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Broadcom Settles Stock Options Backdating Claims for $118 Million

The National Law Journal

Broadcom Corp. has agreed to pay $118 million to settle allegations of stock options backdating, in the second-largest such deal in a derivative action to date, according to plaintiffs counsel. The proposed deal involves several current and former officers and directors of Broadcom, including former general counsel David Dull. The defendants have denied wrongdoing under the proposed settlement, which, if approved, would stay shareholder claims in a related class action against Broadcom.

Summer Slots Dry Up, but Firms Still Uncertain How Deep Cuts Will Go

New York Law Journal

With their on-campus interviews largely wrapped up, law firms are sorting through resumes to choose the select few who will get offers to fill the diminishing number of summer associate slots. Exactly how reduced firm hiring will be is unclear. Students are largely realistic about the job market. Lawyers and students report that questions during on-campus interviews have focused much less on the perks of summer programs. In the words of one partner conducting interviews, "There's not a cocky one in the bunch."

Chevron Accuses Ecuadorian Judge of Taking Bribes in Mammoth Tort Case

The American Lawyer

The decades-long legal battle between Chevron and Ecuador took yet another dramatic turn on Monday when the company announced that it has videotapes revealing a $3 million bribery scheme implicating the judge overseeing a multibillion-dollar civil suit filed against the company by indigenous residents of the country's Amazon Basin. The company posted two hours worth of videotaped conversations on a Web site dedicated to telling Chevron's side of the story in the case, along with a letter to Ecuador's prosecutor general.

Federal Judge Agrees AIG Failed to Prove Breach of Trust by Greenberg

New York Lawyer

A federal judge has agreed with a jury's advisory verdict that a private investment firm headed by former American International Group Chairman and CEO Maurice "Hank" Greenberg did not commit a breach of trust against the insurance giant. Southern District of New York Judge Jed S. Rakoff said an alleged oral contract by Starr International Co. Inc. to hold in trust AIG stock for AIG's benefit was unenforceable. "'Put it in writing' is the law's way of saying 'get serious,'" Rakoff wrote.

Intellectual Ventures Takes Indirect Route to Court

The Recorder

Patent-hoarding giant Intellectual Ventures has long beat the drum that it doesn't file lawsuits. But now the company has started selling some of its 27,000 patents to people who aren't afraid to sue -- and in some cases IV will get a share of the prize. In this new phase for Intellectual Ventures, litigation is much more likely. It's a scary scenario for tech companies that may end up in the legal crosshairs, but industry observers say it was only a matter of time.

3rd Circuit Explains Why It Sacked Delaware Sports Lottery

The Legal Intelligencer

In the closely watched court battle over Delaware's scotched plan to launch a sports betting lottery, the 3rd U.S. Circuit Court of Appeals on Monday handed down an opinion that explains why the judges permanently blocked the lottery last week in a ruling from the bench. In its decision, the unanimous three-judge panel sided with all the major sports leagues and declared that the proposed expansion of Delaware's gaming would violate the federal Professional and Amateur Sports Protection Act.

Opinion Letters Become Flash Point for Privilege Dispute

The Recorder

In oral arguments on Wednesday, the California Supreme Court will be asked to decide whether factual information -- such as witness statements and fact summaries -- is as privileged in opinion letters as the legal advice being given. Specifically, the court will be asked to decide whether trial court judges may conduct in camera reviews of opinion letters and then share redacted versions of them with the opposing party.

Dewey, Paul Hastings Lead Multibillion-Dollar Disney-Marvel Deal

The American Lawyer

Dewey & LeBoeuf and Paul Hastings have landed leading roles on Walt Disney's $4 billion cash and stock acquisition of Marvel Entertainment, a deal that gives Disney the rights to more than 5,000 Marvel characters, including Iron Man and the Incredible Hulk. Dewey's representation of Disney, a longtime client of M&A Chairman Morton Pierce, reaffirms the firm's role as the Mouse's go-to outside counsel. The deal also cements the role of Paul Hastings as Marvel's counsel.

9th Circuit Sides With Paris Hilton in Trademark Fight Over 'That's Hot'

The Associated Press

The 9th Circuit has ruled that Paris Hilton can continue pursuing a lawsuit against Hallmark Cards over the use of her picture and catchphrase "That's hot" on a greeting card. Hilton sued the company in 2007 after it began selling, without her permission, birthday cards of a cartoon of a waitress serving food to a patron. A photo of Hilton's face was pasted on the cartoon's body. Hilton alleges that the card ripped off her appearance as a waitress in an episode of her reality TV show "The Simple Life."

