Insider Trading

* Mirror, mirror, on the wall, which is the fairest firm of them all? According to the 2012 Acritas Brand Index survey, the current leader of the Global 100 is the most powerful Biglaw brand for the fifth year in a row. [American Lawyer]

* But that might not last for long, considering the dilemma Baker & McKenzie is facing when it comes to joining the Shanghai Bar Association in China. The firm is one of the first to indicate that it’ll take the plunge. [Wall Street Journal]

* Thanks to the Second Circuit, Rajat Gupta will be a free man on bail pending the appeal of his insider trading conviction. We wonder what Benula Bensam would have to say about this new twist. [DealBook / New York Times]

* Jason Smiekel, the lawyer who pleaded guilty in a murder-for-hire plot involving a former client, was sentenced to eight and a half years in federal prison. The things men will do for HHHBs. [Chicago Tribune]

* Student loan payments: coming to a paycheck deduction near you! Congress is considering an overhaul of the country’s student debt collection practices, and Rep. Tom Petri has some interesting ideas. [Bloomberg]

* The Cleveland-Marshall College of Law is the latest school to hop aboard the solo practice incubator train, but graduates will have to rent their office space from the school. Nice. /sarcasm [National Law Journal]

* “We didn’t file this complaint lightly.” Sorry, Judge Norman, but as it turns out, you can’t just sentence a teenager to attend church for 10 years as a condition of parole without pissing off the ACLU. [Tulsa World]

* When your alterations cost more than your wedding gown, it’s pretty much a given that you’ll have some problems — ones worth suing over, if you’re a true bridezilla (like moi). [Thomson Reuters News & Insight]

Last week, federal prosecutors in Manhattan charged two former stockbrokers, Thomas Conradt and David Weishaus, with insider trading. There is a legal angle here (aside from the criminal charges and the civil case being brought by the SEC): Conradt is a lawyer, a member of the Maryland and Colorado bars, and Weishaus graduated from the University of Baltimore School of Law a year after Conradt.

To be honest, though, we’re not intensely interested in Conradt and Weishaus. Their alleged misdeeds occurred while they were working in finance, not law; the contours of Conradt’s legal career are somewhat unclear; and as for Weishaus, it’s not clear that he ever passed the bar or practiced as a lawyer.

As regular readers of Above the Law know, we have a weakness for prestige around these parts. So we’re far more interested in the former Cravath associate who, according to law enforceent allegations, made their misdeeds possible….

double red triangle arrows Continue reading “Lawyer of the Day: An Allegedly Loose-Lipped Cravath Associate”

* Better late than never: congratulations to everyone who passed the New Jersey bar exam. You’re just in time to get in on some Sandy class-action litigation. [New Jersey Board of Bar Examiners]

* Congratulations to all honorees from the National Asian Pacific American Bar Association conference in D.C. last weekend — including, but not limited to, the Best Lawyers Under 40. [NAPABA]

* And congrats to Professor Sherrilyn Ifill, incoming president and director-counsel of the NAACP Legal Defense & Educational Fund, Inc. [Concurring Opinions]

* Does every bra made in America have Gloria Allred’s phone number sewn into it? [WSJ Law Blog]

* Who is “Portfolio Manager A” in the latest major insider-trading scandal? [Dealbreaker]

* You don’t need to be a dog lover to find these allegations abhorrent. [Alabama Live]

* Want to avoid dating Democrats (or Republicans)? There’s an app — okay, two websites — for that. [Jezebel]

* After the jump, Jeffrey Toobin and Alan Dershowitz discuss Obamacare….

double red triangle arrows Continue reading “Non-Sequiturs: 11.20.12″


The ‘very, very pretty’ Cristina Fierro.

