Legal Research

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Commercial Division Update
Thursday, August 20, 2009
By George Bundy Smith and Thomas J. Hall

"George Bundy Smith and Thomas J. Hall, partners at Chadbourne & Parke, write that the Commercial Division appears to recognize that the presumption of openness in New York at times conflicts with legitimate needs of commercial litigants who may be required to place sensitive information in court records. The applicable standard, they say, may not fully appreciate that commercial cases usually do not have the broad social impact as do, for example, mass tort cases."

Securities Regulation
Thursday, August 20, 2009
By Roberta S. Karmel

" Roberta S. Karmel, Centennial Professor of Law at Brooklyn Law School and co-director of the Dennis J. Block Center for the Study of International Business Law, writes that analytical failures by the credit rating agencies were a central cause of the financial meltdown that occurred last year. Although there previously had been a reaction in favor of regulation of the agencies after they failed to predict the demise of Enron, WorldCom and others, leading to some reforms designed to improve the quality of ratings, further regulations have recently been adopted and proposed."

OUTSIDE COUNSEL:

Role of the Event Study in Loss Causation Analysis
Thursday, August 20, 2009
By Martis Alex and Michael W. Stocker

"Martis Alex, a partner at Labaton Sucharow, and Michael W. Stocker, of counsel to the firm, write: The recent havoc in the markets might make it seem a propitious time to be a securities lawyer. However, plummeting stock prices present their own set of challenges to plaintiffs pursuing fraud claims under the federal securities laws. Even when there appears to be ample evidence that executives misled investors about business prospects, market-wide share price declines can make it difficult to prove that the revelation of the truth about these deceptions caused the losses suffered by shareholders. As a result, lawyers and the courts are increasingly focused on the proper methodology for determining whether investor losses are caused by fraud. This new scrutiny has highlighted the benefits?and significant limitations?of the event study, long the mainstay for loss causation analysis. "

CORPORATE UPDATE:

Free: New Deals
Thursday, August 20, 2009
By Jessica Lauredan

"With the help of legal teams from New York and across the nation, Houston-based power generation company Dynegy will sell eight operating power plants and one under construction for more than $1.5 billion in cash and stock to fellow power generator LS Power Associates LP. Also, the nation's largest bookstore chain, Barnes & Noble, Inc. will purchase its subsidiary company, Barnes & Noble College Booksellers, Inc. for $596 million."