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Disbarred Attorney Faces Charges of Defrauding Investors

New York Law Journal

A hedge fund adviser who allegedly defrauded investors of millions of dollars and fled after a partner cited storm warnings from the Bernard Madoff case surrendered Tuesday in Florida after two weeks on the run. The next stop for Arthur G. Nadel, a one-time lawyer disbarred in 1982, will be New York's Southern District, where he faces securities and mail fraud charges brought by prosecutors who allege that more than $200 million is missing.

What's to Become of Wyeth Counsel in Pfizer Merger?

The Legal Intelligencer

Pfizer has made no secret of its intent to slash thousands of jobs once a planned merger with pharmaceutical competitor Wyeth goes through, but it may be too early to tell how Wyeth's 300-person worldwide legal department will be affected. What does seem clear is the effect on Wyeth's outside counsel. In 2006, Pfizer dramatically pared down its outside firms by 80 percent under its P-3 program, with further reductions in 2008. Wyeth, on the other hand, still employs hundreds of outside law firms -- for now.

Associates Are Feeling the Big Chill

Fulton County Daily Report

After three consecutive years of raising associate pay, many of Atlanta's big firms have slammed on the brakes. Some have reduced or deferred annual raises, while others have frozen associates' base compensation at 2008 levels as economic conditions continue to deteriorate. Only a few firms report that it's business as usual, with associates getting their regular annual pay increase.

Judge Tosses $247 Million in Plaintiffs' Claims Against Maker of Seat Belt Buckles

The National Law Journal

In a class action against seat belt buckle manufacturer Takata Corp., a Los Angeles judge has tossed out all of the plaintiffs' claims, which defense attorneys estimated involved damages of about $247 million. The plaintiffs had alleged that the buckles had never been properly tested as required by the Federal Motor Vehicle Safety Standards. The suit is one of many class actions filed against seat belt buckle and automobile manufacturers alleging certain seat belts unbuckle on their own during accidents.

Specter Says He Will Vote for Holder

Legal Times

Sen. Arlen Specter pledged Tuesday to support AG nominee Eric Holder Jr., saying Holder's record and support from the law enforcement community eased concerns about his independence. The Senate Judiciary Committee's ranking Republican also said he was satisfied that Holder would tread carefully in deciding whether to prosecute Bush officials involved in the use of harsh interrogation tactics on terrorist suspects. The endorsement means Holder has the support of his most vocal critic during the confirmation process.

Former GC Settles Gender Discrimination Suit Against General Electric

The Associated Press

Lorene Schaefer, a former high-ranking attorney for General Electric Co., has settled her individual and alleged class gender discrimination claims against GE, it was announced Tuesday. Schaefer, who resigned Dec. 31 as general counsel of Erie, Pa.-based GE Transportation, filed a suit in 2007 accusing officials of giving unfair preference to men for promotions to top-paying legal jobs.

Artwork a Key Factor in Chapter 7 Petition Filed Against Dreier

New York Law Journal

Citing nearly $90 million in unpaid claims, the trustee in the bankruptcy proceeding for Dreier LLP, Wachovia Bank and unsecured creditor 360networks filed an involuntary Chapter 7 petition Monday night against Marc Dreier. Tracy Klestadt, who represents the creditors committee, said the "big issue" is that the U.S. Marshals Service has taken possession of all the artwork belonging to Dreier personally and his former firm. The committee has also retained white-collar defense attorney Gerald B. Lefcourt.

Judges to Serve More Than Seven Years in Prison After Pleading Guilty in Kickbacks Probe

The Legal Intelligencer

Two Pennsylvania judges have conditionally agreed to plead guilty and serve more than seven years each in prison for their roles in a Dickensian scheme to channel juvenile offenders into a private detention facility in exchange for payments from the owners. Meanwhile, the Philadelphia-based Juvenile Law Center drew connections between the federal charges and its petition to the state Supreme Court calling for the review of more than 250 cases in which juveniles were subject to delinquency hearings without lawyers.

