Securities Law

My personal favorite: Peepemptory Challenges.

* To those of you who celebrate it, Happy Easter! Welcome the holiday by voting in the ABA Journal’s fifth annual “Peeps in Law” contest. [ABA Journal]

* If law firm brackets aren’t your thing, check out Professor Kyle Graham’s brackets for (1) law school classes and (2) law blogs. I’m thankful for ATL’s #1 seed but terrified by who we’re up against (because they’ve ripped me a new one before). [noncuratlex]

* Sorry, Judge Steiner, you wuz robbed; you should have been our Judge of the Day. It’s tough to top “allegations of a sexual quid pro quo with a female lawyer and the eye-opening confiscation of carpet from [chambers] for forensic analysis.” [OC Weekly]

William Shatner

* “William Shatner’s Seductive Powers Don’t Create a Fiduciary Duty.” Robyn Hagan Cain explains why. [U.S. Second Circuit / FindLaw]

* Citi settles securities cases for $730 million. Matt Levine is not impressed. [Dealbreaker]

* And Ted Frank is incensed by Bernstein Litowitz’s nine-figure fee request. [Point of Law]

* If you’re already depressed by public ignorance about the Supreme Court, don’t look at the responses to question 9 of this opinion poll. [Penn Schoen Berland]

* Steven Harper — author of a new (and very good) book about the legal profession, The Lawyer Bubble (affiliate link) — offers thoughts on the billable hour in the wake of the DLA Piper overbilling allegations. [New York Times]

425G – Remembered to lift the seat

* First the law school rankings, now urine-based video games? It’s been a whirlwind week of heavy journalism for U.S. News. [U.S. News]

* Did you ask for a diorama of the Supreme Court? Because I did… [Washington Post]

* What do SCOTUSblog and “Girls” share in common? If you guessed that Tom Goldstein spends most of his day at the office naked, you’re (probably) wrong. [Peabody Awards]

* Casinos have systematically driven men out of the bartending and cocktail serving market. They use a fig leaf to protect themselves from Title VII… apparently literally. [Workplace Prof Blog]

* Dartmouth professor Sonu Bedi argues that same-sex marriage is really about the separation of church and state. You say potato, I say egregious denial of basic rights. [Huffington Post]

* UBS trying to get out of an SEC case. Color me surprised. [Dealbreaker]

* Central New Mexico Community College does not want to hear that sex talk. It makes Sol the Suncat sad. [Popehat]

* As mentioned before, there’s a new legal dispute over whether or not Sherlock Holmes has lapsed into the public domain. Alex Heimbach of Slate puts the case under the proverbial magnifying glass. [Slate]

* A former general counsel has settled a case with the SEC alleging a slew of backdated options. It was suspicious when all the options were backdated to October 30, 1929. [ABA Journal; The Recorder]

* “If Microsoft Shuts Down Google Maps In Germany, How Does That Benefit The Public?” Um, it makes it harder for them to find Poland! Duh. [TechDirt]

* Senator Ted Cruz is having a rough go of it in the Senate. He’s already been publicly ripped by fellow Republicans John McCain and Lindsey Graham. Then he raised the ire of Senator Diane Feinstein, who has exactly zero patience for his crap. [Jezebel]

* Based on the description, HLN is licking its chops. [Craigslist]

* Supreme Court bobbleheads! I’m particularly impressed by Justice Brandeis riding the railroad. [Justices For Sale]

* To get yourself wound up for March Madness, here’s a fictional lawyer bracket from Constitutional Daily. Jack McCoy didn’t even make the field so this won’t be a repeat of the Above the Law winner. [Constitutional Daily]

* Lifting the amazing disappearing cloak over merit scholarships. [TaxProf Blog via National Jurist]

* Lawyer cited as the good guy in a punchline. Hurray! [OMFG Meme]

* Video after the jump of Lindsay Lohan showing up late for court, and getting a surprise gift from the crowd…

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* A full run-down of the suspension of a 7-year-old for brandishing a danish shaped like a gun. He was loaded for bear… claw. [Lowering the Bar, Part I; LTB, Part II]

* U.S. drones are helping out the French in Mali. Jeez, drones are getting used everywhere from here to Timbuktu. [Volokh Conspiracy]

* Do you need to report to the SEC if your company gets hacked? Probably… if you don’t tell them about possible violations how would they ever know? [IT-Lex]

* Someone wants help finding a WordPress theme for their law firm. Totally Best Magazine, bro. That’s hawt. [Yahoo Answers]

* Just a reminder, Ms. JD’s Fellowship applications are due March 8. [Ms. JD]

Mary Jo White

Mary Jo White? More like Mary Jo Green. President Obama’s pick to lead the Securities and Exchange Commission is deliciously rich, as revealed in her financial disclosures.

Although she’s barely five feet tall, making her a little litigatrix, Mary Jo White wears big shoes. In the words of my colleague Elie Mystal, a former Debevoise & Plimpton associate, she’s “one of those alpha dog partners…. the kind of partner that makes other partners stammer, shuffle papers, and try to look really busy and intelligent when she’s in the room.”

The sizable net worth of Mary Jo White shouldn’t surprise anyone. Not only is she a longtime Debevoise partner, but her husband, John W. White, has been a partner at Cravath, Swaine & Moore for more than 25 years (interrupted from 2006 through 2008 by a stint at the SEC, actually, where he served as Director of the Division of Corporation Finance).

Let’s get a sense of Mary Jo White’s fortune….

double red triangle arrows Continue reading “Just How Rich Is Mary Jo White, Debevoise Partner and Likely Future SEC Chair?”

