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Class Certification Overturned in Enron Shareholder Suit
Plaintiffs lawyer Bill Lerach says that Enron shareholders will ask the Supreme Court to review a March 19 opinion from the 5th U.S. Circuit Court of Appeals that put the brakes on the trial in Mark Newby, et al. v. Enron Corp., which was set to begin on April 16 in U.S. District Judge Melinda Harmon's Houston court.Icahn's Influence Could Dictate ImClone's Decision to Appeal Patent Ruling
Carl Icahn isn't getting his way, at least not yet. ImClone Systems responded to its most famous shareholder's latest attacks by giving him a board seat but keeping Chairman David Kies, despite Icahn's continued public thrashing of him. One indication of Icahn's influence could come in the legal battle over a key patent behind ImClone's sole marketed product, cancer fighter Erbitux. If ImClone reverses course and drops its appeal of the patent case, it would be a concession to one of Icahn's public demands.Cite as: Glacken v. The Incorporated Village Of Freeport, 09-4832, NYLJ 1202473146755, at *1 (Ed NY, Decided October 06, 2010)District Judge Denis R. Hurley
Another big bank has entered into a multi-million dollar settlement with federal and state authorities investigating bid-rigging in the municipal bond market. And for once, the settlement isn't likely to draw opposition from plaintiffs lawyers in parallel multidistrict litigation worried that the deal will sideline class claims.
Trustee's Claim of Protection Denied
A New York appellate panel held that a bank was liable for its failure to diversify investments held in its trust. Although the beneficiaries agreed to a waiver stating the investment would consist entirely of IBM stock and holding the bank harmless in the event of a drop in value, the panel ruled the waiver did not insulate the bank from liability.Corporate Transparency Act Resource Kit
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