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Federal Judge Seeks Further Briefing in Bank of America Bonus Case

New York Law Journal

New York federal Judge Jed S. Rakoff took strong exception Monday to a proposed settlement in which Bank of America would pay a $33 million fine to the Securities and Exchange Commission for not disclosing that Merrill Lynch was authorized to pay more than $5 billion in discretionary bonuses before the two entities merged in 2008. During a hearing in a packed courtroom, Rakoff told attorneys for the SEC and Bank of America that he had "serious misgivings" about a settlement that "lacked in transparency."

Heller Profits That Weren't, and Checks That Were in the Mail

The Recorder

Some pretty shady stuff was going on at Heller last year, if a new report in the bankruptcy court is to be believed. In early 2008, someone at Heller Ehrman instructed its accounting department to distribute $9 million in profits it did not have, and then cover it up, an interim status report alleges. The information is the result of investigations by a creditors committee. The report indicates it believes Heller's management was making these "very troubling business decisions" to boost its 2007 numbers.

Federal Judge Puts Chinese Drywall Cases on 'Rocket Docket'

Daily Business Review

With thousands of homeowners claiming their houses and health are deteriorating from sulfur-emitting Chinese drywall, a federal judge in New Orleans is intent on fast-tracking a handful of cases for trial, attorneys say. The first of these bellwether lawsuits could be tried by the end of the year, a timetable that encourages homeowners to think settlement. About 600 tainted Chinese drywall lawsuits have been consolidated in multidistrict litigation under U.S. District Judge Eldon E. Fallon for pretrial issues.

'Bilski' Amicus Briefs Already Piling Up at the Supreme Court

The American Lawyer

Newly sworn-in Supreme Court Justice Sonia Sotomayor already has plenty of reading ahead of her: Dennis Crouch at the Patently-O blog has posted 43 amicus briefs filed so far in advance of next term's oral arguments in Bilski v. Doll -- the case that will determine the standard for "business method" patents. The firms representing amicus filers represent a wide swath of the Am Law 200. Beyond ideology, there's a good reason for all the amicus filings: They're smart business.

No Bail for Web Talk Show Host Who Said Judges Deserve to Die

The National Law Journal

Calling Hal Turner "a danger to the community," a federal judge has denied bail to the Web talk show host who has been charged with threatening three judges on the 7th Circuit. Turner has been in custody in Chicago since he was moved there from New Jersey, where he was arrested by the FBI on June 24 for writing that the judges should be killed for upholding a Chicago ban on handguns. Turner's attorney has filed a motion to dismiss the charges, saying they violate Turner's First Amendment rights.

Paul Hastings Swipes Skadden Star

The Recorder

Paul, Hastings, Janofsky & Walker poached a star patent litigator from Skadden on Monday. Jeffrey Randall, best known for his representation of eBay in its patent dispute with MercExchange, will co-chair Paul Hastings' global IP practice. Patent litigators Allan Soobert and Jeffrey Pade are also joining Paul Hastings from Skadden. Randall declined to comment on his compensation or how many clients would follow him to his new firm, but he hinted that more lawyers might be on their way over.

Expletive-Rich Tirade Ends in Suspension for Judge

The National Law Journal

Nebraska's high court ruled Friday that a county judge violated disciplinary rules when he left a vulgar message on a prosecutor's voice mail expressing anger over the prosecutor's rescheduling of a matter before him. The judge's message, in part: "I did not appreciate that one fucking bit. And if I find out you ever did that again to me or any other members of the county court bench, I'll shove it up your ass so fucking far it will make your throat hurt." The justices ordered a 120-day suspension without pay.

Judge Limits Reliance Theory in BDO Seidman Securities Case

The Legal Intelligencer

A federal judge has denied a motion for class status by investors suing BDO Seidman for fraud, based on a fraud-created-the-market theory of reliance, regarding their purchase of American Business Financial Services securities. The judge said that the theory requires not just a lower-than-expected return but that the whole operation be a sham. An attorney for BDO Seidman says the decision shows that the fraud-created-the-market theory has very limited applicability in Rule 10b-5 securities cases.

