Wall Street

Earlier this hour, the Supreme Court handed down its eagerly anticipated ruling in the Stoneridge case. See collected links below, to posts by Lyle Denniston at SCOTUSblog and Ashby Jones at the WSJ Law Blog. The opinion itself is available here (PDF).
Lyle Denniston writes:

supreme court full frontal Above the Law.jpgThe Supreme Court, in one of the most important securities law rulings in years, decided Tuesday that fraud claims are not allowed against third parties that did not directly mislead investors but were business partnes with those who did. The 5-3 ruling came in Stoneridge Investment Partners v. Scientific-Atlanta (06-43).

Investors, the Court said, may only sue those who issued statements or otherwise took direct action that the investors had relied upon in buying or selling stock — whether that involved public statements, omissions of key facts, manipulative trading, or conduct that was itself deceptive. One impact of the decision is likely to be the scuttling of a massive $40 billion lawsuit against financial institutions growing out of the Enron scandal.

This news will be welcomed by many in the business community. But is it bad news for business litigators? Defending dubious securities fraud lawsuits may not be very sexy. But over the years, doing battle with the Milberg Weisses of the world has kept many a large law firm busy — and profitable.
With transactional work drying up, is the Supreme Court’s business-law revolution, cutting down on litigation against corporate America, coming at a bad time for Biglaw as a business?
Court limits securities fraud lawsuits [SCOTUSblog]
Stoneridge is in! Supremes Rein in Investor Suits [WSJ Law Blog]

Kiss Me I'm a Lawyer mug Above the Law blog.jpgThat’s the basic question posed by this interesting piece, currently the most emailed article on the New York Times website. After describing some of the sufferings of lawyers and doctors today, Alex Williams writes:

[I]n the days when a successful career was built on a number of tacitly recognized pillars — outsize pay, long-term security, impressive schooling and authority over grave matters — doctors and lawyers were perched atop them all.

Now, those pillars have started to wobble.

“The older professions are great, they’re wonderful,” said Richard Florida, the author of “The Rise of the Creative Class: And How It’s Transforming Work, Leisure, Community and Everyday Life” (Basic Books, 2003). “But they’ve lost their allure, their status. And it isn’t about money.”

Oh really? Tell that to the readers of ATL. Compensation coverage sends our traffic through the roof.
More discussion, after the jump.

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Maximilia Cordero small Jeffrey Epstein Dealbreaker Above the Law blog.JPGThe story of Cordero v. Epstein — the lawsuit filed by an aspiring model against prominent Wall Street financier Jeffrey Epstein, alleging that he took advantage of her when she was underage — gets weirder by the day.
The New York Post reported that the model, Maximilia Cordero, was actually born a man — one Maximillian Cordero, b. 1983. Cordero then sued the Post, filing as an exhibit with the court a birth certificate showing she was born a female. A number of you questioned the document’s authenticity, pointing out various irregularities. And such skepticism made sense: Cordero, despite filing the birth certificate with the court, is not including the Post’s claim that she’s a transsexual in her lawsuit.
But even if it may not be the gravamen of her complaint, Cordero still wants you to know she’s not a tranny. From a statement that William Unroch, her lawyer / roommate / possible ex-boyfriend, sent to the Daily Intelligencer (via Gawker):

Ms. Cordero will be happy to attend a televised nude settlement conference or celebrity charity benefit nude tea party with Rupert Murdoch and Lucifer Carne [a reference to Post reporter Lucy Carne] if the NY Post feels this would clear up the matter. Both Ms Cordero and Mr. Murdoch can appear nude and state their positions on this matter of grave public concern.

Hmm… Time for an ATL field trip?
More insanity, after the jump.

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Maximilia Cordero small Jeffrey Epstein Dealbreaker Above the Law blog.JPGWe’re confused. And we’re guessing we’re not alone.

We have provided extensive coverage of Cordero v. Epstein, in which model Maximilia Cordero alleges that high-profile financier Jeffrey Epstein took advantage of her when she was underage. To add to the suit’s salaciousness, the New York Post previously claimed that Maximilia Cordero was born a man — to wit, Maximillian Cordero (b. 1983).

Now Cordero has turned around and sued the Post. She has filed an exhibit with the court casting doubt on the Post’s claim that she was born a man — but oddly enough, she’s not raising the gender issue in her lawsuit. From DealBreaker:

Cordero and her lawyer (and alleged sometime boyfriend) William Unroch have filed a lawsuit against the Post, claiming it engaged in a smear campaign coordinated with Epstein’s flack Howard Rubenstein (who is also the publicist for the Post).

Radar has all the dirt, but here’s the dirtiest bit:

“Conspicuously absent from the accusations is the Post’s revelation that Cordero was born a man. A source tells Radar that the initial filing of the suit by Unroch includes as an exhibit a birth certificate, which showed Cordero being born Maximilia Cordero, a woman. Reached by phone this weekend, Unroch (with Cordero commenting loudly in the background but declining to come to the phone), called the Post’s behavior ‘outrageous’ but refused to address Cordero’s birth gender or the authenticity of the birth certificate originally filed. ‘She’s a woman,’ Unroch tells Radar. So, why not go after the Post’s gender claims?

‘It’s a slam dunk case whether she was born a cat, a dog, or a space alien,’ Unroch says.”

You can see why we’re confused. And our confusion has only grown since someone sent us a copy of the exhibit mentioned by Radar — namely, a birth certificate showing that Maximillia Josephine Cordero, born on November 15, 1982, was born a “Female.”

You can check out the birth certificate for yourself — please note, we take no position on its authenticity — after the jump.

