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Investor Suit Against Lehman Brothers Goes Forward A federal judge yesterday said a class action lawsuit could proceed against Lehman Brothers over allegedly misleading research reports about the shares of Internet company RealNetworks. The suit involves reports by Lehman analyst Michael Stanek, who for the period covered by the suit issued 13 reports on the company and gave it a “buy” rating. In private e-mails to an institutional investor, however, Mr. Stanek revealed that he had considerable doubts about the company’s shares. When negative aspects of the company were later revealed, the suit alleges, RealNetworks’ shares fell, causing the plaintiffs economic losses. Southern District Judge Jed S. Rakoff declined to dismiss the suit, saying the discrepancies in what Mr. Stanek said publicly and privately supported “a reasonable inference of an intent to mislead and defraud.” The opinion in DeMarco v. Lehman Brothers, 03 Civ. 3470, will be published Monday. � Tom Perrotta High Court Takes Two Cases Related to Taxing Awards The Supreme Court yesterday agreed to resolve two key employment law issues that have divided lower courts for years. One pair of cases will test the government’s policy that calls for both the client and the lawyer to pay taxes on the portion of employment discrimination damage awards paid to the lawyer. The other question taken up yesterday stems from the Age Discrimination in Employment Act: Can plaintiffs use the act to bring suits that claim disparate treatment in the workplace? Courts have previously ruled such suits are permissible under Title VII of the Civil Rights Act of 1964. The cases will be argued in the fall. The tax cases, Commissioner of Internal Revenue v. Banks, No. 03-892, and Commissioner of Internal Revenue v. Banaitis, No. 03-907, ask whether the contingent-fee portion of an award should be treated as taxable income to the client. The fee is already taxed as income to the lawyer. � American Lawyer Media Slave Descendants File $1 Billion Suit Descendants of slaves filed a $1 billion federal lawsuit yesterday against U.S. and British corporations, accusing them of profiting by committing genocide against their ancestors. Lawyers for the eight plaintiffs said the complaint � unlike past suits seeking reparations for slavery � was the first to use DNA to link the plaintiffs to Africans who suffered atrocities during the slave trade. The suit filed in the Southern District of New York accuses Lloyd’s of London, FleetBoston and R.J. Reynolds of “aiding and abetting the commission of genocide” by allegedly financing and insuring the ships that delivered slaves to tobacco plantations in the United States. � Associated Press Personal Notes on LawyersShearman & Sterling has named Steven Molo a partner in its litigation practice. He was an executive committee member at Winston & Strawn. � The law firm of Gulielmetti & Gesmer has recently joined with Levinson & Kaplan to form Gulielmetti Levinson. � Kirkland & Ellis partner Patrick C. Gallagher has been appointed secretary for the tax section of the New York State Bar Association. � Todtman, Nachamie, Spizz & Johns has named Vivien Y. Bai an associate. She was senior legal counsel of the China International Economic and Trade Arbitration Commission. � Jerry D. Bernstein has joined Blank Rome as a partner in the white collar, internal and government investigations group. He was the head of the white collar and corporate compliance group at Holland & Knight. � H. Peter Haveles, Jr. has joined Arnold & Porter as a partner in its securities and commercial litigator. He was a partner at Cadwalader, Wickersham & Taft.

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