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ABA Mulls Rule to Let Lawyers Cross State Lines
Local lawyers who worry about competition from national firms have a new reason to feel uneasy. The American Bar Association is considering a model rule that would make it easier for lawyers to practice in states where they are not admitted. The rule would permit lawyers to work in another state if the matter in question is related to the lawyer's practice on behalf of a client elsewhere.SEC Charges Brocade's Former CFO in Backdating Case
Internal strife at the SEC tanked a proposed settlement with Michael Byrd, the former CFO of Brocade Communications. Upset that a million-dollar deal proposed by the SEC's enforcement division wouldn't have barred Byrd from being an accountant at other public companies, the SEC's accounting division scuttled the agreement, said lawyers briefed on the case. Byrd was a key figure in the criminal trial that ended with a conviction of former Brocade CEO Gregory Reyes for backdating stock options.Sanctions Threatened in Auction House Case
Christie's International must comply with discovery or face possible sanctions in an ongoing class action alleging the auction house engaged in a price-fixing conspiracy with Sotheby's Holdings. A federal judge ordered Christie's to stop stonewalling and exert its influence over former chief executive Christopher Davidge to answer interrogatories sought by former Sotheby's chairman A. Alfred Taubman.Can Hard-Charging Howrey Keep Winning Streak Alive?
Just before Christmas 2003, Howrey Simon got a huge present a class action against several tobacco companies. The gift: a $65 million fee award from a settlement in the case. That was 2003. In 2004, the firm headed back toward earth. It didn't have tens of millions in tobacco fees to dole out to partners, associates, and staff, or to pursue its aggresive growth strategy. Now, the firm faces a tough question: Can they keep the momentum going, or was the post settlement slip indicative of more to come?Securities Reform: What Went Wrong?
Be careful what you ask for. You may just get it. Take the Private Securities Litigation Reform Act, which Congress passed in 1995 with strong support from the securities defense bar. The Act was designed to deter frivolous class action "strike suits" against companies and create uniformity in the way courts handle securities fraud complaints. Five years later those goals seem more elusive than ever.Trending Stories
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