Epstein’s Accuser Accuses Page Six Of ‘Raping’ ‘Her’ All Over Again [DealBreaker]
Epstein’s Accuser Sics Law Dog On Page Six [Radar / Fresh Intelligence]

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associate bonus watch 2007 law firm Above the Law blog.jpgNo, not law firm associates — associates at investment banks. In the absence of more law firm bonus news, let’s talk about your friends and classmates on Wall Street, who are still making way more money than you (assuming they haven’t been laid off; hey, bigger risk, bigger reward).
From Bloomberg News:

Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won’t prevent Wall Street from paying record bonuses, totaling almost $38 billion.

That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.

Discussion continues, after the jump.

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Over at Bear Stearns, the powers-that-be have blocked employees from reading our sibling site, DealBreaker. This is not surprising. Given the mass layoffs, Bear needs to keep the survivors busy.
The good news, however, is that Bear Stearns employees can still read Above the Law (although query why they’d want to). See here.
We must confess that we’re kind of jealous. Why hasn’t any law firm blocked ATL? The prospect is hard to fathom, but could it be that we’re insufficiently trashy around here?
Bear Stearns Doesn’t Hate DealBreaker, Just DealBreaker Commenters/People Talking About The Sex Going On In The Bear Stearns 14th Floor Men’s Room [DealBreaker]

Future of Reputation small Daniel Solove Dan Solove Above the Law blog.jpg* Are you in DC and looking for something cool to do later tonight? Attend the talk and book signing for Professor Daniel Solove’s latest work, The Future of Reputation (previously discussed here). [Concurring Opinions]
* Are lawyers really a**holes? Or are they just doing their jobs? [WSJ Law Blog]
* Some thoughts on possibly increased bank regulation, from our colleague, John Carney: “Resistance to a new wave of banking regulation requiring bank breakups and dividing Wall Street according to regulatory fiats rather than market demand is likely to be weak in an era when many think the financial supermarket model has failed…. No one expends much time, money or energy defending a right to do something they don’t want to do anyway.” [DealBreaker]
* Don’t forget to vote for ATL! Even if you did so before, you can do so again — once every 24 hours, ending November 8th. [2007 Weblog Awards]

Maximilia Cordero Maximilian Cordero Jeffrey Epstein Dealbreaker Above the Law blog.jpgMaximilian Cordero believes the second time is a charm — with respect to (1) a gender and (2) suing rich guys. From DealBreaker:

In the grand tradition of trying to turn the (real or imaginary) sexual assault you suffered at the hands of a creepy old guy into stocks and bonds, everyone knows you don’t start at the top of the food chain. You get a few starter suits under your belt first, THEN you go to the top. Got to walk before you can run, got to allege “he put his hand on my knee and I didn’t like it” before you allege “he jerked off into a towel while I stood there awkwardly, and I think there might’ve been a purple vibrator in there, too” (those are just for instances).

Maximilia Cordero small Jeffrey Epstein Dealbreaker Above the Law blog.JPGA few years ago, Maximilia née Maximilian Cordero filed a $10 million lawsuit that accused her former lawyer, Glen Gentile, of statutory rape and endangering the welfare of a minor 2002, when she was “under the age of 17” (representing Cordero was her new—at the time—boyfriend/attorney, William Unroch).

Unfortunately, the case got thrown out when the court informed Cordero (yes, it informed her) that in 2002, she was over the age of 17, and, actually almost 19. For her part, Cordero said that she was “shocked” to find out how old she was.

As Barbie (née Ken) might say, “Math is hard! (And so am I.)”
(You can read the complete post over at DealBreaker.)
Jeffrey Epstein Accuser Attempting To Get It Right Second Time Around [DealBreaker]
Earlier: Lawsuit of the Day: Cordero v. Epstein
Cordero v. Epstein: She’s a Man, Man!

Maximilia Cordero Maximilian Cordero Jeffrey Epstein Dealbreaker Above the Law blog.jpgWhen we recently wrote about the case of Cordero v. Epstein, in which model Maximilia Cordero alleges that high-profile financier Jeffrey Epstein took advantage of her when she was underage, one of you wondered: “[H]ow many of [Cordero lawyer William] Unroch’s models do you think are really trannies?”
One possible answer: at least one. Namely, Maximilia Cordero herself — who allegedly was “born Maximillian Cordero in 1983.”
Read the original Dealbreaker post, which has a wealth of other details, over here.
For What It’s Worth, Jeffrey Epstein Has Been Known To Spend A Lot Of Time In Scotland [DealBreaker]
Earlier: Lawsuit of the Day: Cordero v. Epstein

Our colleagues over at DealBreaker have been extensively covering one heck of a lawsuit. It’s our Lawsuit of the Day, but it really ought to be our Lawsuit of the Week — it’s that good.

The defendant is wealthy New York financier Jeffrey Epstein, who already stands accused, in Florida state court, of sex crimes involving underage girls. This latest case is a civil action filed in New York. Here’s a teaser:

[W]e’re knee-deep into the latest sex suit against Jeffrey Epstein, brought by a girl who, at the time, was whatever the opposite of over eighteen is. This one’s from Maximilia Cordero [at right], an aspiring model, who claims that in 2000, Epstein lured her to his Upper East Side apartment on the promise that “he and his wealthy friends would help…with her modeling career.”….

Epstein, in order to quell the girl’s fears as to what people would think of her blowing a man old enough to be her father, swore that he “wouldn’t tell anyone.” Bet he’s wishing he’d gotten her to do the same! Ah, well, hindsight.

Then he came in her mouth and requested that she return with her “14, 15, and 16 year old girlfriends next time.”

More — ’cause you know you want it — after the jump.

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