Corporate Law

Madoff Whistle-blower to Blast SEC in Congressional Testimony Tomorrow

Trying to warn the U.S. Securities and Exchange Commission about an apparent fraud being perpetrated by Bernard Madoff was not only frustrating but potentially dangerous, a whistle-blower reportedly plans to say in testimony tomorrow before a congressional subcommittee. Despite his repeated warnings to the SEC, starting in 1999 or 2000,…

Feb 4, 2009 1:02 AM CST

Federal Judge Sides With ‘Dorm Dudes’ in Miami Porn House Case

An attempt by the city of Miami to close down a house in which “dorm dudes” are paid by a gay porn website to live there and have sex on schedule has failed. The operation isn’t covered by a city’s zoning restriction banning adult businesses in a residential area, a…

Feb 3, 2009 10:26 PM CST

Did Lowenstein Role in 14-Lawyer Leap Unfairly Ruin Former Firm? Trial Nears

More than nine years after 14 lawyers leaped from a well-known New Jersey partnership to Lowenstein Sandler, a trial is nearing over claims that the 260-attorney firm went too far in soliciting the swift departure that soon destroyed the defectors’ former firm Although Lowenstein denies that it did anything wrong,…

Feb 3, 2009 9:59 PM CST

Alleged $50B Madoff Fraud is Keeping a Lot of Law Firms Busy

More than 30 law firms around the world are representing an estimated 3 million alleged victims of the claimed $50 billion Ponzi scheme that Bernard Madoff is accused of running as a purported hedge fund. “Our calculations are that at least 3 million people were affected by the Madoff affair,…

Feb 3, 2009 8:39 PM CST

Horrified By $20B Bonus Bonanza, Sen. Dodd Calls for Wall Street to Repay

Did U.S. taxpayers help fund nearly $20 billion in Wall Street bonuses at the end of last year while Congress raced to the rescue of embattled companies in the midst of a financial crisis that some consider the worst since the 1930s? If taxpayer money was used, directly or indirectly,…

Jan 30, 2009 12:21 AM CST

Spanish Bank Seeks Settlement With Its Customers in Madoff-Related Case

Sued by private banking clients who contend the Banco Santander SA was grossly negligent in investing their money in an alleged $50 billion Ponzi scheme of which Bernard Madoff is accused of being the architect, the Spanish bank is reportedly seeking to settle with its customers. The proposed deal, which…

Jan 29, 2009 12:03 AM CST

Accounting Firm Can Be Liable for Foreign Affiliate’s Work, Federal Judge Rules

In a U.S. District Court decision trumpeted by a press release (PDF) for the winning law firm as “a seismic ruling for the accounting profession,” a federal judge has held the Deloitte financial firm potentially liable for alleged malfeasance by an Italian affiliate concerning the collapse of Parmalat Finanziaria SpA…

Jan 28, 2009 8:40 PM CST

Pioneering Franchise Lawyer Lewis Rudnick Dies

Franchising pioneer Lewis Rudnick has died at the age of 73. Rudnick, a name partner at the law firm once known as Rudnick & Wolfe, helped shape franchise law and helped train many of today’s leading franchise lawyers, according to the blogs Trade Regulation Talk and Blue MauMau. Rudnick’s firm…

Jan 28, 2009 1:55 PM CST

Lawyer Who Sued Company CEO is Target of Claimed Cyber-Attack Campaign

In nearly 20 years as a trial lawyer, Keith Fink has encountered plenty of hardball litigation tactics. But the cyber attacks he has suffered since he began representing former employees of American Apparel in litigation against the company are unique. “I’ve never experienced it, I don’t know any lawyer that’s…

Jan 28, 2009 1:55 AM CST

Taco Bell Loses Chihuahua Dispute as it Fights 50 Cent Ad Suit

A federal appeals court has ruled that Taco Bell—and not its ad agency—is responsible for paying $42 million in damages and interest to two cartoonists who claimed the fast-food giant stole their Chihuahua idea. Two Michigan men claimed they were talking to Taco Bell advertising agents about use of their…

Jan 27, 2009 3:42 PM CST

Halliburton Agrees to Record $559M Bribery Settlement

Halliburton has agreed to pay $559 million to settle charges that its former KBR Inc. unit bribed Nigerian officials during the building of a gas plant. The settlement is the largest ever by a U.S. company in a bribery probe, report the Wall Street Journal and Reuters. Under terms of…

Jan 27, 2009 11:53 AM CST

Despite Downturn, Skadden Soars: Top M&A Firm is Global, Countercyclical

One of the biggest names in corporate law is doing fine despite the economic downturn. Skadden Arps Slate Meagher & Flom isn’t hurting, reports Forbes, for a couple of reasons: First, the mergers and acquisitions arena in which the law firm is considered the nation’s premiere practitioner is countercylical. When…

Jan 24, 2009 12:23 AM CST

Venable Partner on Downed Jet: ‘I Truly Thought I Was Going to Drown’

Although passengers on a US Airways jet that crash-landed on the Hudson River a week ago were remarkably calm about trying to escape from the plane, it didn’t look good to James Hanks Jr. As he headed from his business class seat near the rear of the plane to the…

Jan 22, 2009 9:10 PM CST

Insurer Drops Smoke = ‘Pollution’ Claim in $25M Fatal Office Fire Litigation

An insurance company fighting to avoid paying a claim in a fatal Houston 2007 office fire that could involve damages of $25 million is reportedly dropping its effort to apply the pollution exclusion in its policy for the property to the smoke, fumes and soot that killed three people. But…

Jan 22, 2009 5:29 PM CST

Allen & Overy Bans American Associate’s Racy Online Novel

Updated: A senior associate at Allen & Overy has stopped publishing her online novel after the London-based magic circle firm apparently told her that it was too racy. “While an unidentified Allen & Overy spokesman would not directly comment on the action taken against associate Deidre Dare and her Web-published…

Jan 21, 2009 5:18 PM CST