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A New York state appellate court has clamped down on an attempt by a group of hedge funds to get around the U.S. Supreme Court's Morrison decision. Reversing a lower court ruling, the appellate panel found that the hedge funds were barred from suing Porsche AG because neither the defendant nor most of the plaintiffs are New York state residents. The litigation was sparked by Porsche's 2008 announcement that it had amassed close to a 75 percent stake in Volkswagen, which was a disaster for hedge funds that had shorted VW's stock or made swap deals based on its share price.
Defendants Heartened by First Trial of PSLRA Case
A great debate -- at least among securities lawyers -- continues to simmer in the circuits over the pleading standards required by the Private Securities Litigation Reform Act of 1995. But the question of whether pleading mere or deliberate recklessness -- or something in between -- is necessary to withstand a motion to dismiss does not address what happens if a plaintiffs' suit actually makes it to trial.The Gamble on Contingency Cases
Mark Lipowicz persuaded senior partners at Philadelphia's Duane, Morris & Heckscher to join the stampede of state tobacco cases, as co-counsel to the state of Pennsylvania, on contingency. The assignment was atypical for Duane, Morris, a general practice firm that had grown up on the backs of local banks, manufacturers, and insurers. In the end, Duane, Morris didn't have to bet the ranch. As part of the $206 billion tobacco settlement announced last year, the firm will pocket $25 million.Law School Applications on the Rise
Law school applications increased by 7 percent and the number of applicants by 3 percent nationwide for this year's incoming class compared to last year, according to the Law School Admissions Council. Despite the current grim job statistics, budding law students seem cautiously optimistic.A Gibson Dunn team led by Orin Snyder has launched a personal counterattack against Paul Ceglia, who has sued client Mark Zuckerberg for half of Facebook. Using private investigators, forensic specialists, and linguistic experts, the firm paints Ceglia as a career criminal, lier, and forger.
FIRREA Claims Against Financial Institutions Revived
While the U.S. Department of Justice commenced a number of high-profile cases against financial institutions under the long-forgotten Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), many commentators and legal experts opined that the DOJ's interpretation of the statute was misplaced and unlikely to survive legal scrutiny.State AI Legislation Is on the Move in 2024
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