DaimlerChrysler Wins on Human Rights Appeal

The Recorder

The 9th Circuit has upheld a lower court decision in favor of DaimlerChrysler AG in a lawsuit that alleged a subsidiary of the corporation committed human rights violations in Argentina in the 1970s and '80s. The district court lacked personal jurisdiction over Germany-based DaimlerChrysler AG, according to the opinion, because the parent corporation does not have "pervasive and continual control" over subsidiary Mercedes Benz USA. The circuit court noted that the appellants could file claims in Germany and Argentina.

Prosecutor in Taping Probe Pops Up in Washington

Daily Business Review

Where in the world is federal prosecutor Sean Cronin? The Miami U.S. Attorney's Office has been ordered to pay $600,000 in legal fees and costs as punishment for misbehavior in a prescription drug case led by Cronin that disintegrated. The Justice Department and the U.S. Attorney's Office won't confirm or deny Cronin's current assignment. Neither will his attorney. Cronin's office voicemail says he will be away until February. But the Daily Business Review found him.

Class Action Settlement Sparks Fight Over Legal Fees

Texas Lawyer

The class action suit against Pedernales Electric Cooperative is over, but a fee fight rages on. On one side are two lawyers who represented class members and received a portion of $4 million in attorney fees. On the other side is an attorney who claims he didn't get the $200,000 in fees he was promised. Attorney Christopher Bandas is suing class counsel Bill Ikard, Ikard Wynne, Baker & McKenzie and Baker & McKenzie principal Kerry Blair, but class counsel say Bandas filed his suit in the wrong court.

Fish & Richardson to Close Texas Office, Shed Corporate Lawyers

The National Law Journal

IP firm Fish & Richardson will jettison almost 40 additional lawyers by the end of this year by shutting its Austin, Texas, office and cutting corporate transactional lawyers firmwide even as it collects more lucrative patent litigation work than its peers. Fish & Richardson started slashing it head count last November, only a month after opening its 11th office in Houston.

In $2.9 Million 'Blast Fax' Settlement, Plaintiffs Get Coupons and Lawyers Get Cash

Fulton County Daily Report

Business service and supply giant Pitney Bowes has agreed to settle a "blast fax" class action by giving $26 coupons to plaintiffs for each week they received an unwanted fax -- and $950,000 to the lawyers for the class. Under the terms of the $2.9 million settlement, Pitney Bowes admitted to no wrongdoing. The plaintiffs alleged violations of the Telephone Consumer Protection Act, under which a fax advertisement may be sent only with the recipient's permission or if there's an existing business relationship.

Kasowitz Loses Summary Judgment Motion Against Banks in $3 Billion Las Vegas Resort Case

The American Lawyer

Kasowitz, Benson, Torres & Friedman has been doing its part to keep defense lawyers employed. The firm filed a $3 billion suit against a slew of banks, claiming they reneged on loan agreements to fund a revolving credit facility for multibillion-dollar Las Vegas casino Fontainebleau. But a Miami federal judge last week denied Fontainebleau's motion for partial summary judgment, as well as its motion for an order requiring the banks to immediately provide $656 million in funding to finish the project.

Cooley Brings On IP Trio From White & Case

The Recorder

After losing several key partners recently, Cooley is picking up IP litigators Heidi Keefe, Mark Weinstein and Mark Lambert from White & Case. The three, who represent clients like Facebook, Cisco Systems and HTC in patent cases, said Cooley was appealing because of its local connections with tech companies. "There are practices that benefit from the global platform; for others, it is more important to have a strong local practice, and IP litigation is more in that category," said Weinstein.

Three New Web Sites Target Legal Pros

Law Technology News

Attorney Robert J. Ambrogi reviews three noteworthy new Web sites that target legal professionals. The first is a networking site for lawyers and other professionals. The second helps manage legal transactions. The third is an information hub for corporate legal resources. Take a look.

Visit Legal Technology

Options Exchanges Help to Generate Legal Work

The Recorder

Some big-firm lawyers are busier than others nowadays, but it's not just the bankruptcy groups getting work. Options exchanges have been a boon to benefits and executive compensation lawyers, filling a void in their workload left by the M&A lull. Baker & McKenzie's Valerie Diamond, for instance, says options exchanges -- in which companies turn underwater options into better-priced options, restricted stock or cash for the benefit of shareholders or employees -- are now taking up 70 percent of her time.

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