Corporate Compliance

William Lerach Goes Down Fighting With WaPo Commentary

Securities class-action lawyer William Lerach, who pleaded guilty to paying kickbacks to lead plaintiffs, takes aim at sweet deals for corporate CEOs who lose shareholder money in a commentary published in the Washington Post. Lerach complains that he is being held “accountable for overzealously pursuing these corporate scam artists” while…

Nov 12, 2007 7:11 PM CST

‘Attorney at Blah’: JD Earns Extra $20/Hour in Doc Review

CORRECTED: The job is similar, but the pay is different: temp work, in something akin to document review, without a law degree, is dull, thankless work that earns $10 an hour. With a juris doctor degree and a bar admission, temp work brings in $35 an hour–enough to earn a…

Nov 9, 2007 10:44 PM CST

Insurance Brokerage: Possible Industry Bribery Issues

An insurance brokerage says it is receiving inquiries from federal investigators about possible bribery issues. And it doesn’t appear that Aon Corp. is the only such company being queried, reports Bloomberg. Aon has reportedly hired an unspecified law firm to look into the matter and make sure it is in…

Nov 9, 2007 9:30 PM CST

N.Y. Mortgage Appraisal Probe Spotlights Fannie Mae & Freddie Mac

Updated: New York’s top law enforcement officer obviously isn’t afraid to take on the big guys. Having filed suit last week against one of the nation’s biggest mortgage lenders over an alleged scheme to promote inflated appraisals, in alleged violation of lending regulations, state Attorney General Andrew Cuomo is now…

Nov 7, 2007 9:12 PM CST

BigLaw Relaxing Bank Suit Standards?

As the subprime mortgage meltdown and a resulting global credit crunch have created a surge of litigation against lenders, some of the world’s major law firms are caught in a quandary. Traditionally, they have represented banks. But now that litigating against banks is a hot practice area, many are relaxing,…

Nov 5, 2007 11:18 PM CST

Big Legal Bill for Exec’s Backdating Defense

Major corporations commonly agree to indemnify officers and directors for legal costs, should they be sued or prosecuted as a result of their work. Otherwise, even CEOs often would find it difficult or impossible to pay the cost of a standard defense. However, the defense price tag can be noteworthy…

Oct 11, 2007 7:56 PM CDT

EU Tiptoes Toward Mass Torts

Class actions as we know them in the U.S. are virtually unheard of in Europe, and corporations located in the EU would like to keep it that way. Hence, a proposal by the European Commission to allow individuals to hold EU corporations accountable in court for price-fixing and defective products,…

Oct 10, 2007 12:21 AM CDT

Exploding OT Claims for Many Employers

Wage-and-hour class action claims brought over unpaid overtime are a hot practice area—and, as today’s $62 million judgment against Wal-Mart illustrates, one that can be extremely costly to employers. “Multiplaintiff wage-and-hour lawsuits pose the greatest employment litigation threat to American businesses today,” says Seyfarth Shaw, a law firm known for…

Oct 3, 2007 11:54 PM CDT

Lawyer’s Knowledge Used Against Him

Connecticut lawyer Philip Russell has a lot of expertise in child pornography cases—but it may hurt his defense in a prosecution for destroying evidence. Prosecutors say Russell should have given the FBI his client’s computer containing child pornography instead of destroying it. He is accused of obstructing justice under the…

Sep 26, 2007 2:18 PM CDT

Indicted Milberg Founder Vows to Fight

Updated: Indicted today after years of investigation, the 72-year-old co-founder of what was once unquestionably the nation’s most prominent plaintiffs securities firm is vowing to fight the federal case that has already felled three former rainmakers at Milberg Weiss and put the future of the firm at risk. Melvyn Weiss…

Sep 21, 2007 2:08 AM CDT

Cadwalader Boosts Bankruptcy Practice

In an ongoing effort to amp up its financial restructuring practice in the U.S. and abroad, Cadwalader, Wickersham & Taft has hired another six attorneys this week and plans to add more in London. That follows the firm’s addition of more than a dozen lawyers to the practice area earlier…

Sep 20, 2007 11:37 PM CDT

US: Milberg Weiss Firm Was ‘Racketeering Enterprise’

Updated: In a stunning series of body blows today in an ongoing battle between the government and one of the country’s most powerful plaintiff firms, federal prosecutors in California announced enhanced charges against the firm itself, the indictment of its co-founding partner and the latest plea deal with a former…

Sep 20, 2007 10:10 PM CDT

Firm: Melvyn Weiss Faces Charges

Updated: A founding partner of one of the nation’s most powerful plaintiffs securities law firms is reportedly resigning from a management role in the face of expected new federal charges against both him and the firm in an ongoing case concerning alleged payments of illegal kickbacks to clients. Melvyn Weiss…

Sep 19, 2007 10:22 PM CDT

FL Condo Fraud Squad Nabs Board Prez

Stealing $50,000 doesn’t put the perpetrator on the FBI’s Most-Wanted list. But an alleged embezzlement of that amount by a condominium board president is big news in South Florida. That’s because such crimes apparently aren’t unusual among the state’s many condominium associations, and fed-up condominium residents are hailing efforts to…

Aug 24, 2007 5:22 PM CDT

Sarbanes Case Against Lawyer Continues

The controversial prosecution of a Connecticut lawyer under the Sarbanes-Oxley Act for what he says was an unknowing destruction of evidence will proceed, a federal judge has decided. Although Philip Russell says he didn’t know when he destroyed a computer containing child pornography that the FBI had just started a…

Aug 24, 2007 4:33 PM CDT