Posts on ‘September 1st, 2009’
Federal Judge Agrees AIG Failed to Prove Breach of Trust by Greenberg
A federal judge has agreed with a jury’s advisory verdict that a private investment firm headed by former American International Group Chairman and CEO Maurice “Hank” Greenberg did not commit a breach of trust against the insurance giant. Southern District of New York Judge Jed S. Rakoff said an alleged oral contract by Starr International Co. Inc. to hold in trust AIG stock for AIG’s benefit was unenforceable. “‘Put it in writing’ is the law’s way of saying ‘get serious,’” Rakoff wrote.
Chevron Accuses Ecuadorean Judge of Taking Bribes in Mammoth Tort Case
The decades-long legal battle between Chevron and Ecuador took yet another dramatic turn on Monday when the company announced that it has videotapes revealing a $3 million bribery scheme implicating the judge overseeing a multibillion-dollar civil suit filed against the company by indigenous residents of the country’s Amazon Basin. The company posted two hours worth of videotaped conversations on a Web site dedicated to telling Chevron’s side of the story in the case, along with a letter to Ecuador’s prosecutor general.
Three New Web Sites Target Legal Pros
Attorney Robert J. Ambrogi reviews three noteworthy new Web sites that target legal professionals. The first is a networking site for lawyers and other professionals. The second helps manage legal transactions. The third is an information hub for corporate legal resources. Take a look.
Summer Slots Dry Up, but Firms Still Uncertain How Deep Cuts Will Go
With their on-campus interviews largely wrapped up, law firms are sorting through resumes to choose the select few who will get offers to fill the diminishing number of summer associate slots. Exactly how reduced firm hiring will be is unclear. Students are largely realistic about the job market. Lawyers and students report that questions during on-campus interviews have focused much less on the perks of summer programs. In the words of one partner conducting interviews, “There’s not a cocky one in the bunch.”
Broadcom Settles Stock Options Backdating Claims for $118 Million
Broadcom Corp. has agreed to pay $118 million to settle allegations of stock options backdating, in the second-largest such deal in a derivative action to date, according to plaintiffs counsel. The proposed deal involves several current and former officers and directors of Broadcom, including former general counsel David Dull. The defendants have denied wrongdoing under the proposed settlement, which, if approved, would stay shareholder claims in a related class action against Broadcom.