Insider Trading

Morning Docket

Morning Docket: 04.08.16

* Professors at George Mason are outraged that administrators agreed to rename the law school after the late Justice Antonin Scalia without any input from the people who work or study there -- his opinions don't "reflect the values of our campus community." They're circulating a petition to denounce the name change, but thus far, none of its signatories are law professors. [NBC News] * "I would appreciate if we could keep things that are very serious here appropriately viewed that way." 50 Cent got yelled at by his bankruptcy judge because he brought his cellphone into the courthouse, took a picture of himself with a stack of fake cash, and posted it on Instagram. A motion to dismiss this wanksta is needed. [WSJ Law Blog] * SCOTUS will hear oral arguments on the appeal of securities fraud case Salman v. United States next term, and Eugene Ingoglia of Morvillo L.L.P. hopes the justices will provide some greater detail as to "what counts as a personal benefit." Let's just hope that they don't make insider trading's road any rockier. [DealBook / New York Times] * "The district court’s ruling errs in so many respects that it is hard to know where to begin.” You know that when an appellate holding begins with the prior statement, the trial judge is going to be in for a doozy of a benchslap. We'll have more on the First Circuit slapping around Judge Juan Pérez-Giménez (D.P.R.) later today. [BuzzFeed] * Jamie Wine, who was recently appointed as the chair of Latham’s global litigation and trial department, says even though L&W already has 610 litigators, she's looking to hire more of them in the firm's New York and London offices. If you think you want to lateral in, you should know you may be meeting with up to 50 partners. [Big Law Business] * Hiring for law school summer associates may be on the rise, but you shouldn't assume this means you'll automatically be able to land a job at a prestigious law firm. These firms tend to "put a high value on law school pedigree and grades," so if you happen to attend a lesser school, you'll need to be ranked very highly. [U.S. News & World Report]

By Staci Zaretsky
Morning Docket

Morning Docket: 03.30.16

* An odd order? Perhaps in an attempt to avoid yet another 4-4 split in a controversial case, SCOTUS justices have ordered parties on both sides of the contraceptive coverage battle in Zubik to file briefs describing how such coverage could be provided without religious groups having to put forth much effort to formally object. [Associated Press] * "It's mind bogglingly obvious, but often gets lost in the mix. Apart from checking there aren't any conflicts, clients are rarely put at the heart of these mergers." Go figure, but according to a new report by professional services consultancy Gulland Padfield, law firm mergers usually don't benefit clients in any way, shape, or form. [Am Law Daily] * It seems that Russian cybercriminal "Oleras" has hired hackers to break into the computer systems of 48 Biglaw firms so he can collect confidential client data and then trade on the stolen insider information. Thus far, he's been unsuccessful. Has your law firm been targeted? If you'd like to know, check the list here. [Crain's Chicago Business] * The NFL is so pissed that the New York Times recently published a story linking the league to the tobacco industry that it not only wrote a two-part rebuttal that was more than 3000 words long, but it also sicced Paul Weiss attorneys on the paper of record in search of a retraction, claiming that the story was defamatory in nature. [Yahoo! Sports] * "I will not go down. I want Bill Cosby in court." A Los Angeles judge has ruled that model Janice Dickinson's defamation case against Bill Cosby can move forward so that a jury can decide whether her allegations of rape are truthful, and further, whether a "liar" comment made by the comedian's ex-lawyer, Marty Singer, was defamatory. [Telegram]

By Staci Zaretsky
Morning Docket

Morning Docket: 03.11.16

* Hooray, this study says it's a great time to be a lawyer! According to career website Glassdoor, lawyers are the second-highest paid professionals in the country, with a median base salary of $144,500. See, everybody, you'll be able to pay off your six-figure law school debt in no time! You're probably rich! [Big Law Business / Bloomberg BNA] * John Oliver of "Last Week Tonight" trademarked the word "Drumpf" ahead of the humorous segment on his show, and he turned to Kenyon & Kenyon to get the job done. The comedian was apparently trying to keep it in the "Daily Show" family with his choice of legal representation -- as we've noted before, Kenyon's managing partner is Stephen Colbert's older brother. [Am Law Daily] * Here's a ranking that'll be useful for prospective law students and legal professionals who love being boastful: Which law schools have the highest percentage of graduates who pass the bar exam on the first try? You may legitimately be surprised by the placement of some of the law schools on this list. We'll have more on this later. [AL.com] * "The tone of the brief reads like an indictment." The Justice Department filed a pretty feisty response to Apple in its legal battle over the encryption of an iPhone belonging to one of the San Bernardino shooters. Apple's GC says the DOJ lawyers are now "so desperate" to get what they want that they've "thrown all decorum to the wind." [CNBC] * U.S. Attorney Preet Bharara of the Southern District of New York will have to face a lawsuit filed by David Ganek of Level Global Investors, once a $4 billion hedge fund, over allegations that the federal prosecutor's office filed a misleading affidavit and fabricated evidence as part of an insider trading probe that resulted in the fund failing. [Newsday]

