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Test Cases to Determine Damages in IPO Lawsuits
A tentative outline for trying test cases in the litigation over the manipulation of initial public offerings during the Internet boom was agreed to on Friday. Judge Shira Scheindlin of the Southern District of New York told lawyers for 55 securities firms and investors to select 10 to 20 "focus cases" that will be briefed and argued as a precursor to a possible settlement of sweeping allegations concerning IPOs for 309 companies.Federal Judge in N.Y. Named Mediator for Enron Litigants
Southern District of New York Senior Judge Kevin T. Duffy was named the mediator among litigants in Enron's shareholder and bankruptcy cases in an unusual joint order issued Wednesday by the judge in New York overseeing Enron's bankruptcy and the judge in Texas handling the shareholder litigation. Duffy is notoriously tough and forthright, traits many lawyers said may prove ideal for such a complex settlement discussion.Ted Frank's purchase of a Grand Theft Auto video game eventually led him to quit his fellowship at the American Enterprise Institute and devote himself to objecting to class actions settlements that he believes are orchestrated mainly to enrich plaintiffs lawyers.
Supreme Court Asks Solicitor General to Opine in Pfizer Alien Torts Case
With corporate America itching for the Supreme Court to rein in use of the Alien Torts Statute for suits alleging overseas wrongdoing, the case that may redefine the parameters of the ATS is shaping up as a battle of ex-Harvard law professors. On Monday the Court asked U.S. Solicitor General Elena Kagan to weigh in on Pfizer Inc. v. Rabi Abdullahi, in which the 2nd Circuit revived the claims of Nigerians who allege they were grievously harmed by a Pfizer drug in a government-approved clinical trial.After cycling through nine sets of his own lawyers, Paul Ceglia, the man claiming to own at least half of Facebook, wants a judge to exile Facebook's lawyers at Gibson Dunn and strip them of their fees. Facebook's lawyers, meanwhile, want a judge to force Ceglia to turn over a letter from Kasowitz Benson they say shows once and for all that he's a fraud.
Plaintiffs Still Banking on Providian Lawsuits
A promise to set aside $20 million for cardholders who were overbilled will not impede a swell of litigation against Providian Financial, a credit card company with a trail of disgruntled customers. The company announced the refund last week, citing a computer error as the culprit behind overcharging about 700,000 customers. Plaintiffs' attorneys say the gesture is too little too late, and they plan to press ahead with a spate of lawsuits against Providian.Trending Stories
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