* Covington, Skadden, and Proskauer really like representing professional sports leagues: from 2010 to 2011, the NHL paid a combined total of $8.8M to all three, and Covington received $16.3M from the NFL over the last three years. [Am Law Daily]

* The Department of Justice sued Bank of America yesterday for doing the “hustle.” No, not the popular disco disco dance, but rather, a supposed elaborate scheme to defraud the government out of billions of dollars. [DealBook / New York Times]

* Rajat Gupta was sentenced to a whole two years behind bars for insider trading, but my colleague Elie Mystal thinks that the more appropriate punishment would’ve been to force him to reenact the seminal 80s film, Trading Places. [HuffPost Live]

* Unfortunately, Siri wasn’t able to be helpful with this one. A federal judge had to recuse himself in a patent case involving the Siri voice assistant app because of his “interest” in Apple (likely stock ownership). [CNET]

* Was Wednesday the day of departing deans? NYU’s Richard Revesz said farewell, and so did Sydney Beckman of Duncan Law, but the latter flat out quit amid accreditation uncertainty. [Knoxville News Sentinel]

* “We’ll fight another day. This is not over.” While a jury found that Teresa Wagner’s First Amendment rights weren’t violated by the University of Iowa College of Law, the judge declared a mistrial on her equal protection claim against the school. [Huffington Post]

* Somebody really should’ve told Lawrence Taylor that when testifying in an underage sex trafficking case, it’s probably not a good idea to mention that your accuser was “very, very pretty” and “very sexy.” [Associated Press]

* While the mainstream media may claim the presidential race between Barack Obama and Mitt Romney is neck-and-neck in a dead heat, the majority of Am Law 200 managing partners are predicting the incumbent will be reelected for another four years. [Am Law Daily]

* In the meantime, infamous media whores Donald Trump and Gloria Allred have both promised “October surprises” for our presidential candidates. Guess we’ll finally find out what they’re yapping about later today after Allred gets back from court and the Don tweets. [ABC News]

* “These lawyers are my kind of scum. Fearless and inventive.” Raj Rajaratnam’s attorneys plan to appeal his insider trading conviction later this week on claims that the government improperly wiretapped him. [DealBook / New York Times]

* There’s no way this statute is going to be pushed back into the closet. New York’s Court of Appeals rejected a challenge to the state’s gay marriage law on the basis of a violation of open-meeting laws. [Bloomberg]

* Lindsay Lohan’s father wants a judge to place the fading star under a conservatorship. Hey, it worked for Britney Spears, right? And on the plus side, it’s a great way to get her name back into the news. [CNN]

Steven Nataupsky’s résumé?

* Conflict of interest? What conflict of interest? We didn’t have a conflict of interest! Covington & Burling is appealing its disqualification from representing Minnesota in a suit against former client 3M. [Capital Business / Washington Post]

* “If I sent my résumé through the firm, I wouldn’t get looked at.” Knobbe Martens Olson & Bear is hiring so many awesome associates that the firm’s managing partner doesn’t even know if he’d stand a chance. [National Law Journal]

* Doug Arntsen, the ex-Crowell associate who stole $10.7M in client funds and spent it at strip clubs, was sentenced to four-to-12 years in prison. [New York Law Journal]

* Music to Benula Bensam’s ears? In a case of dueling sentencing memos, prosecutors want Rajat Gupta to spend 10 years in prison, but his own lawyers want him to be sent to Rwanda. [DealBook / New York Times]

* Donald Polden, the dean of Santa Clara Law, will be stepping down at the end of this academic year. Hope they’ll be able to find a new dean, because every “influential” school needs one. [San Jose Mercury News]

Ed. note: This new column is about sports and the law. You can read the introductory installment here.

I was an altar boy for several years as a kid. The priest, who smelled of cigarettes, would whisper “book” when he wanted the book, and over time I became a pro at rocking the bells. Seriously good at shaking those bastards.

Let’s talk sports?

