Bill to Ban DOJ Privilege Attack on Corps. Will Pass, Backers Predict

A growing weight of support for federal legislation that seeks to curtail a controversial Justice Department practice of requiring corporations to waive attorney-client privilege has reportedly persuaded backers that it is likely to pass, sooner or later. The bill, which has already been passed by the House of Representatives, is…

Jun 25, 2008 8:04 PM CDT

32 Ex-US Attorneys Ask Senate to Bolster Corporate Attorney-Client Privilege

Adding, for the first time, insider Justice Department protests to a growing weight of concern about the McNulty memo, a bipartisan group of 32 former U.S. attorneys has sent a letter asking the Senate Judiciary Committee to vote for a bill that would shore up attorney-client protections for corporations. At…

Jun 23, 2008 8:40 PM CDT

Imperial US Extraterritorialism is Abusive, UK Lawyer Says

Extraterritorialism, or the practice of seeking to enforce a country’s laws beyond that country’s geographic borders, isn’t necessarily bad. But it is being abused by U.S. authorities seeking to prosecute foreign citizens for, among other conduct, gambling activities that might not be illegal if they were conducted by American citizens…

Jun 17, 2008 8:20 PM CDT

IRS Battles Billionaire Anschutz in $144M Capital Gains Case

Was it a “variable prepaid forward contract”? Or was it an actual sale of stock? That is the central question in a battle royal between billionaire Philip Anschutz, reportedly one of the 50 richest men in the world, and the Internal Revenue Service. It is seeking to force the Denver-based…

Jun 9, 2008 5:54 PM CDT

Brocade Stock Options Backdating Bill: $160M, Biggest So Far

Brocade Communications Systems Inc. has agreed to pay $160 million to settle a class action over stock options backdating in the biggest such settlement so far in a series of similar cases against other corporations. It must still be approved by the court before it is final. The settlement follows…

Jun 2, 2008 9:50 PM CDT

Experts Explain: How to Help Company Records Custodians Help You

Lawyers seeking documents from corporate records custodians will find that time spent explaining their requests pays dividends. Although the litigation process may seem clear to the attorneys involved, it can be an unusual, confusing and frightening experience for the company employees asked to provide documents in discovery, two experts point…

May 16, 2008 8:13 PM CDT

Founders & Gen’l Counsel Sued By SEC in Broadcom Options Backdating Case

Broadcom Corp.’s two founders, its general counsel and a former chief financial officer were all named as defendants today in a civil complaint filed over options backdating by the U.S. Securities and Exchange Commission in federal court in California. The four “perpetrated a scheme from 1998 to 2003 to fraudulently…

May 14, 2008 9:08 PM CDT

Dorsey & Whitney Fires Partner as Insider Trading Probe Continues

A Canadian partner of Dorsey & Whitney has reportedly been fired by the Minneapolis-based law firm, as an insider trading probe to which the lawyer has been linked continues. Gil Cornblum, the fired partner, was a law school colleague of business consultant Stan Grmovsek, one of three individuals who reportedly…

May 9, 2008 5:20 PM CDT

Feds Rev Up National Mortgage Fraud & Securities Probe

Federal prosecutors in at least five major cities throughout the country are reving up for a more expansive investigation of possible widespread fraudulent practices by mortgage lenders and investment banks. Prosecutors in Atlanta, Dallas, Los Angeles, New York and Philadelphia, with the help of the FBI and the criminal division…

May 5, 2008 4:11 PM CDT

Thirty-Four

May 1, 2008 1:00 PM CDT

How Attorneys Can Avoid Big Claims Over Bankrupt Clients

When struggling companies go under in a big way, bankruptcy trustees today are increasingly looking to their accountants and lawyers to ante up at least some of the missing money So professionals should keep a wary eye out for red flags that should warn them, early in the representation, that…

Apr 23, 2008 6:46 PM CDT

Most GCs Happy With Job, Many Looking to Hire In-House Counsel

Despite headaches created by increased corporate compliance requirements and tension with outside auditors, the vast majority of lawyers at the helm of corporate legal departments are happy with their jobs. Some 85 percent of the nation’s chief legal officers and general counsels say their careers are rewarding, according to an…

Apr 17, 2008 8:24 PM CDT

More Securities Cases, Higher Damages Predicted By Accounting Firm Experts

More securities class actions, as well as increased efforts to obtain redress abroad, were predicted today by experts from the PricewaterhouseCoopers accounting firm. They also said that the growing presence of unions and pension funds as plaintiffs in such cases is apparently driving up damages awards. Speaking today at a…

Apr 10, 2008 8:13 PM CDT

Trustee Targets Investment Banks; Will His Suit Spark Others?

In a case that may be something of a signpost pointing to further litigation related to the subprime mortgage crisis, a bankruptcy trustee has filed suit against major investment banks claiming that their lax practices shored up a third-party lender, Philadelphia-based American Business Financial Services Inc., and thus cost ABFS…

Apr 9, 2008 5:29 PM CDT

Securities Class Actions Up Thanks to Subprime Mess

After a two-year decrease in filings, federal securities class actions were up in 2007 thanks in large part to subprime-related lawsuits and those against foreign securities issuers. There were 37 subprime cases filed last year, for a total of 23 percent of new securities cases filed. According to the PricewaterhouseCoopers…

Apr 9, 2008 2:05 PM CDT