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Panel Revives Case Over Domain-Name Registry
A ruling Tuesday by a Manhattan appeals court could clear the way for a class action lawsuit against the Internet's second-largest domain-name registration company for its past advertising practices. The suit, now partially revived after an earlier dismissal, alleges that Register.com misused the Internet addresses of new customers by redirecting those links to a company Web page until the customers developed their own Web sites.Defense Blasts Insider Trading Witness in Call for Altered Bond
The lawyers for accused insider trader Raj Rajaratnam, the head of the Galleon Group hedge fund, launched their first attack on the government's case Thursday, claiming the chief witness in the $25 million insider trading prosecution was a liar who could not be trusted. John M. Dowd and his legal team at Akin Gump Strauss Hauer & Feld said that cooperating witness Roomy Khan was a convicted felon who was "adjudicated by a court in August 2009 to have fabricated evidence in a court proceeding."Justices Step Gingerly Into IOLTA Fifth Amendment Takings Fracas
Four years ago, the U.S. Supreme Court ruled that the interest generated by lawyers' trust accounts was the property of clients. But during oral arguments Monday, the justices appeared hesitant to take the next two steps: declare that so-called IOLTA accounts, which pool client money held in escrow, violate the Fifth Amendment's takings clause, and then rule that clients should be compensated.L.A. Firms Lift Associate Salaries
O'Melveny & Myers and Paul, Hastings, Janofsky & Walker are lifting associate salaries to match Gibson, Dunn & Crutcher, raising first-year base pay to $135,000. Other California-based firms reacted with interest to the news Tuesday. "It's the law of supply and demand: If the market goes up, we go up," said Joseph Coyne Jr., a member of Sheppard, Mullin, Richter & Hampton's executive committee, who indicated his firm would likely match.Calif. Justices to Review $500 Million Judgment Against Genentech
The California Supreme Court agreed Wednesday to review a $500 million judgment against Genentech Inc. for failing to pay licensing fees to a medical research center. It was the largest award ever upheld in a published appellate decision in the state. The verdict had knocked the breath out of Genentech and others in the high-tech world who felt the court's decision could impede innovation. Disney, Intel Corp., Microsoft Corp. and other companies had entered the case on Genentech's behalf.Fed Adopts Merchant Banking Rules
The Federal Reserve Board and the U.S. Department of Treasury adopted rules restricting how financial companies may engage in merchant banking, but the limits were much less onerous than industry officials had feared. Acting jointly, the regulators were implementing new powers granted to banking companies in the 1999 Gramm Leach Bliley financial reform act.
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