Securities and Exchange Commission

Lawyer of the Day: An Allegedly Loose-Lipped Cravath Associate

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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….

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Non-Sequiturs: 11.26.12

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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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Non-Sequiturs: 11.19.12

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Megyn Kelly

* Should attractive women in the legal profession be offended when complimented on their appearance? Or should they instead engage in “the strategic use of their own sexuality,” to quote the New York Times (citing a federal judge)? [Shatter the Glass Ceiling]

* Speaking of attractive women lawyers, what do people think of when they think of Megyn Kelly? [New York Magazine]

* MOAR RANKINGS — this time of the most influential law reviews. Yeah, you know you wanna click. [Witnesseth via Tax Prof Blog]

* Everything’s bigger in Texas — including the allegations of prosecutorial misconduct. [Dallas Morning News]

* In other news of alleged government misconduct, a former SEC staffer claims the place was rife with sexual tension and professional backstabbing. [Thomson Reuters News & Insight]

* Might a strip club be a more hospitable workplace than the SEC? Strippers just secured a $13 million settlement in a wage-and-hour class action lawsuit. [In House / Findlaw]

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Non-Sequiturs: 11.14.12

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* George Washington University has been stripped of its U.S. News college ranking. The law school appears safe. [Tax Prof Blog]

* Now students can get in trouble for bullying their teachers. Teachers, people! TEACHERS CAN’T STAND UP TO THE MEAN SCHOOL KIDS WITHOUT A LAWSUIT. [Volokh Conspiracy]

* Just to be clear, Antonin Scalia would not be on the side of the secessionists. [New York Personal Injury Law Blog]

* So the accuser of Kevin Clash, voice of Elmo, recanted and said that he was a consenting adult when he was with Clash. It’s great to know that Elmo is getting barely legal ass. [Huffington Post]

* FCPA! Guidance! This is WAY MORE INTERESTING than Petraeus and the Kelley sisters. [WSJ Law Blog]

* For those of you who saw Capturing the Friedmans, here’s an update on the ongoing proceedings. [WiseLawNY]

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In The Aftermath Of Disaster, The Scam Artists Come Out

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On any list of “scum of the Earth,” people who profiteer off of disaster victims have to make the list. Jesus, it’d be worth Hell existing just so there would be a place for people who take advantage of disasters to loot electronics or valuables (food, if you’re hungry and nobody is home, is fair game I guess). I think there are reasonable people on both sides of the New York City marathon debate, but the thought of any police not stopping a looter to deal with the marathon makes me think they should cancel this year’s event.

Of course, looters aren’t the only kinds of criminals trying to take advantage of the hurricane. The Department of Justice is warning people to be on the lookout for Sandy scams…

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Reading Tea Leaves: Defense Bar Freaking Out About the Foreign Corrupt Practices Act

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Nothing pisses off a lawyer more than uncertainty. Uncertainty gives rise to the risk of undermining the facade of perfect knowledge that attorneys prefer to convey to their clients. Given this character trait, it’s no surprise that the collective white-collar and corporate counsel community is freaking the hell out about every scrap of information it can glean from the Justice Department about its new Foreign Corrupt Practices Act (FCPA) enforcement policy.

So what exactly has these observant lawyers in a tizzy?

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Sports Law, Spaw, Lorts: Mostly Football Extravaganza

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

Last night, I was having trouble coming up with something to say in this space that begins the post. I think it’s called an introduction. I called up the only woman who doesn’t screen my calls and asked for her help.

Mama Juggs: Are you in trouble?
Juggs: No, mom. Christ, why would you ask me that? No, I’m finding it difficult to think up a story only tenuously related to sports that I can open my column with.
MJ: I don’t understand a word of what you just said.
J: My column, mom. On Above The Law. You said you’ve been reading it?
MJ: *silence*
J: Whatever. Mom, can you think of a sports-related story that’s mildly funny and has little-to-no point?
MJ: Do you remember how your father used to shoot free throws? God, you’d stand out there for hours rebounding for him. How many did he make in a row?
J: Something over 100. I don’t remember. Mom, that’s not a ripping yarn, you’d have to agree.
MJ: You were too young to remember this, but the way his teams ran defense at Lucky High. Oh God, it was poetry. Every motion had an order, but it was so fluid and graceful. It was intuitive, y’know? Your father was so proud of those boys.
J: This isn’t going anywhere, is it?
MJ: The team that took second at state was great, but it was actually the team after that that your father always claimed was the best he coached. I can still see him walking out onto the court with the boutonnière and he looked so impressive. Just striding onto that court with all the confidence in the world. I’ll have to see if I can find a picture. I know I have one around here. He looked so handsome, your dad did.
J: Didn’t he get kicked out of a lot of games for arguing with refs?

