Securities Law
A Lesson Unlearned
Posted Sep 1, 2008, 08:05 am CDT
By Debra Cassens Weiss
In 1992 the Office of Thrift Supervision forced Kaye, Scholer, Fierman, Hays & Handler to agree to a $41 million fine to settle a suit alleging that the firm helped hide its client’s problematic accounting and business practices from regulators.
Now, 16 years later, the specter of Kaye Scholer has been raised once again—this time by panelists at an ABA Annual Meeting program on the subprime crisis.
“I think the law firms may not have learned the lesson that Kaye Scholer learned,” said Tom Curran, a lawyer with Ganfer & Shore in New York City and a former prosecutor who handled securities fraud cases. “Lawyers, smart people though they are, are not immune from any of this.”
This time the… Continue reading...
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