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HSBC Unit Ordered to Pay $2.46 Billion for Securities Fraud
Publication Date: 2013-10-18
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Robbins Geller Rudman & Dowd secured the record judgment in its long-running securities fraud class action against Household International Inc., a unit of British banking giant HSBC Group.

December 02, 2002 |

Trophy Fees

A professional mediator and amateur hunter, John Calhoun Wells had never run an arbitration before the tobacco fee hearings. Yet since 1998, Wells has led the arbitration panel charged with doling out $13 billion to the plaintiffs' tobacco bar. Now two of the largest fee awards have come under judicial attack. Here's a behind-the-scenes account of the controversial awards. Warning: It's not a pretty picture.
18 minute read
March 31, 2008 |

Stealth Swaps, Stale Pills and Mystery Non-Voting Shareholders

Ezra G. Levin, a partner and co-chair of Kramer Levin Naftalis & Frankel, writes that the recent disclosure that two hedge funds, through an equity swap, had acquired more than 20 percent of the economic value of an issuer's equity without having filed a Schedule 13D occasioned an unwanted surprise for investors and directors alike. This non-filing "loophole" should be considered by would-be acquirors, their stealth-swap counterparties, and the entities whose poison pills may now be stale.
12 minute read
February 06, 2007 |

Does the Future Belong to Cadwalader?

Cadwalader, Wickersham & Taft has surged into the top ranks of profitability. Under Chairman Robert Link, the firm went through a controversial transformation into perhaps the nation's most aggressively profit-focused law firm. Today's Cadwalader, at which big producers are lavishly rewarded and underperformers are shown the door, presents a stark alternative to the more conservative ways of traditional top-tier firms. But the firm also has a reputation for ruthlessness that suits some but turns off others.
17 minute read
November 04, 2009 |

Pandora's Box and the Bank of America

C. Evan Stewart, managing partner of the New York office of Zuckerman Spaeder, an adjunct professor of law at Fordham Law School, and a visiting professor at Cornell University, writes that the Pandora's Box, which Judge Rakoff opened in order to "protect" BoA shareholders, has resulted in (a) costly litigation with the SEC in which BoA will likely prevail, (b) costly civil litigation with private parties in which BoA will have great difficulty protecting privileged communications, (c) governmental agencies (like the SEC) likely shifting their enforcement/settlement protocols in ways that protect the agencies from public embarrassment (while not necessarily affording their public company targets more due process rights), and (d) corporate executives (and the lawyers who advise them) having no faith that the corporate attorney-client privilege has a breath of life left.
7 minute read
Kirkland Shocker: After Smokin' Hot Year, Star Litigator David Bernick to Leave Firm for Top Job at Cigarette Company
Publication Date: 2010-01-22
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Bernick will end a stellar 32-year run at K&E by moving to Switzerland to take the GC job at Philip Morris International.

June 26, 2001 |

When Labels Don't Fit

Nominated by President George W. Bush for a seat on the U.S. Court of Appeals for the D.C. Circuit, Miguel Estrada employs a clearly conservative approach to the law. After all, he's a member of the Federalist Society and worked for Kenneth Starr. But a right-wing ideologue to the core he is not. Nonetheless, while some Latinos are pleased to see diversity, others of the largely liberal group ask, at what expense?
10 minute read
May 07, 2007 |

Firms Hunting for Stars Re-Examine Partner Compensation

Although the most profitable law firms don't often lose partners to other firms, there's evidence suggesting that even firms with the highest profits per partner have become more vulnerable to the lateral market. In response, some Am Law 100 firms are deploying high-spread compensation systems specifically designed to reward their most valuable partners with more money than they could earn at the most profitable low-spread firms. Think your firm isn't re-examining its compensation system? Don't be so sure.
10 minute read
With Judges Among the Worst-Paid in the U.S., New York Court of Appeals Finds Pay Drought for State Judiciary Unconstitutional
Publication Date: 2010-02-23
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The state's high court chided two governors and the state legislature for improperly linking judicial pay raises to other issues. But the ruling only encourages the legislature to give state judges more money--and at least one powerful politician says he's in no rush to do so.

Williams & Connolly, Goodwin Procter on Defense in $1 Billion BofA Mortgage Fraud Case
Publication Date: 2012-10-24
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Bank of America's litigation nightmare stemming from the mortgage meltdown got even worse on Wednesday, when federal prosecutors in Manhattan filed their own $1 billion complaint in an eight-month-old False Claims Act suit accusing the company of selling shoddy loans to Fannie Mae and Freddie Mac.

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