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The complaint is under seal, but in a statement, Picard's lawyers at Baker & Hostetler say Madoff couldn't have perpetrated his historic Ponzi scheme without the willful blindness of his primary bankers at JPMorgan, who allegedly ignored Madoff's suspicious behavior for decades.
With Cravath's reputation at stake, the $5.1 billion hostile takeover battle between Air Products and Airgas gets juicier by the day.
The court approved Selectica's creative defense, but is that a good thing?
On Wednesday the federal home loan banks--which bought their mortgage-backed certificates for $8.8 billion--filed what looks to be the biggest challenge yet to Bank of America's proposed $8.5 billion settlement with the trustee for holders of Countrywide residential mortgage-backed securities.
More details about a massive False Claims Act settlement that prosecutors reached with Bank of America earlier this month spilled into the public domain on Friday, when a federal judge in Brooklyn unsealed a whistleblower complaint against Countrywide Financial that sources confirm is related to the deal.
Bank of America's battle with the SEC may be dominating the headlines, but the bank's other Merrill Lynch merger litigation grinds on. On Monday, a Delaware judge refused to dismiss a shareholder derivative suit against BofA directors over the merger, possibly paving the way for a trial.
The litigation between the U.S. and the Swiss bank UBS is beginning to take on the feel of a high-stakes diplomatic summit. A hearing had been set for today in Miami federal court, where the Internal Revenue Service is trying to force UBS to reveal the names of wealthy Americans with offshore accounts suspected of cheating on their taxes. But on Monday, a federal judge gave the parties more time to negotiate.
Ruling Clears Way for Payment of Austrian Holocaust Claims
A divided 2nd Circuit has dismissed the last remaining class action for Holocaust-era claims against the Austrian government, setting the stage for the release of $210 million in compensation negotiated in the waning days of the Clinton administration. The majority ordered the dismissal under the political question doctrine of claims against governmental entities brought by a group of Austrian Jews whose property had been seized by the Nazis during World War II.End of the 'Same Desk Rule' for 401(k) Plan Distributions
The recently enacted Economic Growth and Tax Relief Reconciliation Act of 2001 provides that, beginning in 2002, a 401(k) plan may make distributions to employees who have a "severance from employment" as a result of being transferred to another entity in asset acquisitions or other transactions, regardless of whether the employee performs the same job for the acquiror.State AI Legislation Is on the Move in 2024
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