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Corporate

  • November 8, 2010

    Steady Bankruptcy Stats Belie Growing Business Woes

    While the overall statistics on business bankruptcy filings during the 12-month period ending in September remained roughly comparable to those from the previous year, general business distress has grown in ways not captured by the statistics, which ignore out-of-court resolutions and other significant changes in the market, attorneys told Law360.

  • November 8, 2010

    No Direct Exchange Of Safety For Cost In BP Spill: Panel

    A federal inquiry into the Deepwater Horizon explosion that sent millions of barrels of oil spilling into the Gulf of Mexico has not yet revealed a specific instance of decision makers sacrificing safety for cost leading up to the disaster, according to the chief counsel for the National Oil Spill Commission.

  • November 8, 2010

    Ambac Declares Bankruptcy Without Prepack Deal

    Unable to raise additional capital, embattled bond insurer Ambac Financial Group Inc. filed for Chapter 11 protection Monday, a week after electing not to make a regularly scheduled interest payment on a debenture issue.

  • November 8, 2010

    Global Tech Ordered To Pay $626M In EchoStar Fight

    A federal judge has ordered Global Technologies Inc. to pay $626.2 million in damages for violating copyright law, finding the Korean company liable for trafficking technology aimed at circumventing Dish Network Corp.'s security system.

  • November 8, 2010

    Canadian Class Actions Create Headaches For US Attys

    As the class action gains popularity in Canada, parallel cases north and south of the border are becoming more and more common. But two different procedural tracks can create headaches for U.S. counsel — and put valuable information on the public record before defendants are ready.

  • November 8, 2010

    High Court Won't Hear Calif. Group's Health Law Fight

    The U.S. Supreme Court rejected on Monday the Pacific Justice Institute's petition to review President Barack Obama's health care reform law before a federal court of appeals has weighed in on the conservative legal defense group's constitutional challenge.

  • November 8, 2010

    Weil Gotshal Advises Lilly In $800M Avid Deal

    Eli Lilly & Co. said Monday it had agreed to buy privately held molecular imaging developer Avid Radiopharmaceuticals Inc. for $300 million up front and a possible $500 million milestone payment related to the study of Alzheimer's disease.

  • November 5, 2010

    BofA, Citi Facing More Than $375B In MBS Suits

    Bank of America Corp. revealed Friday that it's facing multiple lawsuits over misstatements or omissions the troubled bank allegedly made when issuing $375 billion in mortgage-backed securities, while fellow banking behemoth Citigroup Inc. said it's also facing at least five investor lawsuits over billions more of the securities.

  • November 5, 2010

    Judge Boots $350B Countrywide MBS Action For Now

    A federal judge has dismissed a putative securities class action accusing Bank of America Corp. unit Countrywide Financial Corp. of lying about its lending practices in connection with some $352 billion worth of mortgage-backed securities, but gave the plaintiffs a month to correct the issues.

  • November 5, 2010

    Log Cabin Republicans Take DADT Stay To High Court

    The Log Cabin Republicans on Friday asked the U.S. Supreme Court to overturn an appeals court's decision to keep the U.S. military's “don't ask, don't tell” policy in place while it reviews a ruling that struck down the policy as unconstitutional.

  • November 5, 2010

    Louis Berger To Pay $69M In False Claims Settlement

    The Louis Berger Group Inc. has agreed to pay a $50.6 million civil settlement, as well as $18.7 million in criminal penalties, to resolve an investigation into allegations the military contractor overbilled the government for work in Iraq and Afghanistan.

  • November 5, 2010

    Associates Warned To Temper Bonus Hopes For '10

    While most associates can still expect to collect a bonus this year, it would be wise to ground dreams of $40,000 windfalls in the reality that law firms are now more fiscally conservative and might pay only a small fraction of that amount, or in some cases nothing at all, according to experts.

  • November 5, 2010

    Transocean To Share Findings Of Gulf Spill Probe

    Transocean Ltd. is poised to release its preliminary findings on the fatal Deepwater Horizon explosion to the National Oil Spill Commission, the group tasked with determining the cause of the disaster and developing a strategy to prevent future offshore drilling spills.

  • November 5, 2010

    Italy Fines MasterCard, Banks Over Interchange Fees

    Italy's antitrust enforcer has fined MasterCard Inc. and eight banks, including Barclays Bank PLC and Deutsche Bank SpA, more than €6 million ($8.4 million) for allegedly using licensing agreements to keep interchange fees high in the country and passing those charges on to merchants.

  • November 4, 2010

    Court Orders Interior Dept. To Review Polar Bear Listing

    In a case that could have implications for the oil and gas industries, a federal judge has ordered the U.S. Department of the Interior to reconsider a 2008 decision by the Bush administration to list the polar bear as a threatened species instead of an endangered one.

  • November 4, 2010

    Oracle Ex-Pres. Says Bilked Software Worth Billions

    The former co-president of Oracle Corp. testified before a federal jury Thursday that the Silicon Valley giant would have sought billions of dollars in licensing fees from SAP AG had its rival asked to negotiate for, rather than illegally use, its lucrative business management software.

  • November 4, 2010

    Royal Dutch Shell, Others Settle FCPA Claims For $237M

    Royal Dutch Shell PLC and six other companies will pay a total of $236.5 million to resolve regulators' claims that they violated the Foreign Corrupt Practices Act by spending millions bribing foreign officials.

  • November 4, 2010

    Gulfstream Airlines Touches Down In Ch. 11

    Regional air carrier Gulfstream International Airlines Inc. sought Chapter 11 protection Thursday, saying the filing was geared toward restructuring debt and that passengers and flights would not be affected.

  • November 4, 2010

    DOJ Promises More Wiretaps In White Collar Cases

    The head of the U.S. Department of Justice's Criminal Division said Thursday that the department's use of wiretaps would “continue to go up dramatically” in all kinds of cases, including in the department's all-out assault on white collar crime in the wake of the financial crisis.

  • November 4, 2010

    SEC Proposes Anti-Fraud Rule For Swaps

    The U.S. Securities and Exchange Commission has released a proposed rule to combat fraud, manipulation and deception in securities-based swaps, part of the broader package of derivative reforms passed this year in the Dodd-Frank Wall Street Reform and Consumer Protection Act.