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UBS AG will pay the Federal Housing Finance Agency a hefty $885 million for allegedly conning Fannie Mae and Freddie Mac into buying more than $5 billion in dubious residential mortgage-backed securities.
The companies reached a deal Wednesday to end two-plus years of hostilities that kept lawyers busy at more than a half-dozen firms.
Cite as: In re Lehman Brothers Holdings Inc., et al., 08-13555 (JMP), NYLJ 1202475147459, at *1 (SDNY, Decided November 16, 2010)Bankruptcy Judge James M. Peck
Bankruptcy Trustee Suits Cause Increasing Concern for Law Firms
Though they get fewer headlines, bankruptcy trustee suits have largely replaced shareholder class actions in law firm managing partners' nightmares. The suits are often better funded, better lawyered and, with the U.S. Supreme Court likely to further limit third-party liability in securities fraud cases, they may soon have a distinct legal edge. "In the past, there was not a strong inclination on the part of trustees to sue lawyers and accountants," says one bankruptcy partner. "Now they go after everyone."Pfizer had lined up Kathleen Sullivan and the plaintiffs had hired Arthur Miller. But the two won't be sparring before the U.S. Supreme Court over claims that Pfizer did not obtain adequate consent and caused deaths and injuries during a meningitis drug trial on Nigerian children.
Another plaintiff seeks compensation for creating images that allegedly inspired the dolls.
After initially seeking $138 million from all defendants, shareholders settle for $8.5 million from Deloitte defendants and $6.5 million from Grant Thornton International.
A federal judge in Philadelphia allowed class antitrust claims against some of the country's top egg producers to move forward, though she granted motions to dismiss by one producer and an industry trade group.
Samsung, a Korean company, told a San Jose jury Tuesday that Cupertino-based Apple is threatening to ruin the culture of Silicon Valley, as Apple tried to hammer home its copycat claims.
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