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$40 Billion Class Action Enron Suit Blocked
Breaking Legal News |
2007/03/20 17:28
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The US Fifth Circuit Court of Appeals withdrew class action status Tuesday from Enron shareholders who filed a shareholder derivative lawsuit in October 2001. US District Judge Melinda Harmon certified the class in June 2006, but defendants Merrill Lynch and Credit Suisse Group appealed to the Fifth Circuit, alleging the certification should be thrown out because it allows Merrill Lynch and Credit Suisse to be held liable for actions taken by other defendants even though they had no actual knowledge of those actions.
The Fifth Circuit held that a class action lawsuit was not the appropriate vehicle to sue the banks, thereby forcing investors to file individual lawsuits. Although this effectively ends the shareholder's ability to allege that Merrill Lynch and Credit Suisse were primary participants in fraud, the lead plaintiff in the case, the University of California Board of Regents, has already negotiated settlements with Lehman Brothers, Bank of America, Citigroup, JP Morgan Chase, and CIBC, for a total of over $7 billion in recovery.Harmon denied a motion in February, filed by defendants Merrill Lynch and Credit Suisse, to delay the trial pending the outcome of the certification appeal to the Fifth Circuit. The case is still scheduled to resume on April 16. In January, Harmon dismissed seven defendants from the class action suit, including late ex-Enron CEO Ken Lay. Lay, convicted in May of fraud and conspiracy charges for providing investors with false and misleading financial information from 1999 up until Enron filed bankruptcy in late 2001, died suddenly of a heart attack in July. |
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Oracle's Acquisitions Boost Profits
Mergers & Acquisitions |
2007/03/20 15:07
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Oracle shares surged ahead in after-hours trading on Tuesday after the software company reported a 35% jump in third-quarter profits, boosted by its new portfolio of acquisitions and licensing deals. Oracle (nasdaq: ORCL - news - people ) said strong sales of its applications, which helps businesses maximize efficiency and manage finances, raised earnings for the period that ended Feb.28, to $1.03 billion, or 20 cents per share, from $765 million, or 14 cents per share, for the corresponding period a year ago. On the continuing operations basis, Oracle reported 25 cents per share, solidly beating the Street consensus of 23 cents a share and the company’s December guidance. The software maker’s shares were up 2.74%, 48 cents, to $18.03 during after-market trading on Tuesday. After a lackluster second quarter, Oracle managed to secure a slew of new licensing contracts as consumers warmed up to the company’s acquisition strategy. “There was a lot of consumers on the fence,” said Trip Chowdry, a software analyst for Global Equities Research, in an interview. “They wondered, 'Is Oracle putting enough muscle behind their acquisitions?' Clearly, Oracle has done a strong outreach program to alleviate consumer concerns.” In a controversial shift in strategy, founder and chief executive officer, Larry Ellison started to gobble up boutique software outfits a few years ago. In three years, Oracle has acquired some 30 companies and put over $23 billion on the line. While it is the reigning database software maker, it is eager to grab market share from SAP (nyse: SAP - news - people ), the top business applications provider. |
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Law School Glossary
Law Promo News |
2007/03/20 15:01
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A short list of frequently used acronyms and terms relevant to LLMs. ABA – The American Bar Association, a bar association of lawyers based in Washington D.C., which sets widely adopted standards for legal education and professional legal practice in the United States. This organization also provides perhaps the most influential accreditation for law schools nationwide. ETS – Educational Testing Service, a US-based non-profit organization widely known for producing standardized exams such as the TOEFL, which is a common requirement for non-native English-speaking applicants to law schools in the United States and abroad. FAFSA – Free Application for Federal Student Aid is a form submitted by students of US universities who are seeking financial aid from the US government. The FAFSA form is designed to ascertain a student’s Expected Family Contribution (EFC), a figure that determines which need-based government grants and subsidized loans a student can apply for. GPA – Stands for Grade Point Average, the most common quantitative measure of overall undergraduate academic achievement. IELTS – International English Language Testing System, a common, English-language proficiency exam. Many English-speaking universities and law schools in Canada, the United Kingdom, Australia, New Zealand, and South Africa request that non-native English speakers submit satisfactory IELTS results when applying. JD – Abbreviation for the Latin term