the repercussions of the credit crunch creating a slowdown in finance, real estate and big-deal work, several law firms have unloaded attorneys, and have done so under the scrutiny of news outlets eager to report the bad news. But in relative terms, the news might not be all that dismal. A look at the bigger picture shows a profession responding to the economic downturn rather adroitly - at least so far.In Drafting Plan Releases, Consider Your Enemies and Don't Be Greedy
A recent decision by the U.S. Bankruptcy Court for the District of Delaware may cause many Chapter 11 debtors to take a more measured approach in seeking plan releases, at least when the plan is contested.View more book results for the query "*"
Judge Seeks Specifics on Supermarket Discount Program
Based on the "barren record" before him, Northern District Judge Lawrence Kahn said he cannot determine whether New York state is violating a supermarket chain's constitutional rights by barring its offer of gas price discounts in exchange for the purchase of prescription drugs.Control of Forum in Derivative Actions
Through amendments to corporate documents, corporations are making the choice of where they are sued, explain Robbins Umeda attorneys.Jones Days Adds Finance Partner in Singapore
Michelle Chen was formerly a partner with Herbert Smith.Absent Lawyer Says Firm Knew He Wouldn't Show
A lawyer who didn't show up last week for a California Supreme Court argument has gone on the offensive. In a letter delivered to the state's chief justice, a lawyer for Allen Kent says that Kent's employer of nearly 11 years wasn't truthful when he told the court and the media that he didn't know his firm had a case before the court on Feb. 10. A firm partner says he disagrees with "99 percent" of the letter.Impact of the Auction Rate Securities Market Collapse
Andrew M. Genser, a partner at Kirkland & Ellis, writes: The collapse of the $330 billion Auction Rate Securities (ARS) market in February 2008 has been eclipsed in the media by a string of other dramatic collapses (and near collapses) on Wall Street, from Freddie Mac to the Madoff scandal. However, despite the fact that ARS may have receded from the headlines, billions of dollars of illiquid ARS are still at stake. Indeed, although regulators have reached large settlements with the major ARS dealers, many investors are not covered and even investors who are covered are searching for ways to claim additional damages. At the same time, regulators continue to investigate the sales practices of secondary ARS dealers. This article surveys the ARS regulatory and private litigation landscape one year after the market collapse.Trending Stories
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