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It's almost impossible to exaggerate the obstacles Barclays' lawyers faced in the $13 billion Lehman 'windfall' litigation: claims by three different plaintiffs represented by three powerhouse firms; a judge openly skeptical of the bank's core argument; and a disjointed trial schedule that stretched over six months. Yet in the end the bank prevailed in upholding a deal that helped shape the unfolding of the great recession.
If we keep going at this rate, there soon won't be a prominent securities litigator in New York who's not involved in a suit challenging the bond insurer's restructuring. The banks' suit--the third in as many months against MBIA--is led by Sullivan & Cromwell, but S&C is not alone on the complaint. Not by a long shot.
Manhattan federal district court judge John Keenan also sanctioned plaintiffs lawyer Gary Douglas $2,500, but the lawyer avoided sanctions on other behavior that the judge found inappropriate.
Attorneys Seek Review of Investor Fund
A group of plaintiffs' attorneys, the Public Investors Arbitration Bar Association, is calling for an investigation of the use of a fund created to reimburse investors if their brokerage firms go bankrupt. The lawyers claim that the fund's managing group, the Securities Investor Protection Corp. (SIPC), and its trustees arbitrarily prevent customers of insolvent brokerage firms from recouping their losses. They also charge that the decisions of SIPC trustees are not driven by investors.State AI Legislation Is on the Move in 2024
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