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Current and Former Prosecutors Clash on Suit Over Indigent Defense
BofA Audits Cybersecurity Practices of Firms
Richard Borden, the bank's assistant general counsel, said that Bank of America is "one of the largest targets in the world" for cyber attacks, and that law firms are "considered one of the biggest vectors that the hackers, or others, are going to go at to try to get to our information."Circuit Rejects Antitrust Suit in Ruin of Market for Auction-Rate Securities
It was inevitable that the collapse of the $300 billion ARS market in 2008 would trigger securities litigation. And it did, but the ARS freeze also spawned a massive antitrust case, after a trio of plaintiffs firms cooked up a theory that the market's demise was triggered by an illegal boycott by major banks.Outside Law Firm Cybersecurity Under Scrutiny
Bank of America Merrill Lynch is auditing the cybersecurity practices at its outside law firms, partly under pressure from government regulators.Prosecutors draw fire in KPMG case
U.S. District Judge Lewis Kaplan delivered a harsh rebuke to prosecutors last week for pressuring Big Four accountant KPMG to cut off legal fees for employees unwilling to cooperate in the largest tax fraud investigation in U.S. history.Court Rebuffs Akin Gump's Bid for Discovery of Privileged Material
A Manhattan appeals court has narrowed the scope of discovery Akin Gump Strauss Hauer & Feld can seek from the former hedge fund managers who are suing the law firm for fraud and legal malpractice. James McBride and Kevin Larson, the former principals of Veras Investment Partners, sued Akin Gump for more than $4 billion in damages last year, claiming the firm advised it that the "late trading" activities which made the fund a target of former New York Attorney General Eliot Spitzer were legal.Expanded Supervisory Liability for In-House Lawyers
Richards Kibbe & Orbe's James Q. Walker, Daniel C. Zinman and Grant Mogan discuss an ALJ's disquieting holding that an in-house lawyer at a broker-dealer with no direct supervisory authority over a retail financial adviser was, nonetheless, that financial adviser's "supervisor" under the federal securities laws.Am Law Firms Grab Roles on Latest Batch of Insider-Trading Indictments
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