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Lawyers compete for big payoff, control in BP case
Headline News |
2010/10/07 15:37
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pMore than 100 lawyers are battling for the biggest chunks of what is likely to be a multibillion-dollar settlement for Gulf of Mexico oil spill victims, jockeying for spots on the elite team that will control the plaintiffs' cases./ppA judge will pick 12 to 15 lawyers to take the lead in lawsuits against BP PLC and other companies filed by thousands of fishermen, restaurateurs, hotel operators, property owners and many others over the worst offshore oil spill in U.S. history./ppCompetition is fierce: The candidates include a former Cabinet secretary and the lawyer who represented Al Gore in the 2000 presidential recount case. The team could get up to 15 percent of a multibillion-dollar settlement from more than 300 lawsuits that have been consolidated in New Orleans federal court. And that's on top of the typical 30 percent fee that lawyers charge their individual clients./ppThis is a very lucrative position, said Brian Fitzpatrick, a Vanderbilt University law professor who has studied how attorney fees work. You not only control the case but you get a big percentage off the top. This will attract all the big fish./ppApplications from 112 attorneys have been filed with U.S. District Judge Carl Barbier, who will announce his choices in the coming weeks. Top trial lawyers from around the nation are represented, many of them veterans of similar high-profile cases such as Toyota's sudden acceleration problems and the troubled painkiller Vioxx.
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Genzyme board rejects Sanofi $69-a-share offer
Topics |
2010/10/07 10:37
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pBiotech firm Genzyme Corp. on Thursday said its board of directors has rejected Sanofi-Aventis SA's $69 per share offer and has recommended that Genzyme shareholders do not sell their shares to the French drugmaker./ppGenzyme, based in Cambridge, Mass., said its board voted unanimously to reject the unsolicited offer./ppThe move comes three days after Sanofi-Aventis, the world's fourth-biggest drugmaker, initiated a hostile takeover attempt for Genzyme, escalating a three-month battle to acquire the maker of lucrative drugs for rare genetic disorders./ppSanofi, based in Paris, initially made the $69 offer privately in July, then repeated it publicly in late August, but was rebuffed by Sanofi's board twice./ppAs before, Genzyme said Thursday that the $69 price was too low./ppSanofi-Aventis spokesman Jack Cox said he could not immediately comment on the Genzyme announcement./ppGenzyme shares jumped late in the day, rising 61 cents to $72.36 a share in regular trading, as traders apparently expected that Sanofi would be forced to raise its offer. In after-hours trading, shares jumped another 64 cents, to $73./ppIn a press release, Genzyme said the price is inadequate and opportunistic, substantially undervalues the company, fails to recognize the company's plan to increase shareholder value, and is not in the best interests of Genzyme or its shareholders.
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Reed Smith considering merger with Texas firm
Marketing |
2010/10/04 08:57
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pPittsburgh-based Reed Smith, which has 150 lawyers in Philadelphia, is in early merger discussions with Dallas-based law firm Thompson amp; Knight, both firms confirmed Friday to the Pittsburgh Business Times./ppWe are in preliminary merger discussions with Texas-based Thompson amp; Knight, said Reed Smith Managing Partner Greg Jordan in an e-mail. “The discussions are preliminary and no final agreement or partner vote has been reached or taken.”/ppReed Smith has more than 1,500 lawyers, while Thompson amp; Knight has about 350 lawyers with a focus on the energy industry, including oil and gas, Jordan said./ppBecky Jackson, chief client services officer at Thompson amp; Knight, offered the following statement in an e-mail:/pp“In today’s legal environment, Thompson amp; Knight’s historical presence in Texas and our outstanding energy expertise are sought after by firms. For several years, we have regularly received inquiries regarding possible mergers. We have had preliminary conversations with Reed Smith, and they are obviously a great firm, but it is premature to characterize these discussions in any detail.”/ppUnder Jordan’s decade-long tenure, Reed Smith has grown from a Pittsburgh-centric 500-lawyer firm to an international firm three times the size through a series of major mergers and acquisitions. In 2001, the firm acquired 60-lawyer Warner Cranston of London. In January 2003, it acquired California’s 220-lawyer Crosby Heafey Roach amp; May. In 2007, the firm merged London’s 250-lawyer Richards Butler and 140-lawyer Sachnoff amp; Weaver of Chicago. And in January 2008, Reed Smith acquired 110-lawyer Richards Butler Hong Kong and 55 lawyers from New York’s Anderson Kill amp; Olick.
