Judge Jed Rakoff
The trustee… having for more than three years issued empty threats to seek a halt to the attorney general’s suit, has lost his right to complain. Even on the merits, moreover, his bluster proves to be without substance.
– Judge Jed Rakoff (S.D.N.Y.), issuing a harsh benchslap to Irving Picard, the trustee involved in the Bernie Madoff case, for trying to block a settlement he wasn’t involved in between J. Ezra Merkin and New York Attorney General Eric Schneiderman.
* She loves me, she loves me not: media darling Sonia Sotomayor used to be in favor of the use of cameras during Supreme Court arguments, but she’s done a complete about-face on the issue, just like Justice Elena Kagan before her. [National Law Journal]
* Everyone and their mother knows what Antonin Scalia thinks of the State of the Union address, but let’s find out what my colleague Elie Mystal thinks about the good justice’s antics — namely, Scalia’s non-attendance for the past sixteen years. [HuffPost Live]
* American Airlines and US Airways will be merging to create the largest (and most awful) airline in the country. Perhaps the DOJ’s antitrust division can save us from this parade of horribles. [DealBook / New York Times]
* It looks like Team Togut is going to have a crappy Valentine’s Day. They thought that their partner problems were all wrapped up, but according to these filings, it seems that they’ve only just begun. [Am Law Daily]
* If Irving Picard, the trustee in charge of the Bernie Madoff bankruptcy case, is able to get his way, money will soon be raining upon the victims of the massive Ponzi scheme at warp speed. [WSJ Law Blog (sub. req.)]
* This probably isn’t just a “distraction” or “silly sideshow” anymore, because Apple now says it will be fighting Greenlight’s attempt to block the tech company from restricting its issuance of preferred stock. [Bloomberg]
* Instragram has asked a federal court to toss a lawsuit over changes to the photo-sharing app’s terms of service because it contests that users still own the rights to all of their fugly Walden-filtered pictures. [Reuters]
* Remember Kenneth Kratz, the former Wisconsin prosecutor who referred to himself as “the prize”? He’s settled his sexting suit with Stephanie Van Groll, also known as the “hot nymph.” [Twin Cities Pioneer Press]
* Go to grad school at Lehigh for free: check. Sue for $1.3M over your C+: check. Get chastised by a judge over your ridiculous lawsuit: check. Whatever, we still beat Duke, and that’s really all that matters. [Morning Call]
* Seven out of nine sitting Supreme Court justices were silent when it came to the passing of Robert Bork. Justice Antonin Scalia, of course, issued a public statement, as did liberal Justice Ruth Bader Ginsburg (surprise!). [WSJ Law Blog (sub. req.)]
* No one ever really doubted that it would take an army of Biglaw lawyers from the likes of Sullivan & Cromwell, Shearman & Sterling, and Wachtel Lipton to handle a monumental deal like the proposed $8.2 billion NYSE/ICE merger. [Am Law Daily]
* Can you coach with Nick Saban and be a Miller Canfield partner at the same time? No. But you can sue (and win!) when the firm allegedly forces you out due to its “culture of fear and intimidation.” [Detroit Free Press]
* Justice Rolando Acosta, who wrote the opinion upholding the dismissal of the class action case against NYLS, rates well among his peers as a nominee for the New York Court of Appeals. [New York Law Journal]
* Peter Madoff was sentenced to ten years in prison for his role in Bernie Madoff’s Ponzi scheme, but the judge will probably let him go to his granddaughter’s bat mitzvah before shipping him to the pokey. [Bloomberg]
* Merry Christmas, now go f**k yourself. A federal judge has given a woman in Louisiana free rein to display holiday lights on her roof in the form of an extended middle finger. God bless America. [CBS 3 Springfield]
Aww, SCOTUS, you made him cry.
* Today’s court session is business as usual for SCOTUS, because the justices always seem to save the “best” for last. And now I’ll have that stupid Vanessa Williams song stuck in my head all day. Sorry if I got it stuck in yours, too. [National Law Journal (reg. req.)]
* Meanwhile, over at the White House, the air was thick with the sound of silence on the eve of the Supreme Court’s ruling on the Affordable Care Act. More than willing to bet that President Obama probably didn’t sleep too well last night. [Los Angeles Times]
* “If she dies and Romney wins, the Supreme Court will be the most conservative in history.” Oh, please. Stop giving Ruth Bader Ginsburg flak for being too old, and learn to respect your elders — she’ll quit (or she’ll croak) when she damn well feels like it. [New York Times]
* Peter Madoff will plead guilty to two federal charges at the end of the week. He’ll probably serve ten years in prison. In the long run, that’s nothing compared to big brother Bernie’s 150-year sentence. [Bloomberg]
* Reason #11ty-billion why we <3 Flori-duh: a judge rejected the DOJ's request to block Florida's voter purge, and Governor Rick Scott, of course, was pleased as punch, calling it a "common-sense decision." [POLITICO]
* Megaupload wins again: a New Zealand court ruled that the search warrants used to raid Kim Dotcom’s mansion were illegal because they failed to “adequately describe the offenses to which they related.” [Reuters]
* Loan debt will allegedly make you do some pretty crazy sh*t. Jason Bohn, the law school grad featured in an NYT article about the perils of law school, now stands accused of murdering his girlfriend. [New York Post]
* The ABA Journal wants to know if you think your law school’s name and reputation affected your career path. Well, the first comment on my first post was “the what what school of where now,” so you tell me. [ABA Journal]
Today Allen Stanford, the former knight turned convicted Ponzi schemer, learned his fate. He was just sentenced by Judge David Hittner (S.D. Tex.).
