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Earlier this week, a California federal judge gave preliminary approval to a securities class action settlement with six outside directors of the now bankrupt company Peregrine Systems totaling $55.95 million.
No, we didn't get our headlines mixed up. A FINRA arbitration panel awarded Colorado IP lawyer Gerald Hosier and other investors $54.1 million--including $17 million in punitive damages--in a fight with Citigroup over municipal bond funds that tanked during the financial crisis.
The U.S. International Commission has upheld a decision to reject a so-called patent troll's infringement complaint against more than a dozen companies, knocking out the first case heard under new rules designed to streamline ITC litigation.
'NLJ 250' Shows Strong Law Firm Growth Continuing
The 250 largest law firms in the U.S. grew by 4 percent in 2006, a figure that was just shy of the prior year's gains, according to The National Law Journal's 29th annual survey. The results indicate a "healthy legal economy" spurred by strong mergers and acquisitions activity and big-ticket litigation, said one law firm consultant. And while law firms used to base their mergers on geography and size for size's sake, they now take a much more strategic approach, said another consultant.Kessler Topaz and Prickett, Jones & Elliott, fresh from winning a record $305 million attorney fee award in the Delaware Court of Chancery, want a judge to rule that companies can't adopt bylaws restricting shareholder suits to be filed exclusively in the Delaware court without first holding a shareholder vote. "Bring it on," says former SEC Commissioner Joseph Grundfest of Stanford Law, who's been championing such provisions.
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