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Rakoff Rejects BofA's 'Media Reports' Defense in SEC Case

The American Lawyer

On Monday, New York federal Judge Jed Rakoff, overseeing the Securities and Exchange Commission's suit against Bank of America, ruled that the beleaguered bank cannot present expert testimony asserting that media reports should have alerted shareholders to the billions it planned to pay Merrill Lynch executives after a 2008 merger. In rejecting that argument, Rakoff pointed to the bank's own proxy statement, which specifically cautioned investors not to rely on other sources of information about the merger.

DOJ: Better Effort Needed to Protect Judges, Prosecutors

The National Law Journal

A Justice Department report released Monday found continued deficiencies in the protection of federal judges and prosecutors. No federal judges or prosecutors were killed or seriously hurt during the reporting period, but there was a dramatic rise in threats and inappropriate communications toward judges and prosecutors, from about 600 in 2003 to 5,744 in 2008. The report was issued amid news that a court security officer was killed and a deputy U.S. marshal was wounded Monday in a shooting at a Las Vegas courthouse.

? Related story: Las Vegas Lawyer Describes 'All Hell Breaking Loose' During Courthouse Shooting

Slow Going in Senate for DOJ, Judicial Nominees

The National Law Journal

New leadership takes over this week in President Barack Obama's legal shop, and among the challenges facing incoming White House Counsel Robert Bauer is how to reinvigorate the administration's efforts to shape the federal judiciary. Liberal advocates are hoping Bauer will help speed up the pace of judicial nominations. Last year, only three circuit and nine district judges were confirmed, compared to six circuit and 22 district nominees confirmed in George W. Bush's first year.

Dechert Matches Market Bonuses, Raises Salaries for 2010

The Legal Intelligencer

Dechert informed its U.S. associates Monday that bonuses would be paid for 2009 across the country and salaries would not be frozen or cut for 2010 in all but two of the firm's offices. The bonuses, though lower than those for 2008, are in line with what market-setting Cravath Swaine & Moore announced in November. A Dechert memo said all associates "who were reasonably busy during 2009 and who were evaluated as performing well and progressing in accordance with the firm's expectations" will get bonuses.

Chief Justice's Annual Report: A Missed Opportunity?

The National Law Journal

Imagine if the president, instead of giving a full State of the Union address, sent a note to Congress telling the legislative branch that life is good, all is OK, and let's catch up next year. Chief Justice John Roberts Jr. did something close to that last week in his annual report on the state of the judiciary, and it left some wishing for more. On Monday there was some grumbling that Roberts' report represented a missed opportunity to shine the spotlight on the third branch of government.

Letters Sent to Ala. Courthouses, Legislators Spark Anthrax Fears

The Associated Press

Envelopes containing white powder set off anthrax scares in five Alabama cities, shutting down two federal courthouses Monday and trapping a congressman in his office as authorities tested the substance. No one was injured, and none of the letters tested positive for anthrax or other hazardous substances. A letter found Sunday by an employee prompted the closure of Birmingham's federal courthouse, and two letters sent to the federal courthouse in Anniston led to another shutdown Monday.

High Court Justices and Others Win Legal Writing Awards

The National Law Journal

The Green Bag, the unconventional law review, has just announced its "Exemplary Legal Writing" awards for 2009. Among the winners are three Supreme Court justices: Chief Justice John Roberts Jr., Justice Ruth Bader Ginsburg and now-retired Justice David Souter. Souter's award is perhaps the most notable due to the brevity of what he wrote: a simple and elegant two-sentence concurrence in a mostly overlooked ruling from April.

Judge Denies UBS Whistleblower's Bid to Reduce Sentence

Daily Business Review

UBS whistleblower Bradley Birkenfeld lost two important motions Monday to cut his sentence and postpone his prison reporting date, which is set for Friday. The motions were based on Birkenfeld's pivotal cooperation with the government in its investigation of illegal UBS offshore accounts held by wealthy Americans. The judge apparently was not persuaded by arguments made on behalf of whistleblower groups that Birkenfeld's sentence would chill future bankers from coming forward to reveal delicate information.

2nd Circuit Calls for State Court Assist in Refco Trustee Suit Against Mayer Brown and Auditors

The American Lawyer

The 2nd Circuit has asked the New York Court of Appeals to clarify what it called "considerable uncertainty" about an exception to the state law codifying in pari delicto -- the legal principle that you can't blame someone else for wrongdoing if you're equally at fault. Depending on what the state high court does with the 2nd Circuit's referral, the trustee of the Refco Litigation Trust may be able to proceed with a case against Mayer Brown, Grant Thornton, KPMG, PricewaterhouseCoopers and several banks.

N.J. Solo Leaps to His Death From Bridge

New Jersey Law Journal

Solo practitioner William Graham's body was found in New Jersey's Raritan River on Dec. 30, an apparent suicide, according to state police. After several motorists reported seeing a man stop his car on a bridge, police found an abandoned Mercedes-Benz and a hole in the ice below. That same afternoon, U.S. Coast Guard searchers found a body, later identified as Graham, 64, of Spring Lake Heights, N.J.

Fairfield Greenwich Defendants Move to Dismiss Investors' Billion-Dollar Madoff Suit

The American Lawyer

In April, a trio of plaintiffs firms filed an amended complaint in Manhattan federal district court accusing Fairfield Greenwich and its co-founders of committing fraud by passing along $7 billion of their investors' money to Bernard Madoff. Two days before Christmas, the defendants answered the allegations with two motions to dismiss the plaintiffs' complaint. Fairfield Greenwich's principal argument seems to be that the Fairfield defendants were also duped by Madoff and that they, too, lost money.

Corporate Partners Split Willkie Farr Leadership Duties

New York Law Journal

Jack Nusbaum, chairman of Willkie Farr & Gallagher, has handed over the reins of the New York law firm he has long governed. Corporate partners Thomas Cerabino and Steven Gartner took over with the start of the new year following more than two decades of Nusbaum as the public face of the 700-lawyer firm. Cerabino and Gartner both plan to maintain active practices, which was a consideration in naming two leaders instead of one chairman.

Pondering the Year Ahead in Technology

The Connecticut Law Tribune

Neyah Kane Bennett, co-founder of Connecticut's Raymond & Bennett, a business and technology law firm, brings his predictions for legal technology in 2010. Among them are the iPhone's ascendancy over the BlackBerry in the legal market and the virtual law firm going mainstream.

Visit Legal Technology

GC of Nonprofit for Rwandan Entrepreneurs Continues as Orrick Associate

The Recorder

In July 2008, Benjamin Stone was a fourth-year commercial litigation associate at Orrick, Herrington & Sutcliffe. Then he went to Rwanda. Stone is now the full-time general counsel of award-winning nonprofit Indego Africa, which helps female survivors of genocide in Rwanda become entrepreneurs -- and he's still on Orrick's payroll. The firm is paying Stone half of his former salary and providing a lot of other ongoing support, including a deferred first-year associate who will be Stone's deputy for the year.

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