On Wednesday, Dr. Graham Spanier and his attorneys went on the offensive. Spanier, you may recall, is the former Penn State president who was fired in the midst of the Sandusky scandal last November. Joe Paterno died, two former colleagues await trial, and the 64-year-old Spanier simply got a pink slip. You would think that since he escaped the far harsher sentence of his compatriots, he would be grateful. Perhaps he would tend to a garden during this, his senescence, and dream about the days when a child rapist didn’t have free reign over the Penn State campus. If gardening isn’t his thing, maybe drinking is. I know it helps me to forget.

But alas, Spanier is in no mood to forget. On Wednesday, Spanier sought out every audiovisual recording device he could find in order to plead his case to the world. Y’see, everyone’s got it absolutely wrong about Graham Spanier.

Here, let him tell you….

double red triangle arrows Continue reading “Sports Law, Spaw, Lorts: Graham Spanier Edition”

* In the Apple-Samsung trial yesterday, Apple’s attorneys accused Samsung of intentionally copying the iPhone. Samsung’s attorney was like, Bro, step off. And then Judge Lucy Koh and all the members of the gallery and the jury crowded around in a circle and started yelling Techno-fight! Techno fight! [Wall Street Journal]

* Matthew Kluger, formerly of Wilson Sonsini and more recently convicted and sentenced to 12 years in prison for insider trading, gives an interview about what motivated him to commit his crimes. [Bloomberg]

* France is not happy that Google did not delete all its Street View information from the country after it promised to. Shockingly, some parts of the world apparently still value data privacy. How quaint! [New York Times]

* Former Perkins Coie partner Harold DeGraff must arbitrate his compensation battle with his former law firm. But the process will not have to be kept confidential. [Thomson Reuters]

* I’m pretty sure at this point the DOJ is just consulting a Ouija board in its increasingly feeble attempts to prosecute Megaupload. [Wired /Threat Level]

* UBS is not happy that it lost $356 million on the Facebook IPO. Now it’s suing NASDAQ over the snafu. [CNNMoney]

* Pay up or shut up: Dewey former partners need to worry about getting our kneecaps busted by the banks that loaned us money to fulfill our capital contributions? [Am Law Daily (sub. req.)]

* Senate leaders reached a tentative deal to keep student-loan interest rates at 3.4%. Too bad this only applies to undergrads — law students are still left holding the bag. [Wall Street Journal]

* Your mom probably told you not to be a tattletale, but evidently that kind of behavior really pays off in court. Adam Smith, formerly of Galleon, was sentenced to only two years’ probation for his “very substantial” aid in Raj Rajaratnam’s insider trading trial. [DealBook / New York Times]

* Forty-six CEOs on the 2012 Fortune 500 list went to law school, but only four hold degrees from schools outside the U.S. News Top 100, and just one went to an RNP school. Yikes. [U.S. News & World Report]

* Was this Nova Law professor “mentally deranged enough to engage in a campus shooting rampage”? That’s apparently what members of the administration thought when they fired him. [National Law Journal]

* Anna Gristina, the accused “Millionaire Madam,” was released last night on $250K bond after spending four months behind bars. Looks like it’s back to the world’s oldest profession for this soccer mom. [Reuters]

The Chicago River is only slightly less green when it's not St. Patrick's Day.

* America’s favorite serial litigant, Jonathan Lee Riches, wants to make an appearance as former Detroit Mayor Kwame Kilpatrick’s lawyer. [Detroit News]

* You better run and hide, because the vacuum bandit is coming to town. [Legal Juice]

* A Chicago reporter fell into in the Chicago sewer system River. He is currently on a respirator, and another court reporter has set up a relief fund for him. Get well soon, Andrew Pitts. [Kruse Reporters Blog]

* Speaking of Chicago, this could be an Odd Couple reboot: The drug dealer and his roommate, a local prosecutor. What goofy hijinks will they get into next? [Chicago Tribune]

* This Australian reporter says the American legal system has evolved to conceal truth, not reveal it. See how long you can read this before smoke starts coming out your ears. [The Atlantic]

* Happy Father’s Day! Even to all the famous, lawbreaking dads out there. [Attorney Fee]

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