Baker & McKenzie to Pay $6 Million in Settlement Over Coudert Business
Baker & McKenzie has agreed to pay $6.65 million to compensate Coudert Brothers' bankruptcy estate for profits Baker earned from unfinished business that partners took with them when they left the defunct Coudert. Baker will forfeit most of its interest in an estimated $17 million in contingency fees for litigation that former Coudert partners were handling. The settlement follows a recent setback for retired Coudert partners who sued to have several firms held as Coudert successors responsible for paying their pensions.
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ABA Delegates to Weigh Judicial Finance Training, Same-Sex Marriage
Attorney Josh Markus will urge delegates at the ABA's annual meeting in San Francisco this week to officially encourage financial products and practices education and training for judges in the U.S. and abroad. The proposal is one of 35 resolutions up for debate, including a proposal that would urge state-level governments to eliminate all legal barriers to civil marriage between two persons of the same sex and oppose a federal constitutional amendment to define marriage as a union between a man and a woman.
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Financial Reform Keeps Law Firm Banking and Securities Practices Busy
Regulations for the recently enacted financial reform law are months away, but law firms with strong financial services practices are rolling out the welcome mat for client conferences and filling their calendars with client meetings. Clients' initial questions have largely focused on the so-called Volcker rule, which generally bans banking institutions from investing in private equity or hedge funds or engaging in proprietary trading, said Greg Lyons of Debevoise & Plimpton.
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Bus Cameras Show Fatal Injury From New Angle
While making a legal left turn, a veteran Connecticut Transit bus driver fatally struck a pedestrian crossing against the light. The incident turned into a $3.9 million settlement, thanks to an innovative use of technology that pieced together video from internal cameras on the bus.
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Former Jackson Walker Lawyer Snared in Federal Case Against Wyly Brothers
Texas billionaire brothers Sam and Charles Wyly, in denying Securities and Exchange Commission allegations that they hid $550 million in trading profits via a maze of offshore trusts and other entities, are pointing at the advice they received from lawyers and financial advisers, according to reports. So, who were the go-to lawyers for the Wylys? Chief among them was Michael French, whom the SEC has also charged with helping the brothers set up the offshore trusts through which they made the trades in question.
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Federal Lawsuits Seek $30 Million in Madoff Family Money
The court-appointed trustee seeking to recover billions of dollars lost by jailed financier Bernard Madoff has sued three entities to get back more than $30 million that he said the Madoff family had invested, mostly in oil and gas properties and tech companies. The lawsuits filed in U.S. Bankruptcy Court in Manhattan by Irving Picard are a follow-up to a lawsuit he filed in November seeking nearly $200 million from family members who he said lived lavishly while using the family finance business like a "piggy bank."
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Law Firm Partner Resigns Amid Financial Probe
Andrew Iyer, Ince & Co.'s global energy and offshore practice group head, has resigned from the law firm following a period of suspension for what the firm, in a statement, called "irregular financial behaviour." Ince described the matter as "an isolated" issue that does not involve any other partner or staff member. The firm confirmed that the authorities have been notified and that Iyer is cooperating with the investigation.
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Legal Scholarship Doesn't Always Fall on Deaf Ears, Conclude Law Professors
Two law professors who researched the salience of legal research have concluded that, contrary to conventional wisdom, judges increasingly are citing law review articles in their opinions. Analyzing more than 296,000 reported federal circuit opinions filed between 1950 and 2008, David Schwartz and Lee Petherbridge found increased citation to law review articles during the past 20 years. Widespread acceptance of the idea that legal scholarship is irrelevant inspired their empirical look at the data, Schwartz said.
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Insurer Ordered to Defend 'Sturgeon King' Against Odor Allegations
A federal court has turned up its nose at an insurance company's attempt to brand as "pollution" the smells wafting from New York's famed Barney Greengrass delicatessen. The judge ruled that the insurer must defend the eatery, known as "The Sturgeon King," against claims that odors, smoke and exhaust forced a co-op owner to sell his apartment. "[W]hile the quality of the plaintiff's restaurant smells may be in the nose of the beholder, defendant's 'pollution' argument ... is malodorous to the court," he wrote.
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Lawyer Suspended Following Tirade During Deposition
A Miami attorney's law license has been suspended for 60 days for disruptive and intimidating behavior in a deposition with DuPont attorneys in a Benlate damages case. The Florida Supreme Court also ordered a public reprimand, two years probation and mental health counseling for Robert Joseph Ratiner and required him to write letters of apology to people at the deposition. He must be videotaped or accompanied by co-counsel at future depositions.
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