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Selections from National Law Journal Daily Headlines May 14, 2009

By David Badertscher, PLL

Source: NLJ.com, May 14, 2009.

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Stimulus bonds generate work for attorneys

"A new type of government bond designed to lift the economy is providing work for lawyers, particularly those who represent bond issuers and underwriters. Build America Bonds were created under the federal government's economic stimulus plan, which President Obama signed in into law in February under the American Recovery and Reinvestment Act of 2009. Only government agencies, such as local and state governments, public universities and public schools, are allowed to use the bonds, which are available for a limited period."

$39 million settlement in stock brokers' wages-and-hours action

"A federal judge in Los Angeles has approved a $39 million preliminary settlement to resolve the multidistrict litigation between Wachovia Corp. and more than 10,000 stock brokers who alleged that they were denied overtime pay and other wages. The May 11 order also approved a final settlement in which Prudential Financial Inc., whose retail brokerage division was sold to Wachovia in 2003, agreed to pay $11 million to former stock brokers."

IRS division initiates internship program for law students

"The Internal Revenue Services's employee plans division, which handles review of employee pension plans, is hiring two law student interns for the first time this summer and may expand the program if all goes well. The students, who will work in the agency's Washington office, will get exposure to the whole regulatory process, from the legislative start to implementation of regulations in the field, said Andrew Zuckerman, a lawyer and the director of employee plans' rulings and agreements in the IRS division"

OPINION

Prosecute pirates worldwide

"The pending trial in federal court of the surviving pirate involved in the dramatic hijacking of the Maersk Alabama will be the first piracy prosecution in the United States since the late 19th century. The rarity of such cases highlights the complete failure of international law as a response to piracy. International law allows any nation to capture and prosecute any pirates, whether they have attacked its ships or not. Indeed, it obligates all nations to actively fight piracy."

Full post as published by New York Supreme Court Criminal Term Library on May 14, 2009 (boomark / email).