Lawyer News
Today's Date: U.S. Attorney News Feed
Law firms follow money in credit mess
Headline News | 2008/02/10 22:44

First came the $211 billion in write-downs of subprime debt, now comes the legal bonanza. In the past four months, nearly 20 law firms have set up subprime practices comprising more than 500 attorneys, many of them in New York. Not since the savings and loan crisis two decades ago have so many law firms moved so fast to create a whole new discipline.

“It's a sea change,“ says Marvin Pickholz, the partner in charge of Duane Morris' month-old, 15-lawyer subprime practice group. “These problems are going to expand to such a dimension that it will consume vast amounts of lawyers' time.“

Among the first was powerhouse Greenberg Traurig, which has 1,750 lawyers. It began building what is now a 48-member group in August. Mintz Levin Cohn Ferris Glovsky and Popeo launched its 25-lawyer practice in December; Pepper Hamilton followed in February with its 70-member credit crisis response team. Many other firms, including Bryan Cave, are mulling plans for their own subprime groups.

At Bingham McCutchen, 65 partners make up a subprime practice that didn't exist two months ago. Such top firms often bill in the range of $600 to $800 an hour. Amy Kyle says she is already drawing additional lawyers from the 1,000-attorney firm and is open to hiring more legal talent.

“We'd be opportunistic,“ Ms. Kyle says.

At this point, firms seem to be running ahead of actual demand.

“A client told me that he got seven cold-calls last week from law firms offering their services in this area,“ says John Grossbart, partner at Sonnenschein Nath & Rosenthal and co-head of its 40-lawyer credit markets and subprime lending task force.

So far, much of the work has involved the investment houses that packaged and sold subprime debt. Law firms are being hired to sue or defend such companies as Citigroup, J.P. Morgan Chase, Merrill Lynch and Bear Stearns. The work will by necessity be spread to many firms, as the lawyers who advised banks in the creation of these instruments will face conflicts of interest and most likely be barred from participating.

Mr. Grossbart reports a rise in fraud actions as insurers and other institutional investors absorb huge losses from holdings in supposedly top-rated subprime debt. One of his clients, an insurance company, has been the target of six subprime-related lawsuits in as many months. “Frankly, that's a lot,“ Mr. Grossbart says.

A growing number of investigations launched by federal, state and local authorities have generated further demand. In recent weeks, the U.S. Attorney for the Southern District of New York has launched criminal probes of Bear Stearns and UBS; the Securities and Exchange Commission has begun formal inquiries into Merrill Lynch, UBS, Morgan Stanley and others; and the New York attorney general has subpoenaed Bear Stearns, Deutsche Bank, Morgan Stanley, Lehman Brothers and Merrill Lynch.



House, Senate Members Back DC Gun Owners
Headline News | 2008/02/08 11:50
Bipartisan majorities in both the House and the Senate are backing gun owners in a landmark Supreme Court case.

The court next month will hear arguments in a challenge to the District of Columbia's ban on handguns, the most important gun rights case at the Supreme Court in 70 years.

Fifty-five senators and 250 representatives have signed onto a brief that urges the justices to strike down the ban and assert that the Second Amendment gives individuals the right to own guns for their protection.

"The Supreme Court has the perfect case to affirm ... a Second Amendment right to own a gun for self-defense," Sen. Kay Bailey Hutchison, R-Texas, said at a Washington news conference Thursday.

Nine Democrats in the Senate and 68 in the House joined much larger Republican contingents in signing the brief, which is expected to be filed Friday.

The main issue before the justices is whether the Second Amendment protects an individual's right to own guns or instead merely sets forth the collective right of states to maintain militias.

The Bush administration also supports individual gun rights. But the administration said governments still may impose reasonable restrictions on gun ownership and asked the justices to send the case back to lower courts without deciding whether the handgun ban fails that test.

Hutchison and Sen. Jon Tester, D-Mont., who also signed the brief, agreed that some restrictions are valid but said the court should declare the handgun ban unconstitutional and set a clear limit beyond which governments may not go to restrict gun ownership.



CA high court plans to hear gay marriage arguments
Headline News | 2008/02/07 14:24

The California Supreme Court has set arguments in the legal fight over gay marriage for March 4, assuring that a ruling will be issued by June.

