“In an effort to uphold the rule that the Masters of the Universe can pretty much get away with anything simply because they’re the Masters of the Universe (see, also: Jobs, backdating), a federal judge has ruled that Goldman cannot be included in a lawsuit by Fannie Mae shareholders.”
“[T]he SEC filed a lawsuit against a Hong Kong couple, Kan King Wong and Charlotte Ka On Wong Leung, accusing them of insider trading. The couple had purchased $15 million of Dow Jones shares prior to the May 1st announcement.”
They liquidated the position after News Corp.’s unsolicited offer to boy Dow Jones, for a tidy profit of $8.2 million. More details here.
3. In the Future of a Defamation Lawsuit, Dimon Is the Law. Here’s a teaser, concerning the lawsuits that are flying between Dow Chemical and a former executive and board member: “It’s the legal equivalent of a John Woo action scene.”
You can check out the full post here.
* Jerry Maguire is chockful of memorable quotations and yet I cannot think of a single relevant one. [Reuters]
* Cuba Libre! Each student, however, faces a potential $65,000 fine. [New York Post]
* A 7-year-old public enemy #1? Maybe on The Wire. [Racialicious]
* I love all of David Bowie’s past and present personas, including that of savvy businessman behind the so-called “Bowie Bonds.” Admittedly, my understanding of this securitization vehicle is on par with that of Major Tom’s. [Madisonian]
* Those who can’t sing/dance/pose, manage. And defraud. One has to wonder how long such a large man will be able to hide from authorities. [ABC News]
Little things matter in the legal profession. A typographical error can cost you $40,000. A misplaced comma can be worth hundreds of thousands.
And citing the wrong statute can lead to a nine-figure loss. From the AP:
Poorly written Justice Department documents cost the federal government more than $100 million in what was supposed to have been the crowning moment of the biggest tax prosecution ever.
Walter Anderson, the telecommunications entrepreneur who admitted hiding hundreds of millions of dollars from the IRS and District of Columbia tax collectors, was sentenced Tuesday to nine years in prison and ordered to repay about $23 million to the city.
But U.S. District Judge Paul Friedman said he couldn’t order Anderson to repay the federal government $100 million to $175 million because the Justice Department’s binding plea agreement with Anderson listed the wrong statute.
* With the advanced state of medical technology, it won’t be long before some pol subjects every pregnant woman to a recording of her fetus pleading, “Please, Mommy, don’t kill me!” [MSN]
* What on earth was he planning on doing with all that money? I’m thinking a tragic Gatsby-esque scenario. [ABA Journal E-Report]
* Did Craigslist receive a threatening phone call from the Starbucks legal department? I’ve never been a barrista, but even I could not help but shake my head in amusement and utter, “So true, so true.” [Starbucks Gossip]
* In law school, I stuck to those guys in the backrooms of dive bars, who lent me tuition money on a handshake. Now that’s honest business… Of course, now they’ve pimped me out to a law firm. [New York Times]
Legendary litigator Brendan Sullivan, who has been involved in some of the most high-profile cases of the past few decades, ensured his place in Bartlett’s when he quipped at the Iran-Contra hearings: “I’m not a potted plant.”
But despite not being a potted plant, Sullivan was unable to prevail against two of our former colleagues, Michael Martinez and Craig Carpenito, of the U.S. Attorney’s Office in New Jersey. Martinez and Carpenito, a pair of superb young lawyers, were given the daunting task of handling the third trial of former Cendant chairman Walter Forbes. Their triumph over Sullivan and his Williams & Connolly team is chronicled in a fascinating article by Andrew Longstreth in this month’s American Lawyer.
More discussion of the piece, with a few added comments from us, after the jump.
Every time we step away from our computer, big news breaks. Here’s a thread for discussion of the verdict in the Scooter Libby case.
We’ll update this post with comments and links as we read the coverage.
Okay, so here’s the Washington Post lede (which we like better than the NYT and AP ledes — it’s the most substantive and informative of the three):
A federal jury today convicted I. Lewis “Scooter” Libby of lying about his role in the leak of an undercover CIA officer’s identity, finding the vice president’s former chief of staff guilty of two counts of perjury, one count of making false statements and one count of obstruction of justice, while acquitting him of a single count of lying to the FBI.
It’s a big victory for special counsel Patrick J. Fitzgerald (a proud graduate of Regis High School, which is also our alma mater). It’s a blow for Libby’s two talented defense lawyers: Theodore V. Wells Jr., of Paul Weiss, and William Jeffress Jr., of Baker Botts.
(Random digression: Ted Wells was at Lowenstein Sandler in New Jersey for many years, before he was wooed to the other side of the Hudson. Bill Jeffress was previously at the super-elite boutique of Miller Cassidy Larroca & Lewin, which was acquired by Baker Botts.)
During his closing argument, Ted Wells broke down in tears. Now he has real cause for crying.
His client must be even more sad. Per the Post:
Under federal sentencing guidlines, Libby faces a probable prison term of 1 1/2 to three years when he is sentenced by U.S. District Judge Reggie B. Walton June 5.
Update: As one of you notes, sentencing guru Doug Berman thinks Libby’s sentence could go much higher. See here.
Libby reacted to the verdict stoically. Again from the Post:
As the jury forewoman read each guilty count in a clear, solemn voice, Libby was impassive, remaining seated at the defense table, gazing straight ahead and displaying no visible emotion. His wife, Harriet Grant, sat in the front row with tears in her eyes and was was embraced by friends. Later she hugged each of Libby’s lawyers.
* District Court can dismiss for forum non conveniens without first determining that it has personal jurisdiction. [U.S. Supreme Court (PDF)]
* No standing in Colorado Elections Clause case. [U.S. Supreme Court (PDF)]
* Supreme Court denies Ebbers appeal without comment. [CNN]
* Mo Money, Mo Lawsuits: Diddy sued for alleged assault at party. [AP via Yahoo!]
Fred Fielding, the former name partner of Wiley Rein & Fielding who is now settling in as White House counsel (for the second time), has brought in some reinforcements. They come from his former shop, Wiley Rein & Fielding (now known simply as Wiley Rein).
Three former Wiley Rein-sters, a partner and two associates, are joining Fielding over at the White House. They are:
1. Kate Comerford Todd (top right). This brilliant and beautiful member of the Elect (OT 2000/Thomas), whose husband is a current Supreme Court clerk (OT 2006/Alito), was a highly regarded young litigation partner at Wiley Rein.
Now Kate Todd is moving over to the White House. We’re uncertain of her seniority level over there (deputy level?). If you know, please enlighten us.
2. Amy Dunathan. Comerford will be joined by the similarly delicious Amy Dunathan (at right). Dunathan worked on the Hill before going to law school, so she’s a smart pick, given that the White House will be tangling quite a bit with the ascendant Democrats. She worked directly with Fielding on several projects during her time as a Wiley Rein associate.
3. Al Lambert. Lambert, also a former associate at Wiley Rein, brings a significant amount of experience in white-collar investigatory work — which will come in handy at the White House nowadays. Lambert worked extensively on the David Safavian case, as well as other white-collar matters.
Congratulations and good luck to Comerford, Dunathan, and Lambert!
P.S. We can’t find a photo of Al Lambert, which is why we don’t engage in any lip-smacking over him. Kathryn Comerford Todd bio [Wiley Rein via Google Cache] Amy F. Dunathan bio [Wiley Rein via Google Cache] Judge Throws Out Jury Verdict in Iraq Fraud Case [Wiley Rein]
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
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