Juris Doctor, used in the United States to refer to professional law degree that the vast majority of LL.M students acquire before embarking on their LL.M. degree. Although it is mostly considered to be a postgraduate degree -- completed after undergraduate studies -- it is not actually a doctorate degree as the name might suggest. Joint Degree / Dual Degree Program - Refers to programs offered by some universities in which students can pursue two degrees simultaneously. Common dual degree programmes include those leading to a combined J.D. / LL.M., or a joint Master’s degree program, such as a combined LL.M. / MBA. LLB – Refers to Bachelor of Laws, the term used throughout much of the English-speaking world (though not the United States, where the term Juris Doctor is broadly used) to refer to the academic degree leading to professional practice in law. The LL.B is most often a three-year degree pursued after the completion of an undergraduate / bachelor’s degree. Possession of an LL.B. or J.D. degree is a requirement for candidacy for the bar association or law society, and often for participation in an LL.M. program. LSAC – The Law School Admissions Council (LSAC) is a US-based non-profit organization whose membership includes over 200 US and Canadian law schools. The LSAC administers the LSAT exam. It also operates the Law School Data Assembly Service (LSDAS). LSDAS – The Law School Data Assembly Service (LSDAS) is operated by the LSAC. The LSDAS collects application material (including test scores, undergraduate transcripts, essays, and letters of recommendation) from law school applicants. The LSAC then compiles this information into reports, which it sends directly to law schools on behalf of the applicant. Some law schools in the United States require that applicants use this paid service. The LSAC also provides an LL.M. Credential Assembly Service for international students intending to apply for LL.M. programs in the United States. LSAT – Otherwise known as the Law School Admissions Test, the LSAT is a standarized exam the results of which are required for admission into most law schools in North America. LSAT results are currently only required from applicants to J.D. programs, and generally not from applicants to LL.M. programs who have already completed their first law degree. TOEFL – Stands for the Test of English as a Foreign Language. The TOEFL is a standardized examination of English-language proficiency that non-native English-speaking applicants must often take before acceptance to English-speaking universities. The test is administered by the Educational Testing Service. |
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STAG Hires Norberg as VP of Acquisitions
Mergers & Acquisitions |
2007/03/20 15:00
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STAG Capital Partners hired Ted Norberg as its vice president of acquisitions. Based in the Boston office, Norberg will be in charge of managing STAG's acquisition activity for the New England and Mid-Atlantic regions comprising of: New York, Pennsylvania, New Jersey, Maryland, Delaware, Virginia, West Virginia and New England. Prior to joining STAG Capital Partners, Norberg was a New England area vice president of acquisitions responsible for sourcing, negotiating, and closing assets acquisitions for a 1031 exchange Tenant in Common platform and a value-add opportunity fund with NPV/Direct Invest. Norberg also worked at General Investment and Development, where he performed asset acquisitions for its office and multifamily funds. Norberg holds a bachelor's from Boston College and achieved his CPA working for three years with Ernst & Young's Mergers and Acquisitions Advisory Group in New York. |
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Akin Gump Expands Int'l Trade Policy Capabilities
Law Firm News |
2007/03/20 10:41
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Leading international trade law and policy practitioners Hal S. Shapiro, Greg J. Mastel and Stephen S. Kho have joined Akin Gump Strauss Hauer & Feld in Washington, the firm announced today. Joel Jankowsky, chair of Akin Gump’s policy practice, stated, “Few practitioners have the range of experience developing and implementing international trade and economic policy positions at the highest levels of government. Hal, Greg and Steve are three who do know and understand firsthand the major players and dynamic relationships that are critical to clients’ interests in Washington. They will complement our policy group’s strengths in this area, providing our clients with an invaluable resource.” Val Slater, chair of the firm’s international trade practice, added, "We are very excited to add Hal, Greg and Steve to our international trade policy team. These are three talented individuals who bring a wealth of experience and expertise and who will round out our ability to serve our clients in all aspects of international trade regulatory and policy matters. They are a terrific fit for our firm." Mr. Shapiro joins the firm as a partner. He advises multinational companies, U.S. trade associations and foreign governments on international trade policy and international trade agreements, litigation of disputes