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Clifford Chance's Revenues Fall in the Americas
It's been a tumultuous fiscal year for Clifford Chance, and the extent of the firm's financial troubles is clearer now with the release of its second annual report. Clifford Chance saw gross revenues fall by 5 percent, lost its status as the world's largest law firm by revenues -- a distinction that now goes to Linklaters -- and saw profits drop by a massive 37 percent. The new report shows the firm's revenues in New York, Sao Paulo and Washington D.C. slipped from $344.3 million to $265.19 million.Court Bars Disappointed Bidder From Suing for Spectrum Profits
The False Claims Act does not permit the remedy of disgorgement of profits for a disappointed bidder in the government's auction of wireless spectrum licenses, a New York federal judge has ruled. Judge Paul A. Crotty found that R.C. Taylor, who brought a qui tam action under the False Claims Act alleging fraud in the bidding process by more than 50 individuals and companies involved in the auctions for licenses, cannot be awarded the profits made by some of the defendants when they resold their licenses.SEC abandons beleaguered backdating case against Broadcom former executives
The U.S. Securities and Exchange Commission has voluntarily dropped its civil case against four former executives of Broadcom Corp., including the former general counsel. The move came one week after a federal judge said there were "serious problems" with the charges.Associates Need Not Apply: Firm Wants Former In-House Talent Only
Boston-based firm Outside GC was founded in 2002 as an alternative firm model for experienced former in-house lawyers. Since then the firm has grown and launched a sister IP firm.Insider Trading Rules About to Change
Starting Oct. 23, a little-noticed Securities and Exchange Commission rule will permit employees to legally trade their company's shares even if they are aware of material inside information. The catch: Trades must be made under a written plan created before the insider knew of the stock-sensitive development. The rule could be a boon for corporate executives and employees of smaller companies.Paul Hastings Finally Setting Up Shop in Silicon Valley
Paul, Hastings, Janofsky & Walker is set to open shop in Palo Alto, Calif., within weeks, becoming the last of the big Los Angeles players to arrive in Silicon Valley. The firm is moving L.A. corporate partner Thomas Wisialowski to chair the new office and has so far recruited Ronald Lemieux, an IP litigator from Squire, Sanders & Dempsey's Palo Alto office. Seth Zachary, chairman of Paul Hastings, said the firm has an office large enough for 30 lawyers, with options for future expansion.J&J Heirs Seek Passage of Measure Allowing DNA Testing of Children
As the legislative session ends, heirs of a $350 million Johnson & Johnson trust fund are lobbying heavily for a bill that could bar a potential heir from sharing in the fortune. The legislation, which would allow for DNA testing of children and fathers if the father believes he is not the biological parent, has become snagged in an intraparty tussle: Some Democrats say it has been rewritten to solely benefit some Johnson heirs while others say it merely tries to resolve legal inequities.Manhattan federal district court judge Jed Rakoff has been stewing for years over the SEC's approach to settlements with alleged Wall Street malefactors. In his ruling Monday rejecting the agency's settlement with Citigroup over is marketing of an ill-fated CDO, the judge finally boiled over.
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