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'Never Again,' With an Asterisk
In a deal close to approval, Swiss banks would pay $1.25 billion to non-Jewish Holocaust victims, including Romani (Gypsies), the disabled, Jehovah's Witnesses and gays. The Swiss settlement would exclude those oppressed because of nationality or politics. Notably, it would give no money to non-Jewish Polish slave laborers used by Swiss-financed companies. "I don't get the distinctions here," complains a former U.S. Holocaust Memorial Museum historian. "It may be good law, but it's incomplete history."V&E to Appeal Denial of Motion to Dismiss From Enron Suit
In a Dec. 21 ruling, a federal judge in Houston denied Vinson & Elkins' motion for dismissal from the massive Enron Corp. shareholder litigation. The plaintiffs in that case are seeking some $25 million in damages. Harry Reasoner, a senior partner in Vinson & Elkins, says that the firm will appeal the ruling within the next 30 days.Former Comverse Execs to Shell Out Millions in Backdating Settlement
Former Comverse Technology GC William Sorin, the first corporate executive to serve time for options-related crimes, must pay $1 million to partially fund a class action settlement stemming from alleged stock option backdating. The company's former CEO, Jacob "Kobi" Alexander, will also pay $60 million to Comverse as part of the settlement. In return, Comverse will drop its lawsuit against the former executives, and the executives will drop their countersuits against the company.Attorney Continues Long Battle With Pfizer Over Nigerian Drug Experiments
Attorney Richard Altschuler has been fighting an eight-year battle with Pfizer over allegations that the pharmaceutical giant secretly tested a new drug during a 1996 meningitis outbreak in Nigeria, with devastating results including the deaths of 11 children. In late January, the 2nd Circuit ruled that 88 Nigerian families, including 58 that Altschuler represents with Nigerian-based co-counsel, can pursue claims in U.S. court. Despite the ruling, the attorneys may decide to switch the suit to Nigeria.Ruling Near on Securities Fraud Pleading Standards
Gregg L. Weiner, a partner at Fried, Frank, Harris, Shriver & Jacobson, writes that the Supreme Court has recently agreed to hear a securities fraud pleading case that will address the standard for measuring whether the facts alleged in the complaint are sufficient to create a "strong inference" that the defendant acted with fraudulent intent. It is difficult to predict how the Supreme Court will resolve the question, and what impact the Court's two new members will have.Trending Stories
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