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March 03, 2004 |

Deja Vu on M&A

If you went to sleep in 2000 and woke up today, you'd find virtually the same frenzied mergers and acquisition market of four years ago. "Your initial reaction might be that very little has changed in the M&A world," said Richard Climan, who heads Palo Alto, Calif.-based Cooley Godward's M&A practice. But closer inspection reveals that current deals are more complex and cash-heavy, while buyers are more cautious.
3 minute read
February 08, 2001 |

Bond Traders' Legal Malpractice Suit Barred

Bond traders may not pursue a legal malpractice suit against attorneys whose representation of a bond issuer's trustees allegedly resulted in the depreciation of corporate assets, a New York state appeals panel ruled in a case of first impression. The panel also said that the trustees of the issuer's collateral could not be sued by the traders.
3 minute read
January 30, 2007 |

GC Stands at Capitalism's Crossroads

Since November 2006, Rachel F. Robbins has been the GC and executive VP of the NYSE Group, the latest incarnation of the New York Stock Exchange. The exchange became a for-profit, publicly held corporation last March, and the pace of change has been swift: The legal department and the rest of the NYSE are in flux while they adapt to the new status. At the top of Robbins' agenda now is NYSE Group's pending acquisition of Euronext N.V., the largest European stock exchange, for some $10 billion.
5 minute read
February 23, 2004 |

Judge Could Drop Securities Fraud Charge Against Stewart

At the close of the prosecution's case against Martha Stewart, the judge expressed doubt that prosecutors produced enough evidence that Stewart intended to commit securities fraud by lying to investors in her own company about her role in the ImClone Systems Inc. insider trading scandal. The prosecutor was grilled about what evidence supported the claim that Stewart sought to defraud by issuing public statements protesting her innocence.
5 minute read
August 30, 2001 |

Wyly Fails in Proxy Bid for Computer Associates

Shareholders of Computer Associates International Inc. voted overwhelmingly on Wednesday to retain the company's board and reject a proposed replacement board fronted by Texas software mogul Sam Wyly. After conceding defeat, Wyly told reporters he never expected to win but waged the war to spur the company to reform. "We entered [the proxy fight] because of growth and governance," he said.
3 minute read
February 06, 2001 |

Phillips-Tosco Deal to Win Antitrust OK

Phillips Petroleum's $7 billion acquisition of Tosco Corp. is expected to win antitrust approval, though legal experts said the oil companies are unlikely to meet their goal of closing the deal in the third quarter. The Federal Trade Commission's current investigation of Chevron's acquisition of Texaco and the expected departure of FTC Chairman Robert Pitofsky will likely complicate the review process.
4 minute read
November 14, 2007 |

Sallie Mae Litigation Raises Issue of Deal 'Adverse Effect'

With credit tightening, some dealmakers are looking for ways to walk away from deals that suddenly look shaky. One legal weapon that attorneys for purchasers and financial backers are brandishing is the "material adverse effects" contract clause, routine provisions that permit termination of a transaction where business conditions have deteriorated for a target company. Litigation over a $26 billion buyout of Sallie Mae is one of the few cases in which this murky area of the law has been analyzed.
7 minute read
November 18, 2004 |

Kmart-Sears to Face FTC's Glare

Two prominent U.S. senators demanded Wednesday that the FTC scrutinize Kmart Holding Corp.'s $11 billion acquisition of Sears, Roebuck and Co., which would create the country's third-largest retailer. Antitrust experts predicted the FTC would thoroughly investigate the deal, but they said the transaction should eventually pass muster. However, several lawyers cautioned that business has been caught by surprise before on retail mergers.
4 minute read
October 29, 2003 |

Malpractice Claim Against McDermott Goes Forward

A legal malpractice claim against Chicago-based McDermott, Will & Emery can proceed to trial based on an opinion letter the firm provided to the plaintiff, an investor in one of the firm's clients. Manhattan Supreme Court Justice Sheila Abdus-Salaam wrote that courts had "clearly recognized ... that under certain circumstances, an attorney can be liable to third parties, not in privity, for harm caused by professional negligence."
3 minute read
November 30, 2004 |

Companies Under Fire Often Decide to Settle to End Problems Quickly

Insurance broker Marsh & McLennan seems intent on settling New York Attorney General Eliot Spitzer's allegations of bid-rigging. The desire to settle quickly illustrates a familiar pattern in the AG's attacks on alleged corporate misbehavior -- none of the accused companies has taken the battle to the courtroom. Attorneys say executives and their lawyers believe that a quick settlement will put them back on the road to prosperity faster than a long well-publicized court battle.
5 minute read

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