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Thursday, July 7, 2011

Y! Alert: Law.com - Newswire


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House committee proposes $104 million funding cut for LSC Top
The Legal Services Corp. is warning that a House committee's proposal to cut its funding by about 26 percent next year could leave thousands of people without legal assistance. The LSC said the cuts would roll back funding to the lowest level since 1999.
 
Circuit Rejects Madoff Victims' Attempt to Use RICO Statute Top
Deciding an issue of first impression, the 2nd Circuit has rebuffed an attempt by investors to recoup losses from their investments in Bernard Madoff's massive Ponzi scheme by suing JPMorgan Chase under the Racketeer Influenced and Corrupt Organizations Act.
 
JPMorgan Reaches $211 Million Settlement in State and Federal Muni Bond Bid-Rigging Probe; Plaintiffs Lawyers in Antitrust MDL Already Crying Foul Top
JPMorgan Chase agreed on Thursday to pay $211 million to resolve allegations that it meddled in at least 100 deals in the municipal bond market. But plaintiffs lawyers in related civil antitrust litigation are already crying foul over the settlement.
 
Supreme Court Denies Stay of Execution for Humberto Leal Top
Rejecting the argument that more time was needed to allow Congress to take action on an international treaty obligation, the U.S. Supreme Court denied a request to stay the execution of Mexican national Humberto Leal Garcia, which took place Thursday in Texas.
 
3rd Circuit Upholds Most of FCC's Media Ownership Rules Top
Dealing a significant setback to major media companies, the 3rd U.S. Circuit Court of Appeals has upheld rules imposed by the Federal Communications Commission that restrict ownership of multiple media outlets in the same market.
 
Mistrial Declared in FCPA Sting Case Top
A federal judge declared a mistrial Thursday in a high-profile foreign bribery sting case that marked the first large-scale use of undercover techniques in a Foreign Corrupt Practices Act investigation.
 
In Bid for European Work, LeClairRyan Acquires 14-Lawyer New York Firm Top
LeClairRyan announced on Thursday a merger with New York's Biedermann Reif. Richmond, Va.-based LeClairRyan said the acquisition will bring its New York headcount to 40 and should bring the firm more work from international clients.
 
Speculation Starts About Next DOJ Antitrust Chief Top
Antitrust lawyers in private practice said in interviews they see two likely frontrunners as the White House ramps up its search for someone to head the Justice Department's Antitrust Division after Christine Varney leaves for a partnership at Cravath.
 
Quinn Emanuel Wins $64 Million for Rosen Capital in Credit Crunch-Related Arbitration Against Merrill Lynch Top
A Financial Industry Regulatory Authority panel has awarded Rosen Capital $63.7 million over "unexpected margin calls" that Merrill Lynch made on two hedge funds in 2008. The award is believed to be the fifth largest ever for a customer in a securities arbitration.
 
Case against BOA over loan modification denials survives motion to dismiss Top
A case against Bank of America alleging improper denials of homeowners' loan modification applications has survived a dismissal motion in Boston federal court. The case involves 46 named plaintiffs who obtained home mortgage loans from a BofA subsidiary.
 
Phila. Judge Rules Punitive Damages Warranted in HRT Case Top
A Philadelphia judge has found that a $6 million punitive damages award in a hormone-replacement therapy case was supported by drugmaker Wyeth's campaign to "distract physicians" from the increased risk of breast cancer allegedly posed by HRT drugs.
 
Judge Refuses Stay in $30 Mil. Copyright Case Top
In a ruling that clears the way for a copyright plaintiff to collect on a judgment of more than $30 million, a Pennsylvania federal judge has refused to grant a stay to allow the defendant to seek review by the U.S. Supreme Court.
 
Lawyers choose their sides in Los Angeles Dodgers bankruptcy Top
More lawyers are jumping into the bankruptcy of the Los Angeles Dodgers, suiting up alongside lead counsel Dewey & LeBoeuf, which reported last week that it has received $293,000 to prepare the Chapter 11 filing for the storied baseball team.
 
Court Disbars Former DOJ Official Charged In Abramoff Scandal Top
The D.C. Court of Appeals has disbarred former Justice Department lawyer Robert Coughlin II, who pleaded guilty to a conflict-of-interest violation stemming from the Jack Abramoff lobbying scandal.
 
Altman Weil: Small Firm Acquisitions Drive Law Firm Merger Market Top
Small firm acquisitions drove an active second quarter of law firm mergers and acquisitions, according to a report released Wednesday by Altman Weil MergerLine. Ten of the 12 deals involved acquisitions of firms with 20 or fewer lawyers and the other two involved acquisitions of firms with fewer than 50.Visit Small Firms
 
Law Firms Line Up as Embattled U.K. Tabloid Shutters Over Hacking Scandal Top
Olswang, Carter-Ruck, Collyer Bristow and Matrix Chambers have been chosen to advise affected parties as News International announced Thursday the closure of News of the World amid allegations of phone-hacking and police bribery.Visit International News
 

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