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October 02, 2007 |

M&A Lawyers Disagree on Effects of Current Credit Crunch

Mergers and acquisitions practices are flying in the face of a credit crunch, but not all corporate attorneys agree as to why or for how long. The downturn in the economy has undoubtedly had an effect on the M&A market, attorneys agree, but there's disagreement on the part that strategic buyers will play. Some believe that strategic buyers will help maintain the market by stepping in where private equity firms have dropped out, but others believe that strategic buyers are using a wait and see attitude.
6 minute read
October 02, 2007 |

Pact Reduced Lawsuits Over Exiting Brokers, But Will Reduction Last?

A three-year-old pact among brokerage houses that outlines what customer information brokers can take when moving from to another employer has cut employment litigation among brokerage shops. One attorney says that the pact has helped litigation among member firms dwindle from hundreds of cases a year to a handful. But some say the rules are too general, and there are signs of a possible resurgence in litigation, including lawsuits that have been brought against brokers by Smith Barney and A.G. Edwards.
3 minute read
March 30, 2007 |

Apollo Sues EGL, Claiming Auction Was Rigged

Private equity firm Apollo Management has raised its offer for global logistics company EGL and in an unusual twist, filed a suit Tuesday against the target and its directors, claiming the bidding process was rigged. EGL agreed March 18 to go private in a deal led by its chairman and CEO James Crane and private equity firms Centerbridge Partners and Woodbridge Co. In a complaint filed in state court in Houston, Apollo alleges that EGL and Crane unfairly tipped the bidding process in Crane's favor.
4 minute read
April 25, 2006 |

Kaye Scholer Faces Malpractice Claim From Ex-Computer Associates Worker

A former employee of scandal-plagued software giant Computer Associates who claims she was fired for cooperating with an internal investigation may sue the law firm hired by the company to represent her for legal malpractice based on the alleged conflicts of interest, a New York judge has ruled. Irene Salvatore claimed that Manhattan firm Kaye Scholer failed to advise her of options besides cooperating with the inquiry into alleged accounting fraud or that her cooperation might affect her employment.
4 minute read
June 03, 2005 |

Executive Compensation, Disclosure and Board Oversight

Recent SEC settlements with General Electric and Tyson Foods and the recent Delaware lawsuit involving Abercrombie & Fitch have drawn public attention to the details of executive compensation and the quality and significance of company disclosure. Attorneys David A. Katz and Laura A. McIntosh highlight some of the lessons to be learned from recent examples and offer suggestions to directors for best practices going forward.
13 minute read
October 12, 2000 |

Citigroup Agrees to Pay $32.4 Million in Travelers' Shareholder Dispute

Citigroup agreed to pay $32.4 million to settle shareholder lawsuits filed in Delaware Chancery Court over its $2.4 billion buyout of Travelers Property Casualty, with up to $4.4 million slated for attorneys' fees. Shareholders of Travelers filed 13 complaints seeking class action status, arguing they were being shortchanged in the deal.
2 minute read
August 23, 2001 |

CenturyTel Allegations Widen Rift With Alltel

CenturyTel Inc. accused Alltel Corp. executives of deceiving its shareholders, making a friendly merger between the two rural telephone providers an increasingly dim possibility. The charges, contained in a CenturyTel lawsuit, add to the acrimony created by Little Rock, Ark.-based Alltel's unwanted bid. CenturyTel's CEO vowed that the company is prepared to use its many takeover defenses to deflect a hostile acquisition.
3 minute read
April 04, 2006 |

Alcatel and Lucent Clinch $13.4B Merger

French telecom equipment maker Alcatel SA agreed Sunday to buy U.S. rival Lucent Technologies Inc. for $13.4 billion in stock to increase its exposure to the American market. The merged company will have annual revenue of about $25 billion and expects to save about $1.7 billion annually after it fires about one-tenth of its work force, or 8,800 employees. The new company, which will remain based in Paris, will have a separate U.S. subsidiary to handle contracts with the U.S. government.
3 minute read
May 23, 2000 |

Wells Fargo Goes to the Mats

On the morning of April 4, Stanley Stroup got an urgent call telling him he'd be responsible for a multibillion-dollar bank merger. As executive vice president and general counsel of San Francisco's Wells Fargo & Company, Stroup was being asked to smooth the way for the marriage of his company to Salt Lake City's First Security Corporation. When he got the call to get a move on the legal work, the message was clear: Get the deal done quietly, and get it done fast.
4 minute read
May 16, 2007 |

N.Y. Court Kills Shareholder's Attempt to Sue Over Executive Pay

Federal Judge Arthur D. Spatt has dismissed a shareholder's lawsuit against three former North Fork Bancorporation executives over their $288 million compensation package. Plaintiff Carol Fisher alleged in her complaint that the defendants breached their fiduciary duties by disseminating proxy statements that misrepresented their executive compensation. Spatt said that Fisher's allegations were insufficient to present a claim for violation of the federal securities laws.
3 minute read

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