Posts on ‘April 1st, 2009’

On Monday, New York federal Judge Lawrence McKenna dismissed a class action accusing UBS of manipulating the market for auction-rate securities. In his 17-page ruling, McKenna essentially concluded that because UBS had already bought back the auction-rate securities it marketed under an agreement with several state attorneys general, the plaintiffs had no damages case. But co-lead plaintiffs counsel Daniel Girard of San Francisco’s Girard Gibbs says he’s not giving up on the auction-rate securities litigation.

More than 200 creditors have filed a total of more than $450 million in claims against the now-defunct Dreier law firm, according to court papers. Listed on the claims register are several hedge funds allegedly defrauded by Marc S. Dreier, including Eton Park Capital Management, which seeks more than $84 million, and Fortress Credit Opportunities I, which filed a $61.9 million unsecured claim. Former Dreier contract partners also have lined up to recoup money from the estate.

A federal appeals court has dismissed the bulk of a $100 million tort suit against Cessna Aircraft Co., represented by Gibson, Dunn & Crutcher, on the ground that Italian courts have jurisdiction. The 11th Circuit ruled per curiam to uphold dismissal of 69 of 70 plaintiffs in the case, families of the victims of a 2001 airplane crash in Milan, Italy. The one remaining plaintiff is the family of the single U.S. citizen killed in the crash between the private Cessna plane and a Scandinavian Airlines jet.

A judge’s refusal to give post-judgment relief to a Turkish family who defrauded Motorola and Nokia of more than $2 billion has been upheld by the 2nd U.S. Circuit Court of Appeals. Finding the Uzan family’s request for a partial “set-off” on $3 billion in damages to the companies set a new standard for “chutzpah,” the circuit upheld New York federal Judge Jed S. Rakoff’s decision to deny relief. In a decision by Judge Jose A. Cabranes, the panel said it had seen enough of the Uzans over the years.

Hartford, Conn.-based Robinson & Cole, which added to its attorney ranks during a busy 2008, announced Tuesday that it is laying off 30 people across its Northeast offices, including 11 attorneys. John B. Lynch Jr., named as Robinson & Cole’s managing partner last week, noted that the firm’s summer associate and incoming fall associate classes for 2009 will not be affected.

Locke Lord Bissell & Liddell laid off associates, counsel and staff for economic reasons Tuesday, affecting all 13 offices, according to the firm’s chairwoman, Jerry Clements. She declined to give a headcount but said no partners were laid off, nor were any de-equitized or changed to counsel status. Clements said real estate and finance were the hardest hit practice areas. The firm is also pushing back fall associates’ start date to January.

A case argued Tuesday at the Supreme Court, involving a “mixed-motive” age discrimination claim, is complex enough to make anyone’s head spin — including the head of Carter Phillips, Sidley Austin’s Supreme Court veteran, one of the best in that small universe of skilled advocates. During an intense half-hour at the lectern, Phillips managed to address Justice Stephen Breyer as “Justice Ginsburg,” not long after he had attributed an opinion of retired Justice Sandra Day O’Connor to … Justice Ginsburg.