Mortgage Law

* Morgan Stanley will settle with the Federal Housing Finance Authority for $1.25 billion to resolve a suit over the sale of craptastic mortgage-backed securities. It’ll be the third-largest settlement of its kind. [DealBook / New York Times]

* “Sometimes the voters and the legislature get it wrong. So, we have you.” With those bold words from Ted Olson, the federal judge overseeing the challenge to Virginia’s ban on gay marriage has promised a speedy ruling in the case. [Washington Post]

* DLA Piper announced changes to its leadership, naming Roger Meltzer and Nigel Knowles as Earth’s co-chairs. We look forward to news on the DLA Venus and Mars outposts. [WSJ Law Blog]

* In other DLA Piper news, it looks like the one of the world’s largest firms may be coming to the rescue of a Canadian Biglaw firm in financial trouble. Welcome aboard, Heenan Blaikie lawyers! [Globe and Mail]

* Dean Michael Fitts of Penn Law School is leaving his position after 15 years to take a position as the president of Tulane University. There’s no word yet on who’ll serve as interim dean. [Daily Pennsylvanian]

* In case you haven’t heard about it yet, a former Roger Williams Law student was involved in an all-day standoff with police after threatening school administrators. We may have more on this. [ABC 6 News]

* Parties in the greenhouse gas cases before SCOTUS have agreed to trim the number and length of their briefs to reduce the number of times “go f@ck yourself and die” is written. [Blog of Legal Times]

* The latest patent reform bill up for debate promises that it will put an end to the trolls by forcing them to do more work before filing suit. If only it were that easy to keep the trolls at bay. [National Law Journal]

* Do the hustle, and blame it on Becca! A jury has found that Bank of America is liable for selling defective mortgages, and the potential penalty could be up to $848 million. [DealBook / New York Times]

* Since the law was puff, puff, passed, lawyers in Washington State have politely asked their Supreme Court if and when they’ll allowed to smoke weed and represent clients that sell it. [Corporate Counsel]

* Class certification in the Alaburda v. TJSL lawsuit over allegedly deceptive employment statistics has officially been denied. We guess that all good things must come to an anticlimactic end. [ABA Journal]

* Another law school gets it: the U. of St. Thomas will its freeze tuition at the low, low price of $36,843, allowing students to pay a flat fee for all three years of education. [Campus Confidential / Star Tribune]

* If you’d like to ace your law school interviews (which apparently are a thing these days), it helps if your personality doesn’t inspire ritualistic seppuku. [Law Admissions Lowdown / U.S. News & World Report]

* Michael Skakel, the Kennedy cousin convicted of killing, was granted a new trial due to ineffective assistance of counsel. Getting away with murder? Aww, welcome to the family, Mike! [Washington Post]

Imagine returning home from vacation and finding your home cleaned out. The thieves grabbed all the furniture, all the gadgets, all the kitchenware, and left you nothing. That’s what happened to an Ohio woman recently, and the police are refusing to help.

That’s because the perpetrator was First National Bank. Except Katie Barnett was not behind on her payments; the bank just repossessed the wrong house.

Fair enough. Mistakes happen. The bank is going to pay her back though, right?

Right?

double red triangle arrows Continue reading “Bank Robs House By Mistake, Refuses To Pay Up”

Earlier this week, we wrote about a pair of prominent partners at Skadden Arps who got hit with a big-time benchslap. A federal judge in Chicago issued an order to show cause, requiring the Skadden lawyers to explain why they should not be sanctioned for failing to cite a highly relevant (arguably dispositive) Seventh Circuit case when briefing a motion to dismiss. The judge also set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.”

The Skadden partners filed a contrite response. They apologized profusely to the court, explained why they viewed the Seventh Circuit as distinguishable, and argued that even though they erred, their conduct didn’t merit sanctions. They announced to the court that they had settled the case in question, with Skadden “contributing to the settlement amount in order to personally redress plaintiffs’ counsel for responding to the motion to dismiss.” (In a classy move, they also extracted their associate from under the bus, explaining that he played no substantive role in the briefing.)

