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Prominent NY law firm seeks bankruptcy protection
Legal Business |
2008/12/19 02:46
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| The receiver assigned to run a prominent Manhattan law firm after its founder was charged in a massive fraud says the firm will seek bankruptcy protection. In a recent letter to a federal judge, the receiver said founder Marc Dreier also may seek protection too. Prosecutors have accused the 58-year-old Dreier of tricking hedge funds into making bogus investments. They say losses could top $380 million. He ran a mid-size law firm that has represented celebrities including retired football star Michael Strahan and former News Corp. publishing executive Judith Regan. |
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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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