The state's high court will hear the legal challenge in San Francisco, where the battle over same-sex marriage first unfolded four years ago when Mayor Gavin Newsom temporarily issued marriage licenses to gay couples.

San Francisco city officials and civil rights groups have challenged California's ban on gay marriage, arguing that it deprives same-sex couples of the same legal rights as heterosexual couples.

A divided state appeals court in 2006 upheld the state ban on same-sex marriage, overturning a San Francisco judge who previously declared it unconstitutional. The state Supreme Court will be reviewing that appeals court ruling.

The justices must rule within 90 days of the arguments.



E. Coli Lawyer Is Busier Than Ever
Headline News | 2008/02/05 17:16
A girl fell into a 40-day coma after eating a bad Jack in the Box hamburger. Fifteen years later, she is still suffering ill effects. That doesn't bode well for a toddler who spent six weeks in the hospital in 2006 after eating E. coli-tainted spinach from California. But both have lawyer William Marler in their corner — and that's no small consolation. The Seattle-based Marler is the undisputed king of food poisoning litigation. He has made good money from bad food, ringing up more than $300 million in settlements for his clients in the rapidly growing legal field of food safety.

"There is a sense of complacency in the meat industry that believes, `Hey, we solved that problem and we don't have to watch it so much,'" says Marler, whose career has proved otherwise.

The Centers for Disease Control and Prevention estimates that food poisoning each year afflicts some 76 million Americans; 300,000 require hospitalization and 5,000 die.

Many victims end up hiring Marler, who took his first food poisoning case in 1993, during the Jack in the Box E. coli outbreak in the Pacific Northwest that sickened hundreds and killed four children.

"Bill was certainly at the right place at the right time entering the field of food safety litigation," says Caroline Smith DeWaal, who is in charge of food safety at the nonprofit Center for Science in the Public Interest in Washington. "I see him in kind of a private attorney general role."

Marler, 50, operates three dozen Web sites dedicated to food-borne illnesses. He is a tireless blogger on all things food safety and appears in front of federal and state lawmakers and regulatory boards. The license plate on his wife's Volkswagen reads ECOLI.

In all these cases, Marler has gone to trial just once, winning a $4.6 million verdict against a Washington state school district where 11 children got E. coli poisoning in the cafeteria.

Instead, he adroitly uses his sympathetic clients — and the media — to shame food producers into settling.

"I don't apologize for that," he says. "The publicity helps generate change."

The past year has been a busy one for Marler's six-lawyer firm, which has about 1,000 active cases in all 50 states. The clients typically pay their lawyers 25 to 35 percent of their settlements.

The targets of Marler's lawsuits include the Topps Meat Co., which recalled 21.7 million pounds of its hamburger patties in September — the second-biggest U.S. beef recall ever — then went out of business. When Cargill Inc. recalled 840,000 pounds of beef patties the following month, it brought more lawsuits by Marler.

He is also suing ConaAgra Foods Inc., which recalled its Banquet chicken pot pies and Peter Pan peanut butter last year after they were found to be contaminated with salmonella.

"He's a good lawyer and he does a fine job for his clients," says Leo Knowles, ConAgra's top lawyer. "He's passionate about food safety. At times he's a little bit overly dramatic, but I think he's genuine."

Marler continually implores the food industry to "put me out of business" by adopting more stringent safety procedures. He sent the lettuce industry a letter in 2006 in which he called on growers to stop using irrigation water contaminated with cattle and human feces, to wash fruits and vegetables more thoroughly, and to provide field hands with bathrooms.

"These steps will help make our food supply safer and will enable us to keep our most vulnerable citizens — kids and seniors — out of harm's way," he wrote. "And, with a little luck, it will force one damn trial lawyer to find another line of work."

Marler holds degrees from Washington State University and the Seattle University School of Law. He has no formal scientific training but has immersed himself in microbiology and DNA tracing, and his firm has a scientist on staff on whom he relies.

Marler handled about 150 cases from the deadly 2006 E. coli outbreak involving California spinach, settling roughly half those cases so far with companies such as Dole Foods. Among the clients whose cases are still unresolved is 3-year-old Ashley Armstrong of Indianapolis, whose kidneys were so damaged she will have to take medication for the rest of her life and will probably need a transplant, according to her mother.

