Citibank

Morning Docket: 09.06.12

* Dewey know if Citibank is planning to sue other former D&L partners over their capital contribution loans? According to one court document filed by Luskin Stern & Eisler, the bank’s counsel, the fun has just gotten started. [Am Law Daily] * Unlike the voter ID laws in Texas and South Carolina, the Department of Justice has approved New Hampshire’s law of the same ilk. Apparently hippies from the “Live Free or Die” state are incapable of discrimination against minorities. [CNN] * Arizona, on the other hand, can discriminate against minorities all the live long day — for now. A federal judge ruled that the “show me your papers” provision of S.B. 1070, the state’s strict immigration law, may be enforced. [Bloomberg] * The latest argument raised in the case over the Mongolian Tyrannosaurus Bataar skeleton is that the bones are actually a “Frankenstein model based on several creatures.” This movie is getting boring. [WSJ Law Blog] * “[T]he state of New York doesn’t get to be a dance critic.” We’re sure that any man would gladly tell the New York Court of Appeals that lap dancing is a form of art, but should it enjoy a tax exemption? [Associated Press]

Dewey Collude With Citi To Screw Individual Partners?

A former Dewey partner alleges that the firm and Citibank worked together to improve the firm's cash position at the expense of individual partners.

Morning Docket: 09.03.12

Ed. note: Due to the Labor Day holiday, we’ll be on a reduced publication schedule today. We’ll be back to normal tomorrow. A restful and happy Labor Day to all! * The lone ex-Dewey partner who was sued by Citibank for defaulting on his capital loan is fighting back, claiming that he was “fraudulently induced” into signing up for the plan even though the bank knew that the S.S. D&L was sinking. [Reuters] * If you’re trying to avoid additional questions being raised about your alleged bad behavior, a resignation amid scandal isn’t the way to do it. Suzanne Barr, the ICE official accused of running a federal “frat house,” has quit her job. [New York Daily News] * A federal judge taught the members of the Louisiana Supreme court that the year 1994 did, in fact, occur before the year 1995. Justice Bernette Johnson will now ascend to the rank of chief justice. [Times-Picayune] * Because we’re all a little hopeless these days: given the bleak realities of our economic situation, perhaps it’s finally time to change the standard for a discharge of student loan debt in bankruptcy. [New York Times] * “The groups that attempt to rank schools are involved in a lot of hogwash.” Even if that’s the case, people are still going to care about the University of Illinois’s rankings nosedive after the Paul Pless to-do. [News-Gazette] * Don’t be scared by the absurd tuition rates or the abysmal job prospects, because law school is still a great investment for African-Americans — and for law schools in search of diversity, too. [National Law Journal] * “[T]hat a lawyer would take this kind of case is shocking.” Sadly, it’s not. Angelica Marie Cecora, the alleged escort who filed a $5M suit against Oscar de la Hoya, now has to pay all of his legal fees. [New York Post]

Non-Sequiturs: 08.30.12

* ‘Unprecedented’ cheating at Harvard. Nice to know that Ted Kennedy’s spirit is alive and well in Cambridge. [Harvard Crimson] * Court accidentally posts secret settlement. That’ll teach these courts from keeping secrets. [Boston Globe] * Here is an appropriate response to a law firm brochure. [Lawprofblawg] * Former News of the World lawyer arrested. […]

In Praise of Partners’ Prudence: Why the Lack of Spring Bonuses May Have Been a Good Thing

Most major law firms didn't pay spring bonuses this year -- and maybe that was a good thing, given the warning signs ahead for Biglaw.

Dewey Violate Rule 10b-5? A Detailed Look at the Firm’s 2010 Offering Memorandum

Was the offering memo for Dewey & LeBoeuf's 2010 private placement materially misleading? And what does the document reveal about the firm's finances?

Dewey Have Good News To Report? Quite Possibly

LeBoeuf is not yet done. What's the good news cooking over at Dewey & LeBoeuf?

Dewey Have A Shot Of Working Out A Rescue Plan — Before The Loans Come Due?

When are Dewey's debts due? And can the firm figure out a rescue plan before that date?

Dewey Have Enough Money To Use FedEx?
(Plus more potential defections, and bankruptcy planning.)

Is it true that FedEx is banned at Dewey? Which D&L partners might be heading for the door next? And what's all this talk about bankruptcy protection?

Moscow and the Middle East: Dewey Have A Problem?
(Plus more about Dewey’s loan covenants.)

Dewey might be closing some of its foreign offices. Which overseas outposts are on the chopping block? And which rival firms might pick up the pieces?

Benchslap of the Day: Second Circuit Rebukes Rakoff

What did the Second Circuit have to say about Judge Jed Rakoff's rejection of the SEC's settlement with Citigroup? Let's say they're not huge fans of his legal analysis.

Biglaw Starts To Manage Expectations About Bonuses

The first bit of bonus news has leaked out of Biglaw. We're not talking about spring bonuses, and we're not talking about random mid-year bonuses. We're talking about regular, end-of-the-year, take-it-to-the-champagne-room bonuses. And sure, the early news is bad, but that's to be expected. This first report is just what Biglaw wants you to hear. But if the past year in bonus news proves anything, it's that Cravath sets the bonus market, even when they do it late....

Non-Sequiturs: 08.16.11

* I know we’re a little tight for money, but we should find some money in the budget to make sure faded American stars are bailed out of the housing crisis, just like the banks were. [Monsters & Critics] * Illinois’s redrawn legislative districts draw legal fire. I have an idea: let’s use Illinois as […]

Dead Firm Billing: Howrey Going to Keep Doing Business?

Although it officially passed away back in March, when its partners voted for dissolution, the law firm of Howrey LLP continues to twitch in its grave — or maybe even step out of its grave and walk around a bit, like a zombie from a horror flick. Howrey continues to have a presence on Twitter, […]

Hackers Probably Stole Your Email Address Last Weekend

Raise your hand if you are a JPMorgan Chase customer. Now raise your hand if you’ve shopped at Best Buy. How about Citibank, Target or Walgreens? Has everybody in the world raised their hands yet? Congratulations — your email address may have been stolen. There was a data breach at Epsilon, a Texas-based marketing firm, […]