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Lawyers for various Lehman Brothers directors and officers, including former CEO Richard Fuld, filed papers Wednesday in Lehman's Manhattan federal bankruptcy proceedings seeking the release of $90 million in insurance funds to settle securities fraud claims pending since June 2008.
We're beginning to reap the consequences of the sweeping Lehman examiner's report. Plaintiffs in a long-pending securities class action have now filed an amended complaint that adds allegations about Lehman's now-infamous Repo 105 balance sheet asset transfers--and adds Lehman's auditor, Ernst & Young, as a defendant.
Thanks to our colleagues at The National Law Journal, we've got everything you need to know about the upcoming Senate hearings to confirm Sonia Sotomayor's Supreme Court nomination, including the list of individuals scheduled to testify, and a dozen themes that will likely frame the proceedings when they begin on Monday.
Firms Hunting for Stars Re-Examine Partner Compensation
Although the most profitable law firms don't often lose partners to other firms, there's evidence suggesting that even firms with the highest profits per partner have become more vulnerable to the lateral market. In response, some Am Law 100 firms are deploying high-spread compensation systems specifically designed to reward their most valuable partners with more money than they could earn at the most profitable low-spread firms. Think your firm isn't re-examining its compensation system? Don't be so sure.Legal Outsourcing Wave Comes Ashore to the U.S.
Pangea3, the Indian legal process outsourcer bought by Thomson Reuters last year, opened its first U.S.-based service delivery office in Dallas. It's the latest expansion effort by a major LPO as U.S. and international law firms seek to slash their costs through outsourcing arrangements.Milan lost an estimated $100 million in a complex interest rate swap deal that it made with four banks in the run-up to the financial crisis. But the city fought back, becoming among the first municipalities to file criminal fraud charges against the banks under an Italian law that lets prosecutors file quasi-criminal charges against companies and their managers.
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