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Mayer Brown Partner Charged With Securities Fraud in Connection With Refco Deal
A Mayer Brown partner was indicted Tuesday on charges he helped Refco Inc. conceal from investors that a company owned by former CEO Phillip R. Bennett owed Refco hundreds of millions of dollars. Joseph P. Collins, head of the law firm’s derivatives group, was charged in the Southern District of New York with securities fraud and a host of other counts in connection with the 2004 sale of a majority stake in the financial services company and a 2005 initial public offering.
Supreme Court asked to hear Zoloft case (AP)
AP - Attorneys have asked the U.S. Supreme Court to hear the case of a teen sentenced to 30 years in prison for killing his grandparents when he was 12, arguing that the sentence is cruel.
Oracle’s Takeover Bid Adds New Wrinkle to BEA Suit
A derivative suit on behalf of BEA Systems claims the company’s directors and managers enriched themselves through the practice of backdating, and should pay damages. Their actions, plaintiffs say, cost the company money, as did the financial restatement that backdating triggered. With an amended complaint, plaintiffs lawyers add a new wrinkle: When directors rejected Oracle’s $6.7 billion takeover bid, they couldn’t have properly weighed the offer, because backdating had clouded the true value of BEA.
Latham Ramps Up Parental Benefits; Will Other Firms Follow?
Latham & Watkins has announced a new parental leave policy for associates that significantly ups the amount of time biological and adoptive parents can take leave while getting their full base salary. Observers say that, much like associate salaries, Latham’s move — and some by other firms — could have ripple effects. “Any time a market leader makes a move that can be interpreted as a recruiting tool, other firms in the space will take a long, hard look,” said a recruiter for Major, Lindsey & Africa.
House Judiciary Committee OKs Bill to Raise Federal Judges’ Pay
The House Judiciary Committee on Wednesday approved a bill that would give federal judges their first pay raise in two decades, pushing them to the fore of federal earners. The bill would also increase the workload for senior judges, raise the retirement age for full pension and discourage retired judges from taking work in the private sector. The bill’s backers were keen to point out that federal district judges, at $165,200 a year, are often paid less than first-year associates at prestigious firms.
Court Supervision of Attorney Ordered due to Lack of Civility
A New York judge has ordered court supervision of a lawyer for “objectionable conduct” toward a female opposing counsel who he said had a “cute little thing going on” during a deposition. According to transcripts of the deposition, Thomas Decea of Danzig Fishman & Decea also called Michelle Rice of Arkin Kaplan & Rice “hon” and “girl” and asked her why she was not wearing a wedding ring. The judge said Decea’s behavior reflected gender bias as well as “a lack of civility, good manners and common courtesy.”
Large Firms’ Billing Rates Continue to Climb
Despite clients’ grousing over fees, about three-fourths of the firms that took part in an annual survey charged more this year than in 2006. The figure represents firms that increased the high end of the billing range charged by partners and associates. This year’s percentage of firms increasing their high rates fell shy of last’s year’s 79.3 percent. But the 2007 uptick, in addition to first-year associate raises to $160,000 at elite firms, did not sit well with many clients.
Judges given leeway in crack sentencing (AP)
AP - The Supreme Court, weighing in on an issue with racial undertones, ruled Monday that federal judges have broad leeway to impose shorter prison terms for crack cocaine in a case that bolsters the argument for reducing the difference in sentences for crack and powder cocaine.
US Supreme Court allows judges more sentencing flexibility (AFP)
AFP - The US Supreme Court ruled Monday judges had greater leeway in handing down sentences, allowing courts to address the disparity in punishments for crack and powder cocaine trafficking.
Judges given leeway in crack sentencing (AP)
AP - The Supreme Court on Monday said judges may impose shorter prison terms for crack cocaine crimes, enhancing judicial discretion to reduce the disparity between sentences for crack and cocaine powder.