Did Stanford get a bigger sentence than Bernie Madoff? The prosecution sought a longer sentence — 230 years for Stanford, compared to the 150 years received by Madoff.
Find out the Stanford sentence, and comment, over at our sister site Dealbreaker.
Steven Simkin: now with neckwear.
Remember Steven Simkin, the prominent Paul Weiss partner who sued his ex-wife for a better divorce deal? Simkin argued that even though he negotiated for and obtained the couple’s investment account with one Bernard Madoff as part of their 2006 separation agreement, his former wife should now pay him more money — since it was subsequently revealed, years later, that Madoff was running a huge Ponzi scheme.
As you may recall, I was not terribly sympathetic to Simkin. In my view, an expert negotiator like Simkin — the head of PW’s real estate practice, who was also represented by separate counsel in the divorce — should be required to live with the bargain he struck. In negotiating for and taking on the Madoff account, he also took on the risks associated with that investment.
An intermediate appeals court sided with Simkin. But now New York’s highest court, the Court of Appeals, has spoken….
Continue reading “New York Court Rules on Biglaw Partner’s Request for a Divorce Deal Do-Over”
What you do in mediation is recite the realities. You don’t have to be brilliant. It’s called common sense.
– Mario M. Cuomo, the former New York governor who spoke to the New York Times about mediating the lawsuit brought against the New York Mets by the trustee for the victims of Bernie Madoff. Today, the parties agreed to settle for $162 million.
* Like many of the victims of Bernie Madoff’s Ponzi scheme, he and his wife contemplated suicide, too. But come on, why bother? Was career suicide just not good enough? [New York Times]
* For Sale: One Illinois law license at discount price! Hasn’t been used in 15 years — almost like new. Slightly tarnished. If interested, please contact Rod Blagojevich ASAP. [Chicago Sun-Times]
* Howrey gonna get paid? With a $3M bill and a new Chapter 11 bankruptcy trustee in place, that’s what all of these professional service firms are wondering. [Am Law Daily]
* 1Ls may be dumber this year, but prospective law students have gotten 13% smarter. That isn’t saying much, though, because 68% of them still want to go to law school. [National Law Journal]
* The TSA agent who advised this lawyer to “get her freak on” after spying a sexy personal item in her luggage has been professionally spanked. [New York Post]
Really? You're still suing?
* Sorry Missouri, but your reign as the “Show Me” state is over. Thanks to its immigration law, Alabama is going to be taking over as the “Show Me Your Papers” state. [CNN]
* Time to review the footage. Irving Picard stands to lose the game for the Investors if he can’t get an instant replay on Judge Rakoff’s home run decision for the Mets. [Bloomberg]
* Reebok has to pay out $25M in refunds because contrary to popular opinion, wearing a pair of sneakers won’t give you a nicer butt. Dammit, foiled again. [Blog of Legal Times]
* The EEOC is suing because a 680-pound man was allegedly fired for being too fat. Everything really is bigger in Texas, and now it’s considered a disability. [Houston Chronicle]
* Unpaid interns who worked on “Black Swan” are suing because they didn’t benefit from the job. Seriously? They should be sued for not appreciating all the film’s HLA. [New York Times]
Judge Jed Rakoff appreciates a man who doesn't know what he's doing.
Don’t worry about investing in a Ponzi scheme as long as you are smart or lucky enough to recoup your money before the whole thing falls apart. That is the upshot of U.S. District Judge Jed Rakoff’s decision to significantly limit the amount of money trustee Irving Picard can seek from New York Mets owner Fred Wilpon.
It’s a huge decision. Because a professional sports franchise is involved (and I’m using the term “professional” very loosely when talking about the Mets), how this impacts Wilpon and the team on the field will dominate most of the headlines and discussions about the ruling.
But make no mistake, Judge Rakoff’s ruling will have a major effect on how much money is ever recovered for victims of Madoff’s shenanigans, and could have an effect on the future liability for all investors in Ponzi schemes….
Continue reading “Mets’ Madoff Victory Is Bad News For Everybody Else”
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at asia@kinneyrecruiting.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
Also, we have the two below in-house openings:
Keep reading »
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
Keep reading »
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