Legal News

The PM Roundup: Sessions Speaks on Scotus, More . . .

By Ashby Jones

A good weekend to you all, LB Readers. Here’s to hoping either Rachel Alexander or Mine that Bird pull it out at the Preakness tomorrow! Here’s the Friday roundup:

Sessions Speaks on Scotus: The top Republican on the Senate Judiciary Committee says his party should have been more forceful in evaluating the last two Democratic nominees for the Supreme Court. “I don’t think they were aggressive enough, probably, in inquiring into their history, and how they are likely, based on their judicial philosophy, to have ruled in the future," said Sen. Jeff Sessions (R-Ala.). BLT Blog

Goodbye, Cleveland: A lawsuit filed by the city of Cleveland today against several mortgage originators was dismissed on Friday. The city had argued that subprime lending created a public nuisance, with the resulting spike in foreclosure activity being its foreseeable result. Click here for the ruling.

Ernst & Younger Found Guilty: A former Ernst & Young partner was convicted of fraud charges Friday in an insider-trading scheme to make improper trades based on pending corporate takeovers in which the accounting firm acted as an advisor. The jury found James Gansman, a lawyer who resigned from the firm in October 2007, guilty of six counts of securities fraud, but acquitted him of conspiracy and three securities fraud counts. Gansman faces up to 20 years in prison on each securities fraud count. Sentencing is set for Oct. 1. WSJ; Bloomberg.

Full post as published by Law Blog - WSJ.com on May 15, 2009 (boomark / email).