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Cite as: In Re Lehman Bros, 10-0712-cv, NYLJ 1202493939547, at *1 (2d Cir., Decided May 11, 2011)Before: Feinberg, Cabranes, and Raggi, C.JJ.p class="decid
KPMG's Knight in Shining Armor
Within five months, Sven Erik Holmes went from sitting in an Oklahoma court as a chief federal judge, to standing in federal court as chief legal officer for KPMG. Holmes had nothing to do with the criminal behavior attributed to the auditing firm, but he had everything to do with rescuing it from what appeared to be an inevitable criminal indictment, by convincing the U.S. Attorney to enter a deferred prosecution agreement -- a trend in many corporate cases. Now part two of Holmes' job has begun.Alston & Bird a World Apart From DLA Piper
In the past month, five partners have left Alston & Bird for DLA Piper. What makes the moves more than the average lateral soap opera is the fact that the law firms are in such different places. While Alston has about 750 lawyers in six offices, DLA Piper dwells near the top of the law firm financial charts, with 3,400 lawyers working in 64 offices around the globe. DLA Piper has set out to be, as joint CEO Francis Burch Jr., puts it, "the leading global business law firm," come hell or high water.The firm has an innovative theory to hold the credit ratings agencies responsible for inflated evaluations of mortgage-backed securities. Too bad judges aren't yet buying it.
A judge ruled that even if Morgan Stanley didn't directly mislead investors about the risks of a $6.6 billion SIV, the bank can still be found liable for negligent misrepresentation on the theory that it conveyed inaccurate ratings by the rating agencies and didn't steer investors straight.
The Second Circuit becomes the fifth appellate court to conclude that ERISA protects companies that offer their stock as an investment option so long as the retirement plan administrators act prudently. In a dissent, one judge criticized the court's presumption that plan administrators act prudently.
Viacom, which filed a similar complaint against Time Warner in April, claims the cable companies can't distribute Viacom TV shows to iPad users without a separate license. The cable companies counter that a screen is a screen.
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