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For all the sound and fury the case generated, the $150 million settlement Judge Rakoff reluctantly approved this week doesn't clarify corporate disclosure requirements at all. The bank still says there was nothing wrong with its disclosures, the SEC still provides no guidance to M&A advisers--and American shareholders are still the big losers.
Proposed Rule 37(e) Takes Aim at Overpreservation
By narrowing the scope of sanctions for failure to preserve electronically stored information, the revised Rule 37(e) of the Federal Ruled of Civil Procedure may eliminate many concerns of litigants that lead to chronic overpreservation.EEOC: Kelley Drye Compensation System Discriminates Against Older Partners
The Equal Employment Opportunity Commission sued Kelley Drye & Warren on Thursday for its use of a compensation system the agency claims discriminates against attorneys based on age. The EEOC claims Kelley Drye discriminated against labor and employment partner Eugene D'Ablemont, 79, and other partners by forcing them to give up their equity at 70 and earn less than younger attorneys in the firm with similar collections and billings. Kelley Drye's managing partner said the firm does not believe the suit has any merit.Was it wise for Bank of America to choose Wachtell to lead its defense when the firm advised the company on the underlying disclosure issues behind Friday's $2.43 billion settlement? "I have the highest respect for Wachtell," said Columbia Law School professor John Coffee Jr. "But you have problems when you're defending advice you gave the client."
Carpenters Nail Actuary for $40 Million
The pension fund for Connecticut's carpenter unions seemed to be in good shape, until consultants Watson, Wyatt & Co. sent in a new actuarial group. The new team quickly realized that things were seriously wrong and took corrective steps. But the damage was done. Watson Wyatt agreed it had to pay for losses from its miscalculations. But just how much became a multimillion-dollar federal case.'Pippins v. KPMG' Order Highlights Preservation Burdens
Attorneys H. Christopher Boehning and Daniel J. Toal review a case now awaiting a New York federal judge's opinion that could radically alter the scope of ESI preservation obligations.Associates: Closing a Gender Generation Gap
Younger female associates are struggling to balance careers and families, but they are less likely than their male counterparts to be married or to be parents. Part of the problem, according to some of the new generation, is the example set by female partners, who are described as "barracudas" or "men in women's clothing."Kirby McInerney and shareholder activist Ted Frank continue to fight over the rate for contract attorneys who worked on on a securities class action against Citigroup. Kirby McInerney submitted a fee request for the suit's settlement that values the attorneys' time at up to $1,000 per hour; Frank says it should be around $50.
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