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Spin or Win for Investment Industry in High Court Mutual Funds Case?

The National Law Journal

The investment industry declared victory Tuesday as the Supreme Court ruled in a closely watched case that investor advocates had hoped would make it easier to challenge high fees charged by advisers in the $9 trillion mutual fund business. But industry critics also claimed a win, saying the decision allows plaintiffs to use the kinds of fee comparisons that could help them prove the fees are excessive. The disagreement over the meaning of the ruling likely foreshadows another wave of litigation over adviser fees.

Falling Figures Permeate Annual Corporate Scorecard

The American Lawyer

The American Lawyer's Corporate Scorecard ranks firms according to the amount of transactional work they handled in nine key areas -- although in 2009's sluggish economy, the real story was how little work firms did. M&A work was off 34 percent from an already difficult 2008, and the volume of asset-backed securities work fell by 88 percent. The exception was bankruptcy: Forty-two firms with assets of $1 billion or more filed for Chapter 11 protection in 2009.

Judge Approves Zero-Dollar Settlement of Class Action Over Merck Merger

New Jersey Law Journal

A class action suit over the merger of drug giants Merck and Schering-Plough has ended in a settlement that pays nothing to the class but $3.5 million in fees to class counsel. A federal judge approved it nevertheless, finding counsel provided a substantial benefit to the class because the suit, alleging "material deficiencies" in the proxy statement sent to shareholders before the merger vote, triggered the disclosure of additional information.

Justices Limit Qui Tam Cases but New Health Care Law Does Opposite

The National Law Journal

The new landmark health care reform law made its first appearance in a Supreme Court decision Tuesday involving whistleblower claims under the federal False Claims Act. The Court ruled 7-2 that whistleblowers whose allegations are based on publicly disclosed information in state or local reports and investigations are barred from filing so-called qui tam lawsuits. But the Patient Protection and Affordable Care Act limits the public disclosure bar to federal sources of information.

Supreme Court Argument Report: The Justices Add It All Up

Law.com

During a Supreme Court argument hour swimming with numbers and studded with a few humorous moments, the high court justices on Tuesday wrestled with the standard for calculating good-time credits for federal prison sentences. While the government contends that a "term of imprisonment" under the federal good-time credit statute refers to time actually served, the petitioning federal prisoners argue that they should be eligible for good-time credit based on their entire sentences as imposed.

Former Arnold & Porter Partner Gets Probation in Tax Shelter Fraud Case

New York Law Journal

Former Arnold & Porter tax partner Peter Cinquegrani was sentenced Tuesday to three years probation for marketing fraudulent tax shelters for Ernst & Young clients. Cinquegrani was emotional as he addressed the court. "I think my desire to be a big shot, feel that I was part of the in crowd in the tax community, overrode my conscience," he said.

Trump Narrowly Avoids Sanctions in Railyards Case

New York Law Journal

Donald Trump dodged sanctions by a New York judge who on Monday dismissed the mogul's fiduciary fraud claims against the buyers of part of a 77-acre development in Manhattan. As for defendants' motion for sanctions, the judge found that Trump's service of multiple complaints was not undertaken "primarily" to delay or harass, adding: "Plaintiff has here narrowly avoided the imposition of costs or sanctions. Continued prosecution of claims without basis and attacks upon persons will place Plaintiff beyond this point."

Jailed Financier Stanford Wants New Attorney

The Associated Press

Attorneys representing jailed Texas financier R. Allen Stanford continue falling by the wayside as he awaits trial on charges he bilked investors out of $7 billion in a massive Ponzi scheme. In a motion filed Tuesday in federal court, Stanford is again asking for new attorneys, his fourth set of lawyers in less than a year. Kent Schaffer, who, along with George Secrest, currently represents Stanford, said they are more than happy to step aside, citing conflicts with Stanford over how to try the case.

D.A. to Probe Financial Claims About Lawyer Who Died in Apparent Suicide

New York Law Journal

Nassau County, N.Y., police are investigating what they call the apparent suicide of Jay Korn, a Hempstead, N.Y., attorney who fell to his death from his office building last week. Meanwhile, the district attorney's office is looking into several people's reports that they lost "millions" of dollars invested with Korn. A spokesman for Nassau police said a preliminary investigation showed that Korn, a partner in Korn & Spirin, "appears to have committed suicide."

Novell Wins 7-Year Open-Source Suit

The Recorder

Novell won a software copyright trial against SCO Group on Tuesday, ending a seven-year war that ignited the religious passions of open-source programmers. Represented by Morrison & Foerster and Workman Nydegger, Novell persuaded a Utah federal jury that Novell -- and not SCO -- owns the rights to the Unix operating system. "It was really the first suit, and I think to date one of the only suits, about an open source being infringing," said Heather Meeker, an open-source expert at Greenberg Traurig.

1,400 Narcotics Cases to Be Re-Evaluated due to San Francisco Crime Lab Scandal

The Recorder

The San Francisco district attorney's office is combing through the files of all of its 1,400 open narcotics cases to determine what can be saved and what needs to be dumped in the wake of an expanding scandal emanating from the police crime lab, a spokesman for the office said Monday. Prosecutors have already dropped more than 350 narcotics cases amid allegations that a former technician had stolen and used cocaine from evidence samples she tested. Police are now investigating additional crime lab employees.

Ga. Lawmaker Wants to Impeach AG for Not Suing Feds Over Health Care

The Associated Press

A Georgia legislator wants to begin the impeachment process against his state attorney general for refusing to sue the federal government over health care reform. Republican state Rep. Mark Hatfield filed a bill Tuesday against Democratic Attorney General Thurbert Baker. Georgia's Republican-led House would have to approve the resolution by a simple majority. The state Senate would then hold a trial; two-thirds must vote for impeachment.

FTC's 'Pay for Delay' Case Against Cephalon Moves Forward

The National Law Journal

The Federal Trade Commission's crusade against "pay for delay" patent settlements between brand-name and generic drug makers got a boost Monday when a district court judge refused to dismiss a 2008 antitrust suit against Cephalon Inc. The case, now consolidated in U.S. District Court for the Eastern District of Pennsylvania, involves reverse payment settlements over the drug Provigil. The medicine, used to treat excessive sleepiness in people with sleep disorders, had sales of more than $920 million in 2008.

9th Circuit Orders New Trial for Fired Workers

The Recorder

The 9th Circuit ordered a new trial Monday for 23 Latino and Southeast Asian women who say Nibco Inc., a piping system manufacturer, violated their civil rights by firing them after they failed to pass an English-language test of their job skills. The panel said the district court erroneously allowed attorneys for Nibco to use peremptory challenges to boot three Hispanic jurors. Shortly after the initial lawsuit was filed, Nibco sold the plant to new owners, who rehired about two-thirds of the plaintiffs.

Prosecutors, Defense Snipe Over Speedy Trial Clock in FCPA Case

The National Law Journal

DOJ prosecutors are fighting back against the demands of some criminal defense lawyers that the government not be allowed to control the pace of the department's most ambitious Foreign Corrupt Practices Act case, unfolding in federal district court in Washington, D.C. In the largest-ever prosecution of individuals for FCPA crimes, 22 arms dealers have been charged with attempting to bribe a fictitious foreign official in order to secure a cut of a $15 million contract.

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'Hot News' Tort Swats Flyonthewall.com

New York Law Journal

The "hot news" tort was successfully applied to content aggregator Flyonthewall.com under the New York common law of misappropriation, acknowledged attorney Stephen M. Kramarsky, but the tort is out of sync with intellectual property law and the flow of information on the internet.

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