– 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.
- 2nd Circuit, Benchslaps, Citigroup, Federal Judges, Jed Rakoff, Quote of the Day, Securities and Exchange Commission, Wall Street
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 quick refresher on this case, after the jump.)
When we interviewed David Anziska back in December 2011, he noted that Team Strauss/Anziska intended to make 2012 the “year of law school litigation.” Keeping that in mind, they certainly started the year off on the right foot when they sued 12 additional law schools on top of the class actions they’d already filed against Cooley Law and New York Law School. Anziska told us that their strategy going forward would be to sue as many law schools as possible in the first half of 2012. How’s that working out for them?
Anziska recently sat down with Bloomberg Law for an on-air interview where he revealed some noteworthy information about the next wave of law school lawsuits. The most relevant piece of information? Twenty more law school class action suits are coming down the pipeline. Which schools will be named as defendants?
If you don’t have a lawyer, it is hard to really put their feet to the fire and make sure the banks have every ‘t’ crossed and ‘i’ dotted… We are going to make sure funding for those legal services is restored.
As part of the settlement, New York State will receive a guaranteed $136 million, and New Yorkers who suffered during the foreclosure crisis will be eligible for an estimated $648 million in additional payments. Schneiderman said the settlement will help restore legal service programs that were cut back in recent years.
* Because of this huge law firm, Dotcom’s bubble has officially burst. Hogan Lovells partner Robert S. Bennett has withdrawn from the Megaupload.com case, citing a conflict of interest with another client. [Reuters]
- Attorney Misconduct, Drinking, Insider Trading, Law Schools, Legal Ethics, Morning Docket, Prostitution, Sentencing Law
* Three days after arguing that an alleged Sandusky victim’s lawsuit lacked any factual basis, Second Mile decided to settle. Better strike while the iron is hot (and the wallet is open), lawyers. [Bloomberg]
* A memo to all Biglaw bachelors: if your game is anything like that of Kenneth Kratz’s, then it’s not just ethics boards who will think you have an “offensive personality.” [Milwaukee Journal Sentinel]
– Republican Herman Cain, Election 2012 hopeful, contesting the claim that he has flip-flopped on his accounts of striking an “agreement” versus negotiating a “settlement” with regard to his late-nineties National Restaurant Association sexual harassment scandal.
- American Bar Association / ABA, California, Law Schools, Money, Morning Docket, Paul Clement, Tax Law
* “You are a beautiful grave — dead inside.” Be still my heart. What kind of a girl wouldn’t appreciate a love letter like this? A former tax attorney from Winston & Strawn, apparently. [New York Post]
- Biglaw, Boutique Law Firms, Family Law, Litigators, Litigatrix, Loyola Law School, Romance and Dating, Small Law Firms, Weddings
Chitown was also the venue for Serafin v. Leighton. In this lawsuit, a lovely young lawyer, Lauren Serafin, sued her handsome ex-fiancé, Sidley Austin associate Robert Leighton, for “breach of promise” to marry. Serafin alleged that Leighton cheated on her during his Las Vegas bachelor party, with a woman named “Danielle,” and then broke off the engagement — saddling Serafin with almost $63,000 in wedding- and honeymoon-related expenses.
We now bring you an update on this saga….