By Staci Zaretsky
Morning Docket

Morning Docket: 02.19.16

* According to Harry Reid, Obama should have a Supreme Court nominee within the next three weeks. As everyone knows, the senior Senator from Las Vegas sets the official line on these things. [Huffington Post] * Cravath people bitching about their jobs is now the leading cause of insider trading. [Law360] * Students using the moniker of "Reclaim Harvard Law School" have occupied the student center to protest the school's continued use of the family crest of a slave trader and the lack of faculty diversity. I'd be sympathetic, but it was Harvard's terrible diversity policy that brought some of my favorite professors to NYU Law so it worked out pretty well for me. [Daily Princetonian] * Sir Nigel Knowles is stepping down as the global co-chair of DLA Piper. I would say it's time to relax and take a cruise, but that sounds like work for DLA Piper people. [Am Law Daily] * The ABA has pulled out of its joint venture with Rocket Lawyer to provide a cheap initial consult service. [Am Law Daily] * Hey, hey, hey. Lawyer claims that Bill Cosby comes off as a bully for suing his accuser. [Associated Press via Trib Live] * The ACLU is challenging a Kansas voter suppression law requiring proof of citizenship. Seems like now is a good time to bring that case. [New York Times]

By Joe Patrice
Morning Docket

Morning Docket: 02.09.16

* Demand for corporate work may be down, but that's not stopping senior Biglaw partners from ramping up their hourly billing rates. Partners at some firms have rates that exceed $1,400 per hour. They're not making it rain, they're making it monsoon! [WSJ Law Blog] * No law license, no pretty huge problem: Pennsylvania Attorney General Kathleen Kane's license to practice law is still suspended, so the state Senate has scheduled a historic vote for her removal. For her part, Kane, of course, thinks this is "unwarranted and unconstitutional." [PennLive.com] * Herbert Sudfeld Jr., an ex-partner at Fox Rothschild, was convicted of insider trading. He'd apparently eavesdropped on discussions related to a firm merger client and purchased stock based on what he'd overheard. [Legal Intelligencer via ABA Journal] * Washington & Lee Law settled a suit filed by a former student who claimed he was dismissed as a result of a campus judicial proceeding because he was accused in a sexual assault case. The terms of the deal won't be disclosed. [Richmond Times-Dispatch] * When your firm's founding partners have been disciplined by the state Supreme Court a few times too many, you should probably hurry up and change the firm's name to something kooky like LawyerASAP to distract your existing clients. [Orlando Sentinel]

By Staci Zaretsky
Morning Docket

Morning Docket: 11.13.15

* Steven Metro, an ex-managing clerk at Simpson Thacher who was accused of passing insider info about mergers and other business transactions to his law school buddy in a $5.6 million insider trading scheme, has pleaded guilty. He faces up to 20 years in prison. [Reuters] * Remember Keila Ravelo, the Willkie Farr partner who allegedly stole millions from that firm and her prior firm, Hunton & Williams? It turns out her involvement in the $5.7 billion MasterCard/Visa antitrust settlement could ultimately become its kiss of death. [Big Law Business / Bloomberg] * Chief Judge Morrison England (E.D. Cal.) says he and his colleagues are incredibly overworked, sometimes putting in more than 80 hours per week. It's too bad it doesn't make a difference -- the court is at a "crisis point" in its backlog of cases. [WSJ Law Blog] * Last summer, a federal judge ruled the death penalty was unconstitutional in California because an appeals process with the "slight possibility of death" was cruel and unusual. Here's a real shocker: the Ninth Circuit overturned the decision. [New York Times] * Embattled Pennsylvania AG Kathleen Kane is well past the point of having 99 problems, but there's no end in sight. Former prosecutors have filed suit against her, alleging she retaliated against them for exposing her alleged criminal misdeeds. [Tribune-Review]

