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ATTORNEY FEES | Lead lawyers decide who gets paid
Rejecting an appeal brought by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3d U.S. Circuit Court of Appeals has ruled that the lawyers who were named to lead the case have the power to say who gets paid.Merrill to Pay $100M to Settle Analyst Investigation
Merrill Lynch & Co. and New York Attorney General Eliot L. Spitzer buried the hatchet Tuesday as the brokerage firm agreed to pay a $100 million fine to settle allegations it misled investors with stock market research. The company, although admitting no wrongdoing, issued a public apology for the conduct of its Internet stock analysts and agreed to implement several new business practices.Justices Hand Wal-Mart Big Win in Class Action Battle
In a 5-4 ruling, the U.S. Supreme Court handed a significant victory to Wal-Mart in the company's decade-long effort to thwart a discrimination class action suit. The ruling is likely to hobble other large employment class actions.The chief judge of the U.S. Court of Appeals for the Ninth Circuit handed plaintiffs securities lawyers a partial victory Wednesday, while one of his protégés handed them a flat-out defeat.
Dealing a blow to Amgen and its lawyers at Mayer Brown, the appellate court reinstated a consolidated class action filed on behalf of Amgen employees whose retirement plans lost value following the disclosure that the company promoted two anemia drugs for off-label uses.
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