LET’S TALK SPORTS!

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Benchslap of the Day: Second Circuit Rebukes Rakoff

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Judge Jed Rakoff

It is commonplace for settlements to include no binding admission of liability. A settlement is by definition a compromise. We know of no precedent that supports the proposition that a settlement will not be found to be fair, adequate, reasonable, or in the public interest unless liability has been conceded or proved and is embodied in the judgment. We doubt whether it lies within a court’s proper discretion to reject a settlement on the basis that liability has not been conclusively determined.

Having considered the various explanations given by the district court for its refusal to permit the settlement, we conclude that the S.E.C. and Citigroup have a strong likelihood of success in their joint effort to overturn the district court’s ruling.

– A panel of the U.S. Court of Appeals for the Second Circuit, in a per curiam opinion granting a stay pending appeal in the SEC’s case against Citigroup.

(A quick refresher on this case, after the jump.)

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Morning Docket: 12.30.11

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* Rick Perry’s motion for a temporary restraining order over the printing of Virginia’s primary ballots without his name on them has been denied. Damn all of those unelected, activist judges! [Bloomberg]

* Jed Rakoff isn’t the only one with cojones big enough to challenge the SEC. Wisconsin Judge Rudolph Randa fell right in line, and cited the controversial Citigroup case as precedent. [New York Times]

* Looking for ways to lower your law firm’s operating expenses in 2012? Here are some suggestions for Biglaw firms. At least they deal with technology, not layoffs. [Law.com]

* Long, hard litigation: a Los Angeles city attorney would like to pull out of a ballot measure that requires porn stars to wear condoms while filming before people start suing. [Los Angeles Times]

* Do you want to think about babies when you’re being served at a strip club? Didn’t think so. This pregnant waitress is suing over being demoted, and then fired by the Hustler Club. [Gothamist]

* Grumpiest old man: at almost 100, an Italian man is set to become the world’s oldest divorcé. Hope he had a prenup (even though they probably didn’t exist back then). [Herald Sun]

* Pizza, beer, and hot chicks: what’s the problem? A lawsuit over the “hot chicks.” A former bartender says he was replaced in favor of hotties, and now he wants justice (and money). [11 Alive News]

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Morning Docket: 12.28.11

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* How many of these suggested New Year’s resolutions should the members of the Supreme Court consider following? Eight out of ten resolutions wouldn’t be too shabby. [Huffington Post]

* Like a virgin, detained for the very first time: thanks to this court order, Egypt will be forced to come out of the dark ages and ban virginity tests for female detainees and military prisoners. [CNN]

* Oh, hell no. Judge Jed Rakoff issued an order 78 seconds after the Second Circuit decided to delay the SEC’s Citigroup case. His pimp hand is strong (which is impressive!). [WSJ Law Blog]

* As an attorney, you should know that the law stops for no one, not even Santa Claus. Major deals in Asian markets kept many Biglawyers working hard this holiday season. [Am Law Daily]

* Social media subpoena fail: “Haha. Boston PD submitted to Twitter for my information. Lololol? For what? Posting info pulled from public domains? #comeatmebro” [Boston Herald]

* 2011 didn’t bring us a white Christmas, but New Yorkers are still pissed about the Great Blizzard of 2010. The trapped A-train passengers have finally brought suit against the MTA. [New York Post]

* A former stripper is suing a police officer for allegedly stealing money from her purse. This girl fit $714 in dollar bills in a small, Coach bag? That’s actually a real accomplishment. [ABC News]

* It’s been seven hours and fifteen sixteen days, since you took your love away. Nothing compares to a Vegas wedding, because Sinead O’Connor’s marriage is already over. [Los Angeles Times]

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