Broadcom Chief Wins Bid to Sever Backdating Trial from CFO

The National Law Journal

A federal judge has granted a motion by Broadcom's former chief executive, Henry Nicholas, to sever his upcoming stock options backdating trial from William J. Ruehle, the company's former chief financial officer. Nicholas also faces a second indictment accusing him of maintaining controlled substances, such as cocaine, methamphetamine and Ecstasy, which he allegedly used to spike the drinks of other executives, employees and customers. That trial is scheduled to occur after the backdating trial.

Revenues Rise at Goodwin Procter as Profits Dip

The American Lawyer

Gross revenue at Goodwin Procter was up 13 percent to $690 million in 2008. Average profits per equity partner fell 8.2 percent to $1.41 million. Revenue per lawyer also dipped to $860,000 from $880,000 in 2007. According to firm Chairwoman Regina Pisa, practices were at or near last year's performance levels up until September. "As soon as capital dried up, all practices were affected one way or another," Pisa says.

Federal Judge Dismisses Suit Against U.S. Over Bailout

New York Law Journal

A New York federal judge on Monday threw out a motion for a temporary restraining order against the Troubled Assets Relief Program, filed by eight businesses and individuals who claimed the so-called "bailout" program violated their Fifth and 14th Amendment rights. In a sua sponte decision, the judge denied the request. "Assuming the truth of their [allegations], plaintiffs nevertheless do not establish a 'concrete and particularized' injury in fact, which is required by Article III," he wrote.

AIG Executive Sentenced to 4 Years in Prison for Fraud

The Associated Press

A former executive of American International Group was sentenced to four years in prison Tuesday in a fraud case that authorities say cost shareholders more than $500 million. Christian Milton, AIG's vice president of reinsurance from 1982 to 2005, was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the SEC. The investigation also led to the convictions of four General Re executives for their roles in manipulating AIG's financial statements.

Lawyer Travels Long Road From Nigeria to New York

New York Law Journal

Rarely does The New York Times feature a single attorney's victories on successive pages. When a Brooklyn lawyer recently accomplished the feat, his arrival was all the more impressive for the distance he had traveled to get there. Litigator Anthony Ofodile grew up in a small village in eastern Nigeria, but in November, he won a motion in a ground-breaking civil rights case just as his high-profile employment-discrimination trial against real estate magnate Bernard Spitzer came to a close.

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An 'Intelligent' Support Tool to Argue Law

Special to Law.com

A JURIX 2008 workshop, "Natural Language Engineering of Legal Argumentation," presented research into an "intelligent" support tool in natural language for arguing law. According to Dr. Adam Wyner, such a tool, once developed, will affect legal practice in the forseeable future.

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SEC Refocuses on Short Selling

Special to Law.com

During times of financial distress, people often criticize various market practices, claiming they are the source of the problem. In response to the current state of the markets and its debilitating effects on investor confidence, the Securities and Exchange Commission recently has refocused its attention on short selling and its potential abuses, and adopted several rules targeting "short sales." Attorneys Marc M. Rossell and Adrienne M. Duffy review the new rules.

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You've Got (Unwanted) Mail

Daily Business Review

In a Miami conference room, lawyers sitting before laptops fumed about betrayal. The Florida Bar sold them out -- hawking their e-mail addresses to third parties who filled their inboxes with unsolicited marketing posts. At the Bar's midyear meeting, they debated what to do.

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S.F. Bay Area's Midsize Firms Brace for the Future

The Recorder

Conservative planning is all the rage at San Francisco Bay Area midsize firms. Several firms, ranging in size from about 30 to about 150 lawyers, report that litigation and a focus on regional and midsize businesses helped protect them against the worst of the economic collapse that hit many of the Am Law 200 firms hard last year. While many midsize law firm leaders in the Bay Area are guardedly optimistic about 2009, that doesn't stop their firms from taking precautions like pumping up their cash cushion.

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