Despite the apology and the settlement, the status hearing went forward as scheduled yesterday. What happened?

double red triangle arrows Continue reading “Benchslap Update: Skadden Partners Learn Their Fates”

On the transactional side, things seem to be going gangbusters for Skadden Arps. As we noted yesterday, the firm took the top spot in three separate rankings of 2012 M&A work. In 2011, a different firm sat atop each set of rankings, but in 2012, Skadden ruled them all.

On the litigation side, though, the new year has brought new headaches for Skadden. Earlier this month, a high-profile partner at the firm, along with another partner and an associate, got hit with a big benchslap. A federal judge issued an order to show cause, asking the Skadden lawyers to explain why they should not be sanctioned, and set “a status hearing in open court…. [at which the attorneys] are all directed to appear in person.” Ouch.

Skadden recently filed its response to the OSC. Let’s review the benchslap, then see what the Skadden lawyers had to say for themselves….

double red triangle arrows Continue reading “Benchslap of the Day: Skadden, Smacked, Eats Crow”

* Dewey know whether Judge Martin Glenn approved this failed firm’s $71.5 million partner contribution plan? We certainly do, and D&L’s chief restructuring officer, Joff Mitchell of Zolfo Cooper, is simply “delighted” about it. [Wall Street Journal (sub. req.)]

* Bitch better have my money? The United States is suing Wells Fargo under the little known Financial Institutions Reform, Recover, and Enforcement Act for allegedly screwing it out of approximately eleventy billion dollars. [DealBook / New York Times]

* “Flat is the new up for the legal sector,” except in Cleveland, because law firms there have been on hiring sprees throughout 2012. But unfortunately, there is a down side — it’s Cleveland. [Cleveland Plain-Dealer]

* Diversity: no longer just an old wooden ship. Almost every law school-related amicus brief filed in Fisher v. University of Texas has backed the consideration of race in admissions decisions. [National Law Journal]

* There’s officially at least one benefit in attending Thomas M. Cooley Law — the school collects so much money from students that it’s able to attract big-name speakers, like ex-rocker Henry Rollins. [Michigan Live]

Way to make lawyers look good. Not.

Rather than helping homeowners modify their mortgage loans or avoid foreclosure, Defendants dupe distressed homeowners into paying thousands of dollars based on false promises and misrepresentations. Indeed, Defendants provide little, if any, meaningful assistance to modify homeowners’ mortgage loans or prevent foreclosure.

– The Consumer Financial Protection Bureau’s first federal civil enforcement action, filed earlier this month against the Los Angeles-based Gordon Law Firm. The year-old agency has hit the ground running, also announcing a $210 million settlement with Capital One Bank.

Earlier this week, we asked readers to submit possible captions for this photo:

On Wednesday, you voted on the finalists, and now it’s time to announce the winner of our caption contest….

double red triangle arrows Continue reading “Caption Contest Winner: Tough Rebound from Katy Perry?”

When we last checked in with the support staff at the law firm of Elizabeth R. Wellborn P.A., we discovered that more than a dozen of them had been fired because they wore orange shirts to work. Their excuse: they all wore orange on payday so they’d look like a group when they met for happy hour. Management didn’t buy it — they thought that members of the support staff were protesting something, and fired them on the spot.

As one commenter on our last post on this issue intelligently noted, “CHECK YOU PERCEIVED CONCERTED ACTIVITY.” One week later, it’s been revealed that some of the support staff may have been protesting after all. Almost half of them have lawyered up. But what, exactly, were they protesting?

double red triangle arrows Continue reading “The Plot Thickens: Some ‘Orange Workers’ May Have Been Protesting After All”

Which t-shirt will get you fired?

Yesterday in Morning Docket, we mentioned that more than a dozen law firm staffers in Florida had been fired because they wore orange shirts to work, but the tips kept rolling in. We’re going to give you what you want. Better late than never, right?

Given that orange is popping this spring in designers’ color palettes, people really want to know more about this apparent fashion “faux pas.” Because if looking like a walking traffic cone is wrong, then some people don’t want to be right.

But if it means that they’re going to get fired, then they might just reconsider staying on trend this season….

double red triangle arrows Continue reading “Orange: A Color That Can Get You Fired in Florida”

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