By Staci Zaretsky
Morning Docket

Morning Docket: 10.23.15

* Any day Cadwalader can avoid damages in a huge, multimillion-dollar malpractice case is a great day. Yesterday, the New York Court of Appeals dismissed a never-ending suit filed against the firm by a former client over a failed commercial mortgage-backed securitization. Phew! [Big Law Business / Bloomberg BNA] * Say hello to Northwestern Pritzker Law: In case you missed it, Northwestern Law recently received a $100 million donation, the largest single gift ever made to a law school. For that much money, you're damn right the school has a new name. [Chicago Tribune] * This must've been a huge blow to his ego... U.S. Attorney Preet Bharara had to dismiss insider trading charges against seven defendants thanks to a Second Circuit decision that made it harder to prosecute certain financial crimes. [DealBook / New York Times] * Charleston Law fired back against professors who sued the school by saying in its answer it wouldn't be in such dire straits if they hadn't "sabotaged the transfer of the school to InfiLaw." Take that back, they did a good deed. [Charleston Regional Business Journal] * "Sorry, not sorry, narcs," says Judge Breyer. Earlier this week, a California judge informed the DEA that it needed to stop harshing medical marijuana patients' mellows by shutting down medical pot dispensaries that were operating within state laws. [TIME]

By Staci Zaretsky
Morning Docket

Morning Docket: 09.25.15

* Why are so many law grads failing the bar exam? Law profs, a law dean, and a Biglaw recruiting specialist all have answers to this question... and only some of them come close to being satisfactory. [Room for Debate / New York Times] * Jurors in the Dewey & LeBoeuf trial have deliberated for five days thus far, and seem to be no closer to coming to a verdict than when they first started. They're quibbling over thesaurus entries for the word "fake" (i.e., "fake income"). [Am Law Daily] * Thanks to the OnRamp Fellowship, more women lawyers are making a reentry into the legal profession through Biglaw firms than ever before. Participating firms now include Skadden Arps and MoFo, amongst others. Congrats! [Big Law Business / Bloomberg BNA] * Law school enrollment may be stagnant across the country, but at Colorado Law, it's booming. The size of the school's incoming class is 22 percent larger than last year's was. What can we say other than students were sTOKEd to get in. [Boulder Daily Camera] * If you're ever fired from your job, charged with insider trading, and the SEC wants access to your work phone, take heart in the fact that your personal passcode is just that -- personal. The SEC can't treat it as a business record thanks to this ruling. [WSJ Law Blog] * Richard Cudahy Sr., longtime Seventh Circuit judge, RIP. [Milwaukee Journal Sentinel]

By Staci Zaretsky
Non-Sequiturs

Non-Sequiturs: 08.26.15

* District Judge Henry Wingate suspends Mississippi's death penalty. The full written decision is expected later this week. [BuzzFeed] * Wondering why Roger Goodell is taking a hardline over Deflategate? He's just acting like any good dictator and securing his power. [Washington Post] * Trying to get bail set in a massive insider trading case? It helps if you've got God as a character reference. [Dealbreaker] * Of all the dumb, stupid, obvious, %^$*#, frustrating AF horse hockey. Alabama is in the process of closing 45 out of 49 DMVs around the state. For the uninitiated: Alabama passed a strict voter ID law in 2011 and now there's this new barrier to getting the proper identification. I guess it isn't a stretch to pencil in Alabama as red in 2016. [Daily Kos] * In less depressing news, read contemporary coverage of the passage of the 19th Amendment. [The Nation] * ... And right back to the depressing: a commenter places the blame for a lack of women lead counsel squarely with clients. Oh good, I was afraid for a minute that the legal industry might actually have to do something about gender issues. [What About Paris?] * Rest in peace, Amelia Boynton Robinson. The civil rights activist died today at age 104. Best known for her fight for voting rights in the 1965 "Bloody Sunday" march, she was portrayed by Lorraine Toussaint in the movie Selma. [WTOP]

By Kathryn Rubino