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Ex-Broker Who Helped Dreier in Hedge Fund Scams Is Arrested

New York Law Journal

Broker Kosta Kovachev, who allegedly helped disgraced attorney Marc Dreier market millions of dollars in bogus promissory notes to hedge funds, was arrested Monday night. There may be more charges to come as the criminal complaint unsealed Tuesday says Kovachev joined the conspiracy with Dreier and "others known and unknown." On Tuesday, Dreier was suspended from the practice of law, effective immediately, "on the basis of uncontroverted evidence of serious professional misconduct."

2008 Deal Numbers at Record Lows and Falling

The American Lawyer

Thomson Reuters reported Tuesday that global deal volume dropped by a full one-third in 2008 -- to $2.89 trillion, the lowest annual number since 2005 -- and looks to keep falling next year. Fourth-quarter numbers showed M&A volume dropping 44 percent worldwide over the last three months compared to the same period last year; U.S. deal volume plummeted 55 percent in the same time frame. And the more than 1,100 agreed-upon deals that collapsed in 2008 represent a record.

Constitutional Scholar Explains Why Bush Officials Should Be Prosecuted

Legal Times

In a Q&A with Tony Mauro, law professor and leading constitutional scholar Jonathan Turley explains why top Bush administration officials should be held to account over detainee treatment and warrantless surveillance. Says Turley: "Despite the effort to pretend that there is some ambiguity ... on these crimes, the law is quite clear." Turley also asserts that if Eric Holder Jr., President-elect Obama's nominee to be attorney general, declines to view waterboarding as a crime, the Senate should not confirm him.

Wal-Mart to Pay up to $640 Million Over Wage-and-Hour Suits

The Associated Press

Wal-Mart Stores, the world's largest retailer, said Tuesday it will pay between $352 million and $640 million to settle 63 wage-and-hour abuse lawsuits against the company. The discount retailer, which has more than 1.4 million employees, said the total amount to be paid depends on the number of claims submitted by those who are eligible. Each of the settlements must be approved by a trial court.

Judge Finds Lawyer's Closing 'Aggressive' but Not Ground for New Trial

New York Law Journal

A defense attorney's statements during closing arguments that a plaintiffs lawyer and her doctors operated as a "team" and his implications they withheld information in a personal injury case were "undoubtedly aggressive and argumentative," but not grounds for a new trial, a judge has found. The plaintiff -- a topless dancer and flight attendant rear-ended by a sanitation truck -- was caught misleading the jury about her activities after the accident but challenged the verdict on the basis of proximate cause.

The Latest From the Ashes of Lehman

The American Lawyer

Monday was a pretty smooth day in the history of the Lehman Brothers bankruptcy. First, the big news: A federal bankruptcy judge approved the sale of Lehman's prized investment-management unit, Neuberger Berman, to a group of its own managers and employees. The bad news: The sale fetched $922 million for Lehman -- far less than the $2.15 billion Bain Capital and Hellman & Friedman bid in September. The judge also approved the sale of Lehman's French investment unit to Nomura Holdings of Japan for one euro.

5th Circuit Upholds Attorney's Conviction in Fen-Phen Case

The Associated Press

A federal appeals court on Monday upheld the conviction of an attorney for swindling a pharmaceutical company out of millions of dollars over the diet drug fen-phen. Robert Arledge was convicted in federal court in 2007 of one count of conspiracy, four counts of mail fraud and two counts of wire fraud. He was sentenced to six years for his role in the scheme, which netted more than $6 million from the drug company Wyeth. He was the only lawyer charged in the case.

Federal Ruling Highlights Open Question in 9th Circuit on Abandoned Trademarks

The National Law Journal

A federal judge has thrown out a claim by Grocery Outlet Inc. that Albertsons abandoned the Lucky stores trademark when Albertsons and Lucky stores merged in 1998. The ruling poses an open question in 9th Circuit precedent about the correct legal standard of proof to apply to a claim that a trademark owner has abandoned use of a languishing mark. Trademark law requires that abandonment of a trademark must be for at least three years and must be strictly proven before another can take over use of the mark.

Pfizer Hit With $38 Million Jury Verdict in IP Case

The Recorder

A California jury awarded a $38 million verdict against Pfizer on Monday for stealing trade secrets in an effort to keep its controversial drug Bextra on the market. The verdict ended a suit brought more than five years ago by the founder of the Ischemia Research and Education Foundation. The jury found that Pfizer and a statistician at the foundation had acted with malice, meaning a judge can now award punitive damages that by law could reach $114 million, according to an attorney in the case.

Divorce Case Pits Countess Against Former United Technologies CEO

The Connecticut Law Tribune

If George A.L. David thought a postnuptial agreement would simplify his marriage, or his divorce, that has not been the case so far. David, former CEO of United Technologies, spent last week in Connecticut court trying to keep his wife, a Swedish countess, from getting any pendente lite alimony to tide her over until a March divorce trial. During arguments, it became apparent that she was spending $53,000 a week. Also as part of the proceedings, affidavits were unsealed that showed David to be worth $290 million.

Man Arrested for Flashing Gang Signs in Santa Photo

The Associated Press

A California man will spend part of the holiday season in jail after flashing gang signs in a photo he took with a shopping mall Santa Claus. The 18-year-old was arraigned after the photo was spotted on his key chain during a probation check. He had been under a court order not to associate with members of his gang, engage in gang activity or hang out at the mall. If convicted of three violations of the order, he faces a maximum of 18 months in prison.

Weighing the Impact of Canada's Groundbreaking 'Bell' Ruling

The National Law Journal

The Supreme Court of Canada on Dec. 19 released the reasons behind its June decision to allow a $42 billion acquisition of Montreal-based BCE Inc., Canada's biggest telecommunications company. While the deal -- the world's biggest leveraged buyout at the time -- has since collapsed, the court decision is still considered precedent regarding the duties of boards of directors. The National Law Journal talks with Blake, Cassels & Graydon partner Michael Gans about the impact of the court?s decision.

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Steps to Get EDD Right From the Start

Law Technology News

In e-discovery, sometimes the lawsuit is the first sign of trouble that forces you to immediately choose which fires to fight. Don't be paralyzed by fear of failure or confusion about where to begin. Trial lawyer Craig Ball suggests eight steps to take before the ESI experts arrive.

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Europe Gets Tough on Antitrust

The National Law Journal

U.S. antitrust lawyers are helping global companies comply with strict European Union antitrust scrutiny in the wake of the European Commission's first published enforcement guidance that follows on the heels of contradictory U.S. Department of Justice and FTC reports about their different philosophies concerning monopolistic conduct by individual companies. The diverging agendas create additional antitrust minefields for lawyers to avoid as they evaluate corporate policies and market actions.

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Hastings Law School Trims Raises, Restricts Hires

The Recorder

San Francisco's Hastings College of the Law is forgoing some raises and scaling back on hiring, and has asked department heads to shave 5 percent from current operating budgets. As the state of California wrestles with one of the biggest financial disasters in its history, Hastings administrators are anticipating an unstable state budget for the current fiscal year and likely more budget cuts next year. Like Hastings, higher education institutions across the country are reporting salary and hiring freezes.

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