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Banks Targeting Money Laundering
The international investigation into alleged money laundering at the Bank of New York is prompting U.S. banks to review their relationships with foreign banks and scrutinize procedures for detecting suspicious financial transactions, according to banking attorneys. But despite the concerns raised by the $10 billion scandal, attorneys say it is difficult for financial institutions to catch criminals who use bank accounts to convert illegal funds into legitimate ones.The dispute mushroomed to more than 100 court cases in Poland, about 30 cases in other forums, nine commercial arbitrations, and a pair of investment arbitrations. Marcin Olechowski of Warsaw's SK&S, who represented Elektrim, which sought a controlling stake in PTC, compared it to a game of pick-up sticks. "At a certain point all the proceedings became interconnected," he said. "Every time something moved, the whole geometry changed."
Law Firm Mergers Face a Big Hurdle: Lawyers
The collapse of negotiations for what would have been the first U.S. law firm mega-merger suggest that large-scale consolidation will not come easily to the legal business. When White & Case and Brown & Wood abruptly called off their wedding plans earlier this month, the failed courtship brought into relief some of the problems that have long plagued law firm combinations -- including cold feet.9/11 Victim Fund Challenge Debated
A federal judge in New York gave a cool initial reception Monday to arguments that Special Master Kenneth R. Feinberg has improperly limited payments to the families of high-income workers who were killed in the Sept. 11, 2001, attack on the World Trade Center. Three suits are challenging the fund on this issue, including a class action on behalf of the 2,800 people killed in the towers.Video Trains Lawyers not to be Boors
The scene is a client development meeting for which the four big-firm lawyers have arrived late. One of the lawyers launches into a canned spiel about the firm's capabilities. But as he continues, one of his colleague droops his head and whips out a Blackberry pager.ADA Keeps U.S. Supreme Court and Bar Busy
U.S. Supreme Court Justice Sandra Day O`Connor recently predicted that the current term would be remembered for its rulings interpreting the Americans With Disabilities Act. With two ADA decisions out and two more to go in the next two months, she may be right. How those rulings will be remembered is less certain. O`Connor attributed the spate of cases to congressional imprecision in writing the ADA a dozen years ago, but so far the court`s own decisions are not producing bright-line rules either, leaviState AI Legislation Is on the Move in 2024
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