before the World Trade Organization (WTO) and other international dispute-resolution bodies, import and export matters, customs matters and federal civil litigation. He previously was a partner at Miller & Chevalier. In 2000 Mr. Shapiro served as senior advisor for international economic affairs and senior counselor to the director of the National Economic Council at the White House, where he oversaw the development of administration international trade and economic policy positions with respect to international agreements, international trade disputes, pending legislation, executive orders, summit meetings between the president and foreign heads of state, and meetings of international economic bodies. He was the National Economic Council’s representative on the Trade Policy Staff Committee and the Section 301 Committee, the interagency bodies responsible for U.S. trade disputes and trade sanctions. He also specialized in U.S.-EU relations and in trade disputes. From 1996 to 1998 he served as associate general counsel in the Office of the U.S. Trade Representative, where he represented the United States in WTO dispute settlement proceedings; oversaw U.S. litigation involving the trade representative; and was an advisor to the trade representative, the deputy trade representative and other senior administration officials in the formulation and implementation of U.S. trade policy. Mr. Shapiro received his B.A. summa cum laude in 1988 from Columbia College and his J.D. in 1991 from Columbia Law School. Mr. Mastel joins the firm as a senior advisor. His practice focuses on the formulation and implementation of international trade policy by the U.S. Congress and the executive branch. He advises and represents clients regarding trade and tax legislation and related regulatory developments, such as the ongoing World Trade Organization negotiations, free trade agreement negotiations, trade remedies and disputes, and other factors that may affect market access for goods and services in the United States and abroad. He also advises and lobbies for clients on a range of other legislative issues, particularly international taxation issues. He joins Akin Gump from Miller & Chevalier, where he was a principal in the International Department and chair of the Government Affairs Department. From 2000 to 2003 Mr. Mastel served as the chief economist and chief international trade adviser to the U.S. Senate Finance Committee, where he was responsible for developing all major international trade legislation that went before the Committee. Earlier in his career, he spent six years in various positions in the U.S. Senate, including chief of staff to Senator Max Baucus (D-MT), the current chairman of the Senate Finance Committee. During Mr. Mastel’s tenure, he played key roles in numerous matters before the Senate, including passage of the North American Free Trade Agreement, extension of MFN trading status to China, and various tax and agricultural issues. Mr. Mastel received his M.B.A. from the Edinburgh Business School in 1993 and is completing his D.B.A. Mr. Kho joins the firm as senior counsel. He previously served for nine years in the Office of the U.S. Trade Representative, most recently as acting chief counsel on China enforcement. As the principal attorney on all China matters, he was responsible for developing disputes and advocacy positions related to China’s obligations in the World Trade Organization (WTO). Earlier, as associate general counsel, Mr. Kho was the lead USTR attorney on intellectual property and government procurement matters, leading the U.S. delegation in all related WTO and NAFTA dispute resolution proceedings. From 2002 to 2005 he was legal advisor at the U.S. Mission to the WTO in Geneva, Switzerland, where he managed the WTO dispute settlement portfolio for the U.S. government. Mr. Kho received his B.A. with honors from the University of Virginia in 1991, his J.D. with honors from the University of Maryland in 1995 and his LL.M. with distinction from the Georgetown University Law Center in 1998. “I see Akin Gump as a rare combination of truly outstanding international trade, tax and government affairs capabilities,” said Mr. Mastel. “The firm provides us with the unique opportunity to improve and expand the services we provide our clients.” Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 900 lawyers with offices in Austin, Beijing, Dallas, Dubai, Houston, London, Los Angeles, Moscow, New York, Philadelphia, San Antonio, San Francisco, Silicon Valley, Taipei and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; appellate; banking and finance; capital markets; communications and information technology; corporate and securities; corporate governance; employee benefits; energy; entertainment and media; environmental; estate planning, wealth transfer and probate; financial restructuring; global security; government contracts; health; insurance; intellectual property; international trade; investment funds; labor and employment; land use; litigation; mergers and acquisitions; private equity; privatization; project development and finance; public law and policy; real estate development and finance; Russia/CIS; tax; and technology.
