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In two separate rulings this week, federal district court judges in North Carolina called a halt to federal suits blaming Blackwater for the deaths of employees and civilians in Iraq. Plaintiffs lawyers in the two cases, however, had very different reactions to the rulings.
This proposed deal comes two weeks after a federal judge signed off on a similar $90 million settlement of shareholder claims against the officers and directors of Lehman that was covered entirely by D&O insurance.
2003 NYLJ 100 Largest Law Offices
By most accounts, it has turned into a good year for New York's law offices. Buttressed by a booming economy that enjoyed 7.2 percent GDP growth in the third quarter, 57 of the 102 offices listed in the NYLJ 100 expanded in 2003. Track all the gains and losses in this annual report from the New York Law Journal Magazine.Plaintiffs achieve a big win in the first-ever securities class action trial involving U.S. and foreign shareholders who held shares in a foreign company on foreign exchanges. The one bright spot for the defense: The jury found no liability for former Vivendi CEO Jean-Marie Messier or former CFO Guillaume Hannezo.
A FINRA review panel dismissed all claims against Kenneth Pasternak, the former CEO and chairman of Knight Trading, and John Leighton, the former head of the firm's institutional sales desk. This decision reversed a 2007 ruling by a FINRA hearing panel, which had found that the two were guilty of supervisory lapses that led to alleged fraudulent sales to institutional customers. Their lawyers are pleased, but at the same time upset over the ordeal that their clients went through.
A long-running ERISA class action against Bear Stearns ended with a whimper this week when employees who claimed to have lost $215 million when their retirement savings were invested in Bear Stearns stock agreed to settle for $10 million.
Cite as: In Re: Enron Creditors Recovery Corp. v. Alfa, 09-5122-bk(L), NYLJ 1202499017169, at *1 (2d Cir., Decided June 28, 2011)Before: Walker, Cabranes, C.JJ.
We were pretty excited that Judge Rakoff sent us his opinion explaining why he upheld a $20.6 million FINRA arbitration award against Goldman Sachs. Reading the ruling--in which Rakoff takes subtle digs at the arbitration process and those who choose it as an alternative to court proceedings--was also fun.
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