Corporate Compliance

Court Hears Appeal Today by Ex-Enron CEO

Lawyers for former Enron CEO Jeffrey Skilling are asking a federal appeals court to overturn his conviction in oral arguments today. Experts told the Associated Press that Skilling has a good chance of winning his attack on the prosecution theory that he deprived the company of honest services. The New…

Apr 2, 2008 5:02 PM CDT

Colorado Ballot Measure Targets Execs Who Fail to Stop Corporate Fraud

A former employee at Qwest Communications is backing a ballot measure in Colorado that would create the nation’s toughest corporate fraud law. Lew Ellingson, who had a job splicing phone cables, told the New York Times he became angry when Qwest colleagues lost their life savings after insider trading allegations…

Apr 1, 2008 3:32 PM CDT

Bad News for KPMG: ‘Scathing’ Report Blames Accountant for Lender’s Failure

A critical report by a lawyer and former SEC official breaks new ground by blaming a Big Four accountant for a failed subprime mortgage lender’s “improper and imprudent practices,” and is viewed as a likely signpost pointing toward potential mortgage-related litigation in a new arena. Investigating on behalf of a…

Mar 26, 2008 8:38 PM CDT

Bear Stearns Rescue Shows Legislators Have Work to Do

In the short run, the story of the successfully averted almost-collapse of the nation’s fifth-largest investment bank is a tale of triumph over near-disaster. But, in the long run, it is likely to be seen as a rallying cry for increased regulation of the reckless mortgage lending that caused the…

Mar 18, 2008 9:42 PM CDT

Lawyers’ Phones Ringing After 90% Plummet in Bear Stearns Value

After a stunning loss in the value of Bear Stearns stock that cost employees and investors big bucks over the weekend and led to widespread turmoil in stock markets today, the financial outlook is at least a bit brighter for two groups: elite corporate counsel and, in all likelihood, plaintiffs…

Mar 17, 2008 6:13 PM CDT

Discovery Debacle: How Not to Duplicate Qualcomm’s E-Mail Issues

After some $10 million in court-ordered penalties, attorney sanctions and a switch of both in-house and outside counsel, it is clear that Qualcomm Inc. didn’t handle its discovery obligations in a patent dispute with Broadcom Corp. in an optimal manner. But despite these severe sanctions over 46,000 e-mails that Qualcomm…

Mar 6, 2008 1:32 AM CST

Client Sues McGuireWoods re Ex-Partner’s Claimed $17M Trading Scheme

A former client has sued McGuireWoods for malpractice over claimed illegal trading of the client’s stock by a law firm partner acting as issuer’s counsel. He allegedly made more than $17 million from selling stock of the plaintiff, Alternative Energy Sources Inc., and at least six other ethanol companies, but…

Mar 5, 2008 9:00 PM CST

Jail Isn’t End of SEC Saga for Convicted Lawyer in $1B ‘Ponzi Scheme’

After pleading guilty in a $1 billion federal securities fraud conspiracy case last year, Florida attorney Stephen Ziegler was sentenced to a five-year prison term and had his law license suspended. But that’s not the final answer, as far as the U.S. Securities and Exchange Commission’s enforcement efforts against him…

Mar 4, 2008 8:22 PM CST

EU Slams Microsoft: Record $1.35B Fine

Updated: An executive arm of the European Union has fined Microsoft Corp. a record $1.35 billion for failing to cooperate with a 2004 antitrust decision. It required the company to provide information that would have allowed rival developers of work group software to interface their wares with Windows-based computer networks.…

Feb 27, 2008 5:08 PM CST

Judge Appears Reluctant to Order Release of Law Firm Probe Notes

Former McAfee general counsel Kent Roberts’ quest for notes of a law firm’s corporate backdating probe appeared to run into a roadblock Monday in the form of Judge Marilyn Hall Patel. Roberts claims he needs the notes to defend himself in a civil suit for securities fraud by the Securities…

Feb 26, 2008 12:43 PM CST

Crusading N.J. Prosecutor Accused of Bullying Tactics, Cronyism

U.S. Attorney Christopher Christie has an impressive record of battling political corruption, but opponents say he has resorted to the same kind of bullying and cronyism for which he has criticized others. Even those who point to Christie’s successes say they are marred by his blurring of the line between…

Feb 13, 2008 12:49 PM CST

Lerach Gets 2 Years in Claimed Milberg Weiss Kickbacks Case

A once-mighty partner at the nation’s biggest and best-known plaintiffs securities firm was given a two-year federal prison sentence today for his role in an alleged law firm scheme to pay $11.3 million in kickbacks to lead plaintiffs in securities class actions. In addition to the prison term, William Lerach,…

Feb 11, 2008 9:44 PM CST

BP Pleads Guilty in Texas Refinery Explosion That Killed 15

A federal judge in Houston is one step closer to approving a criminal plea deal by petroleum giant BP concerning a 2005 explosion at a Texas refinery that killed 15 and injured more than 170. BP entered a guilty plea today, but U.S. District Judge Lee Rosenthal hasn’t yet decided…

Feb 5, 2008 12:03 AM CST

Debevoise Probe of Siemens Hits Roadblocks

Debevoise & Plimpton’s internal corporate probe of misconduct at Siemens AG has been hindered by uncooperative employees and prosecutors. The investigation into allegations of bribes for business was proceeding so slowly last summer that some board members questioned whether the law firm should have been hired, according to the Wall…

Jan 23, 2008 8:11 PM CST

Judiciary Committees to Probe Corporate Monitors Following Ashcroft Deal

The House and Senate judiciary committees are seeking more information about the appointment of corporate monitors amid questions about whether prosecutors are rewarding political pals with the lucrative work. The move comes after news reports that the Justice Department is investigating a no-bid contract for monitoring work awarded to the…

Jan 15, 2008 12:39 PM CST