The Sun-Kissed Litigation Look: A Tale of Two Tanning Cases

The American Lawyer

With the sunny days of August come developments in cases involving sunscreens and tanning beds. Last week a federal judge denied a preliminary injunction to Schering-Plough, the maker of Coppertone Sport, which sought to block Neutrogena's claims that its new Ultimate Sport line of sunscreens provided better protection against UVA and UVB rays than other sport lines. Hollywood Tans also won a victory when the 3rd Circuit overturned a lower court's decision to certify a consumer fraud class action against the company.

JPMorgan Stirs the Pot in Billion-Dollar WaMu Litigation

The American Lawyer

With $10 billion and its honor at stake, it's no wonder JPMorgan Chase is scratching and clawing in the litigation over its fire-sale acquisition of Washington Mutual last fall. But a filing last week in Delaware federal bankruptcy court, in which JPMorgan seeks to compel members of an unofficial group of noteholders to identify themselves, has puzzled others involved in the litigation.

Baseball Card Contract Raises Antitrust Concerns

The American Lawyer

Topps announced last week it has signed an exclusive deal with Major League Baseball to become the only retailer allowed to use MLB and team logos on its baseball cards. The deal -- potentially devastating for Topps' main competitor Upper Deck -- is reminiscent of a high-profile lawsuit involving a hat manufacturer that sued the NFL for granting a competitor the sole right to make NFL hats, arguing that the agreement violated antitrust laws. Will Upper Deck bring a similar suit against MLB?

Attorney to Plead Not Guilty to Grand Larceny Charges

New York Law Journal

The investigation into a $50 million mortgage fraud scam involving three lawyers, a Manhattan dominatrix club, and dozens of Long Island properties is expected to grow larger today with additional charges and additional defendants, a spokesman for Suffolk County District Attorney Thomas J. Spota said. In an interview, solo practitioner George O. Guldi said he would plead not guilty to grand larceny charges at his arraignment today.

Disbarred Lawyer Charged Over Forged Document

New York Law Journal

A disbarred New York attorney who allegedly told a client that a judge had signed off on a $24,000 settlement has been charged with possessing a forged document, prosecutors announced Friday. In 2006, attorney Bryan Holzberg allegedly gave a client a document indicating his business dispute had settled. The document was purportedly signed by a New York judge, but prosecutors say no such case was assigned to the judge and he never signed any order.

Supreme Court Argument Cycle Dominated by Veterans

The National Law Journal

In a remarkable feat, by the end of April arguments in the 2008-09 term, two veteran U.S. Supreme Court advocates each had argued six cases, and attorneys from just three firms and one law school clinic stood at the podium in nearly 35 percent of the term's 78 argued cases. The term was a testament to the growing size and influence of the private Supreme Court bar, and its two titans were Sidley Austin's Carter Phillips and Gibson, Dunn & Crutcher's Theodore Olson.

Early Global 100 Rankings Show Clifford Chance Losing Its Top Berth

The American Lawyer

The numbers are in from the U.K. firms, and The American Lawyer's Global 100 is slowly taking shape. After eight years, Clifford Chance has been knocked from its No. 1 spot as the world's largest law firm, ranked by gross revenue, and replaced by another British firm, Linklaters. Freshfields Bruckhaus Deringer billed enough in the 2008-09 fiscal year to claim second place. Clifford Chance now sits in third place.

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Getting Electronics Into the Courtroom

The National Law Journal

The best way to meet the problem of electronic devices like BlackBerrys in court, according to attorney Katherine A. Helm, is one a few courts have adopted: Allow preauthorized counsel to bring in devices and make all other attendees (jurors, witnesses) check them in the lobby.

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DOJ Looks for 'Rock Star' to Run Top-Priority Fraud Cases

The National Law Journal

The U.S. Department of Justice is looking for what Assistant Attorney General Lanny Breuer calls "a superstar" to lead the fraud section. With additional resources and the strong backing of Justice higher-ups for more fraud prosecution, the new chief should become the bane of defense lawyers' existence nationwide. This "rock star" who will bring "cases of extraordinary importance" -- Breuer's words again -- will also play a "key role" in developing Justice policy and fraud enforcement initiatives.

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