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Selections from National Law Journal Daily Headlines

By David Badertscher, PLL

Source: NLJ.com, January 26, 2009.

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January 29, 2009.

A new legal industry: Madoff
"Tangled legal fights over the remnants of disgraced financier Bernard Madoff's alleged Ponzi scheme will likely pit investor against investor and break new legal ground involving jurisdiction disputes, insurance, bankruptcy and international finance. Unraveling Madoff's accounts, like peeling layers of an onion, will produce a complex variety of potential legal disputes that may take years to unwind, according to lawyers in a variety of specialties".

The view from 3L
"Third-year students at law schools across the country are about to graduate and enter a brave new legal world. It's a world in which attorney layoffs don't come as a shock to anyone, pay freezes are par for the course and law firms hope they have enough work to keep their lawyers busy."

Options dwindle for foes of state immunity
"After striking out recently in the U.S. Supreme Court, business patent holders face narrowing options for fighting what one calls the "risk-free windfall" of states suing without being sued for patent and copyright infringement. Nearly a decade has passed since the Rehnquist Court's federalism revolution landed like a bomb on private patent holders, and in the ensuing years, the states have moved aggressively into the intellectual property market, bringing infringement lawsuits and infringing the IP rights of others."

CHICAGO  |  Blago's bid to bounce Fitzgerald may falter
"Illinois Governor Rod Blagojevich's lawyers want to bounce U.S. Attorney Patrick Fitzgerald from the governor's case, but the defense team's motion is not likely to get much traction, even though some criminal defense attorneys agree that Fitzgerald crossed a line in remarks he made at a press conference announcing the governor's arrest."

CALIFORNIA  |  Rare bipartisan judicial panel continues
"Despite the Democratic leadership of the Obama administration, Senator Dianne Feinstein, D-Calif., has chosen to continue using rare bipartisan committees to select candidates for the federal bench, U.S. attorneys and U.S. marshals in the state's four " 

COLUMNS:

COMPLEX LITIGATION  |  Class Certification
"The 3d Circuit recently issued an opinion articulating standards of proof likely to have a tremendous impact on all class litigation. In In re Hydrogen Peroxide Antitrust Litig., the court clarified three key aspects of certification procedure that heighten judicial obligations. A district court must make findings that all Rule 23 requirements are met; resolve all disputes relevant to certification, even if that determination overlaps with merits questions; and consider all conflicting expert testimony."

AUDITOR LIABILITY  |  The Madoff Matter
T"he recent, shocking news about the $50 billion Ponzi-scheme fraud allegedly perpetrated by investment adviser Bernard Madoff has been one of the most headline-grabbing events of the past month. If true even remotely as reported, the Madoff affair is bound to raise fundamental questions about auditor liability, going far beyond the apparent issue of regulatory failure. Many of these concerns will quite possibly culminate in litigation targeting accounting firms."

 

 

Full post as published by New York Supreme Court Criminal Term Library on January 26, 2009 (boomark / email).