“Come on Judge Rakoff, it’s nap time over here!”

You don’t want to live in a town where the police and the mob work together.

In a completely unrelated note, today the Second Circuit heard arguments from the SEC — the federal agency statutorily charged to enforce the nation’s securities laws — and Citigroup — a company targeted for securities laws violations that it refuses to admit or deny committing — on the SAME SIDE.

This should be a red flag.

They wanted the Second Circuit to spank Judge Jed Rakoff for having the audacity to ask the SEC to kindly do its job. The nerve of some people.

Well, securities law may not be as sexy as drone strikes, but I watched the SEC try to pull off just as naked an executive power grab.

double red triangle arrows Continue reading “SEC To Second Circuit: ‘Please Don’t Make Us Do Our Jobs!’”

‘Jail? No thank you.’

* Congratulations to Cadwalader Wickersham & Taft! The firm saw its first revenue increase in three years, with profits per partner jumping up 11.6 percent, yet they didn’t top Cravath’s bonuses. Rude. [Am Law Daily]

* Thanks to the firm’s association with Ponzi schemer Nevin Shapiro, Shook Hardy & Bacon was accused of aiding and abetting in securities law violations and is facing a multimillion-dollar suit. [Miami Herald]

* Lawyer glut? What lawyer glut? Let’s open some new law schools, yayyyy!!! Despite the fact that applications are at their lowest in a decade, new schools are still throwing their doors open wide. [Wall Street Journal]

* With the dean of Seattle University School of Law stepping down, Annette Clark, she of the most epic St. Louis University Law resignation letter, may get a second bite at the proverbial deanship apple. [National Law Journal]

* “Flattery doesn’t get you anywhere in this court.” Wooing the judge won’t work, so Lindsay Lohan’s new lawyer has a tough row to hoe — he had to pick up Shawn Holley’s pieces AND deal with his client. [Fox News]

* Ed Koch, former mayor of New York City and judge of “The People’s Court,” RIP. [New York Times]

It looks like a silly marginal tax increase on the personal incomes of the top 2 percent is the last thing the barons of Wall Street need to worry about. President Obama is sending a new sheriff into the regulatory fray.

Dealbook reports that Obama will nominate former U.S. Attorney Mary Jo White to head the Securities and Exchange Commission. Sending in White to the SEC is a little bit like calling the Wolf to drive home your blood-soaked vehicle. It’s a bold move for an agency that is often overwhelmed by the impressive lawyers marshaled on behalf of the financial industry in defense of their most complex transactions.

Unlike Elizabeth Warren (bless her heart), Mary Jo White is no academic, she’s a hard-nosed litigator. And she might be exactly what the SEC needs…

double red triangle arrows Continue reading “Obama Throws Down The Gauntlet With New Pick To Head The SEC”

Last week, Netflix announced that it received a Wells notice from the SEC. Apparently, while the SEC was cruising Facebook (what else is there to do while neglecting to investigate Wall Street?), someone noticed Netflix CEO Reed Hastings posting that Netflix had surpassed one billion hours of streaming old episodes of Facts of Life to shut ins.

The SEC staff thinks Hastings disclosed material information in this Facebook post, possibly violating Reg FD, the 2000 regulation that put a stop to companies giving an advantage to small subsets of investors by disclosing material information between blowing rails of coke off strippers.

But Facebook isn’t a seedy strip club full of free drugs and prostitutes (read: Christian Mingle). Reed Hastings has over 200,000 “fans,” many of whom are analysts and reporters. In pursuing enforcement without exercising a little discretion, the SEC ignores these facts.

Netflix is arguing that the disclosure was not material and that most investors knew that the CEO’s Facebook page is recognized as an avenue for public disclosure.

Regardless of the specific resolution of this matter, this is one more reminder that the SEC is woefully behind when it comes to adapting to technological developments. Like, oh I don’t know, HFT perhaps?

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Justice RBG rocking her doily.

* As soon as Mary Schapiro announced she was stepping down as chairwoman of the SEC, Obama nominated another woman to take her place. Congrats to SEC Commissioner Elisse Walter! [WSJ Law Blog]

* In other breaking news that no one will care about now that bonus season is upon us, Justice Ruth Bader Ginsburg swapped out her neck doily for a blingy necklace from Glamour. [Josh Blackman's Blog]

* You know what the ancient Romans would’ve hated more than watching the fall of the Roman empire? The Citizens United decision. Cato, Cicero, and Julius Caesar wouldn’t have been impressed with this. [Slate]

* Why go to law school if you’re already doing well financially? Perhaps you’re just another prestige hunter. If you are, then all the better for you, because that seems to be what all of the law schools are selling these days. [Inside the Law School Scam]

* Don’t cry for Argentina: they may be in the middle of a billion-dollar bond dispute, but the uber-prestigious lawyers on either side of the case (Boies; Olson) are enough to make you forget about their troubles. [Reuters]

* A Biglaw attorney from Alston & Bird with a rare sleep disorder confronts Big Pharma and… doesn’t win. At least not yet. But on the bright side, she’s not sleeping for 18 hours anymore. [The Last Word on Nothing]

* We’re honored to announce that Above the Law was named as one of the ten law blogs in the ABA Journal’s inaugural Blawg 100 Hall of Fame. Please click here if you’d like to help us win again this year. [ABA Journal]

* After the jump, Bloomberg Law’s Lee Pacchia speaks with Bill Lawlor, a Dechert partner, who claims “hope springs eternal for M&A attorneys.” Will the mergers and acquisitions market begin to boom once again?

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