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Bush reaffirms strong backing to Gonzales
Law Center |
2007/03/20 10:30
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President Bush renewed his support for Attorney General Alberto Gonzales on Tuesday in the face of resignation calls, as the Democratic-led Congress moved to widen its probe into the firings of eight federal prosecutors. White House counsel Fred Fielding was negotiating with lawmakers over which, if any, administration officials would testify about the sackings, which touched off a firestorm in Congress into whether the dismissals were politically motivated. With a number of Democrats and a few Republicans in Congress calling for Gonzales to step aside as the nation's chief law enforcement officer, Bush telephoned him early on Tuesday, White House spokeswoman Dana Perino said. "The president reaffirmed his strong backing and support of the attorney general," Perino said. Congressional committees plan to vote this week on whether to subpoena those who refuse to testify. They are particularly interested in hearing from White House political strategist Karl Rove. A former aide to Rove was named to replace one of the prosecutors fired last year. Critics charge the administration dismissed the prosecutors to make room for its allies or because it felt some were too tough on Republicans and not tough enough on Democrats. Recently released documents showed the administration had considered firing all the nation's 93 U.S. attorneys, each a Bush appointee, at the end of president's first term in January 2005. But later it decided to dismiss just eight. The documents also showed the U.S. attorneys were judged on such factors as their effectiveness as well as their loyalty to the administration. Former prosecutors said they were given little if any reason for their dismissal and were warned the administration might retaliate if they complained. The administration denied any such threats. Many Republicans lawmakers have said publicly that no judgment should be made on Gonzales until the facts are determined. |
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Goodwin Procter Expands in California
Law Firm News |
2007/03/20 01:27
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Goodwin Procter LLP, one of the nation's leading law firms with more than 700 attorneys, today announced the addition of new offices in San Diego and downtown Los Angeles, bringing to four its total number of offices in California. This strategic expansion will broaden the reach of the firm's nationally recognized technology and life sciences practice, as well as its real estate and real estate investment management practice.
Joining the firm are Stephen C. Ferruolo and Ryan A. Murr, both former partners at Heller Ehrman LLP. Ferruolo is one of the nation's leading attorneys in the technology and life sciences industry and former co-chair of Heller's Corporate/VLG Group; he will chair Goodwin Procter's new office in San Diego. In addition, the firm is expanding its Los Angeles presence with the addition of new partners Dean C. Pappas and Dani L. Vogt, both from Mayer, Brown, Rose & Maw LLP and Edward C. Hagerott, Jr., who joins from Munger, Tolles & Olson LLP. All focus on complex real estate transactions; Pappas was previously the chair of Mayer Brown's Real Estate Group in Los Angeles. "We are extremely pleased to welcome these highly-regarded attorneys to Goodwin Procter as we continue to further our mission of providing 'best in class' legal counsel to our clients," said Regina M. Pisa, chairman and managing partner of Goodwin Procter. "California is a critical component of our long-term strategic plan and we are committed to investing in key practices and markets in the State." Goodwin Procter's Technology and Life Sciences practice is one of the largest in the United States, with its attorneys representing over 500 public and private companies and entrepreneurs, and over 100 venture capital and private equity firms as well as some of the nation's leading investment banks. The firm recently added an FDA practice based in Washington, D.C. and in 2005 attracted nearly 100 attorneys from Testa Hurwitz, many of whom focused on technology, life sciences and intellectual property. "Goodwin Procter is also a leader and pioneer in the real estate industry and has been actively involved in real estate for decades - from real estate development to the most sophisticated real estate investment trust (REIT) and merger and acquisition deals," said Pisa. "Serving clients nationally from both the East and West Coasts is a key component of our long-term bicoastal strategy. The addition of these lawyers - who focus on complex and sophisticated transactional work - significantly complements our existing Century City-based real estate practice and our East Coast-based real estate and real estate capital markets practices." Lewis G. Feldman, chair of Goodwin Procter's Century City office and head of its National Public/Private Development Finance Practice, will assume additional responsibility for chairing the firm's new downtown LA office. Goodwin Procter first launched offices in California in April 2006, opening in Century City and San Francisco simultaneously.
http://www.goodwinprocter.com |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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