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'Lack of Frankness' Faulted Over Loss of Discovery Materials
Saying that a "lack of frankness in discovery can have unintended and damaging consequences," a Manhattan federal magistrate judge has sanctioned plaintiffs for failure to preserve evidence in a consolidated securities fraud action against underwriters CIBC and Schroder. The judge said that the plaintiffs, who are purchasers of preferred stock or senior notes of the now-bankrupt WRT Energy Corporation, had an obligation to preserve certain documents that were in the possession of WRT's successor.
The Global Lawyer: Global Class Actions After Morrison
Publication Date: 2012-02-06 Practice Area: Industry: Court: Judge: Attorneys: For plaintiff: For defendant: Case number:
The Global Lawyer last examined the broad impact of Morrison v. National Australia Bank in the U.S. federal courts, and the limited prospects for state law workarounds for world-spanning securities claims. Where else in the world might global securities class actions be filed? And could an international treaty someday govern them?
A Long-Term Strategy for Settlement
Last week, MicroStrategy Inc. settled a securities fraud class action for $113.7 million with a novel long-term payment plan. But the company's legal woes are far from over. An executive's discrimination complaint, filed around the same time the stock troubles surfaced, has so far cost the company $500,000 in attorney fees and has already led to litigation in three different courts.American Bar Association Rates Bush Judge Picks
Six of President Bush's nominees for the federal appeals courts have received "qualified" or "well qualified" ratings from the American Bar Association's Standing Committee on the Federal Judiciary. These are the first ratings to come from the ABA committee since President Bush in March kicked the group out of its 48-year role pre-screening potential judicial nominees for the White House.Men Behind Alleged Ecuador Bribery Videos Lawyer Up
Two San Francisco Bay Area lawyers best known for representing clients in performance-enhancing drug cases have been retained by individuals who secretly videotaped an alleged bribery scheme in Ecuador related to a mammoth environmental mass torts case against Chevron. A statement released by a plaintiffs group in the case states that Diego Borja and Wayne Hansen have retained Cristina Arguedas and Mary McNamara, respectively, as the fallout grows over recordings released by Chevron two weeks ago.
Are We on the Cusp of Major Changes to E-Discovery Rules?
Amendments to the discovery provisions of the Federal Rules of Civil Procedure are being considered. The most significant — and controversial — of the proposals would narrow the scope of discovery under Rule 26; impose or reduce numerical limits on written discovery and depositions under Rules 30, 31, 33 and 36; and, in Rule 37, adopt a uniform set of guidelines concerning sanctions when a party fails to preserve discoverable information.'Never Again,' With an Asterisk
In a deal close to approval, Swiss banks would pay $1.25 billion to non-Jewish Holocaust victims, including Romani (Gypsies), the disabled, Jehovah's Witnesses and gays. The Swiss settlement would exclude those oppressed because of nationality or politics. Notably, it would give no money to non-Jewish Polish slave laborers used by Swiss-financed companies. "I don't get the distinctions here," complains a former U.S. Holocaust Memorial Museum historian. "It may be good law, but it's incomplete history."
V&E to Appeal Denial of Motion to Dismiss From Enron Suit
In a Dec. 21 ruling, a federal judge in Houston denied Vinson & Elkins' motion for dismissal from the massive Enron Corp. shareholder litigation. The plaintiffs in that case are seeking some $25 million in damages. Harry Reasoner, a senior partner in Vinson & Elkins, says that the firm will appeal the ruling within the next 30 days.Former Comverse Execs to Shell Out Millions in Backdating Settlement
Former Comverse Technology GC William Sorin, the first corporate executive to serve time for options-related crimes, must pay $1 million to partially fund a class action settlement stemming from alleged stock option backdating. The company's former CEO, Jacob "Kobi" Alexander, will also pay $60 million to Comverse as part of the settlement. In return, Comverse will drop its lawsuit against the former executives, and the executives will drop their countersuits against the company.TRENDING STORIES
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