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Armstrong Teasdale LLP New Associate Announcement
Legal Focuses |
2010/10/04 08:56
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pArmstrong Teasdale LLP announces the addition of attorney Angie Fletcher as an associate in the St. Louis office. Fletcher is a member of the Corporate Services practice group and focuses primarily on securities, corporate governance, and commercial and general business law. /ppSupporting growing and mature businesses, Fletcher guides clients in securities law compliance, Exchange Act reporting, mergers and acquisitions, internal restructuring and general commercial contracting. She also develops social responsibility programs for businesses and their employees to be better involved in the community./pp“Angie shares the firm’s vision of delivering value and innovative service,” says David Braswell, leader of the firm’s Corporate Services practice group. “Her past corporate experience and client relationships will be invaluable as we continue to grow and diversify the practice.”/ppPreviously serving as corporate counsel for a Fortune 500 company in the energy sector and for a leading producer of plastic sheet, compounds and packaging products, Fletcher has the experience and ability to provide practical, cost-effective and business-oriented approaches to her clients when solving routine and complex issues. /ppFletcher earned her J.D. with a concentration in Business Transactional Law from Saint Louis University School of Law in 2008. She received her B.A. in history and political science, cum laude, in 2003. Fletcher is licensed in Missouri and a member of The Missouri Bar, The Bar Association of Metropolitan St. Louis and the Society of Corporate Secretaries and Governance Professionals./ppAbout Armstrong Teasdale: Armstrong Teasdale LLP, with nearly 235 lawyers in offices across the U.S. and China, has a demonstrable track record of delivering sophisticated legal advice and exceptional service to a dynamic client base. Whether an issue is local or global, practice area specific or industry related, Armstrong Teasdale provides each client with an invaluable combination of legal resources and practical advice in nearly every area of law. For more information, please visit a href=http://www.armstrongteasdale.com/font color=#336699www.armstrongteasdale.com/font/a.
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New Supreme Court term opens with Kagan aboard
Law Firm News |
2010/10/04 03:55
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pThe Supreme Court is starting its new term with a new justice, Elena Kagan, and bad news for hundreds of parties trying to get their cases heard at the nation's highest court./ppThe justices are expected to start work Monday by denying many of the nearly 2,000 appeals that piled up in recent months. The court also is hearing argument in a bankruptcy dispute and an appeal by criminal defendants seeking shorter prison terms./ppDuring the new term, the court will look at provocative anti-gay protests at military funerals and a California law banning the sale of violent video games to children. These cases worry free speech advocates, who fear the court could limit First Amendment freedoms./ppThe funeral protest lawsuit, over signs praising American war deaths, is one of those cases that tests our commitment to the First Amendment, said Steven Shapiro, legal director of the American Civil Liberties Union./ppAnother case involves a different aspect of the First Amendment, the government's relationship to religion. The justices will decide whether Arizona's income tax credit scholarship program, in essence, directs state money to religious schools in violation of the constitutional separation of church and state./ppUnder Chief Justice John Roberts, marking his fifth anniversary on the court, and with the replacement of Justice Sandra Day O'Connor by Justice Samuel Alito, the court has been more sympathetic to arguments that blur the line between government and religion, as long as one religion is not favored over another.
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Abraham, Fruchter Twersky, LLP
Law Firm News |
2010/09/27 04:35
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pAbraham, Fruchter amp; Twersky, LLP announces that it has been retained to file a class action law suit on behalf of purchasers of Duoyuan Printing, Inc.stock between November 6, 2009 through September 13, 2010, including purchasers of the Company's November 6, 2009 initial public offering of common stock. /ppThe Complaint alleges that throughout the Class Period, defendants failed to disclose (1) that the authenticity of certain of the Company's expenses related to advertising and tradeshow costs could not be verified; (2) that the Company had improper relationships with certain vendors and distributors; and (3) that the Company lacked adequate internal and financial controls. As a result, the Company's financial statements were materially false and misleading at all relevant times. /ppOn September 13, 2010, Duoyuan Printing disclosed that the Company dismissed its independent registered public accounting firm, Deloitte Touche Tohmatsu CPA Ltd., and was reorganizing its top management in connection with Duoyuan Printing's desire to resolve open issues and file our 10-K on a timely basis. Moreover, the Company's Chief Executive Officer, Chief Financial Officer and four members of the Company's Board of Directors resigned after the dismissal of Deloitte. In a reaction to the Company's revelations, Duoyuan Printing securities declined $3.60 or more than 54% and closed at $2.99 on September 13, 2010. /ppIf you purchased Duoyuan Printing common stock during the Class Period of November 6, 2009 through September 13, 2010, and you wish to serve as lead plaintiff in this action, you must move the Court no later than November 19, 2010. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. /ppIf you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter amp; Twersky, LLP at (800) 440-8986, or via e-mail at a href=mailto:info@aftlaw.comfont color=#000000info@aftlaw.com/font/a or a href=mailto:achen@aftlaw.comfont color=#000000achen@aftlaw.com/font/a. /ppAbraham, Fruchter amp; Twersky, LLP has extensive experience prosecuting securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
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