He also has been settling dozens of cases against Taco Bell stemming from a 2006 E. coli outbreak that sickened 71 people in five states.

Marler fell into food safety litigation almost by accident.

Brianne Kiner, 9, of Seattle was the first among hundreds who fell ill in the Jack in the Box outbreak. Six lawyers trekked to her bedside during the six months she spent in the hospital, hoping to represent the family. The Kiners hired Marler, a young associate at a mid-size law firm who had never worked on a food case.

"I wanted a young, hungry lion," recalls Suzanne Kiner, Brianne's mother. "He was also the only one who looked at her and teared up."

Against all odds, Brianne survived and lives in a house bought with some of the $15.6 million Marler extracted from the restaurant chain for the Kiners. But Brianne, now 25, still suffers from high blood pressure and immune system damage that makes her prone to colds and flu.

"I call him Uncle Bill," the young woman says. "I think it's incredible what he did, and I'm very thankful that he helped me."

Marler says: "When I started doing the Jack in the Box case in 1993, I never dreamed that I would be doing this in 2008. Unfortunately, it never seems to slow down."



LACBA Seminar Focus: Class Actions
Headline News | 2008/02/04 11:18

Class Actions for Non-Class Action Lawyers is the title of a CLE seminar being offered by the Los Angeles County Bar Association (LACBA).

The program will take place on Thursday, February 21 from 9 a.m. to 5 p.m. at the LACBA Conference Center, 281 South Figueroa Street, Los Angeles. Registration begins at 8:30 a.m.

This program is designed for attorneys interested in helping individual and business clients understand when they have been victimized in a manner creating class-action claims, whether involving consumer-fraud schemes, price fixing or market allocations conspiracies, mass-tort injuries, or wage-and-hour schemes.

Speakers will include Alexander Barnett, The Mason Law Firm, LLP; Vincent J. Esades, Heins Mills & Olson, P.L.C.; Valerie G. Esch, Wells Fargo Bank; Gregg A. Farley, The Farley Firm, and Daniel R. Karon, Goldman Scarlato & Karon P.C.

For details on registration fees and available CLE credits, see the Bulletin Board on The Metropolitan Corporate Counsel website at www.metrocorpcounsel.com.



Lawmakers: Extend Energy Tax Breaks
Headline News | 2008/02/01 13:11
Unable to extend tax breaks as part of a broad energy bill two months ago, lawmakers are trying to attach some of them to an emergency economic aid package containing rebates for millions of taxpayers.

But that strategy may also falter when the Senate votes next week on the $193 billion economic stimulus bill that has been expanded over what already was approved by the House. Both President Bush and Senate GOP leaders have warned against adding to the House-passed bill.

But as it emerged this week from the Senate Finance Committee, among the items added was a string of energy tax credits aimed at helping people lower their heating and cooling costs and give a boost to wind and solar energy industries.

The efficiency measures — including tax credits for retrofitting homes with more energy efficient windows, insulation and furnaces — expired in December. The other tax breaks are set to die out at the end of this year. The economic package would extend all of the credits to the end of 2009.

Wind and solar industry lobbyists and energy efficiency advocates have pushed for the tax extensions, which have bipartisan support, but efforts to get them into the energy bill enacted just before Christmas failed because of an unrelated dispute over taxing large oil companies.

With lawmakers facing political pressure to respond to the threats of an economic recession, the stimulus package was seen as a way to prolong the energy tax breaks.

"The stimulus package should underscore the nation's commitment to energy efficiency and alternative energy," said Iowa Sen. Charles Grassley, the top Republican on the Senate Finance Committee, arguing for including the tax incentives, despite GOP leaders' opposition to adding to the $161 billion House bill.

Although the energy tax provisions would be extended only to the end of 2009, if they were to continue over 10 years the cost to the government would be $5.75 billion, according to the Finance Committee.

"Investors need certainty. They won't put their money out for a wind energy facility unless there's a reasonable expectation that tax incentives will continue into the future," said Grassley.

The bill includes incentives to spur production of wind farms, biomass energy plants and investments in solar energy plants. It also includes a tax break for making the most efficient appliances and for ultra-energy efficient residential and commercial buildings.

It also would provide tax credits up to $500 to reduce the cost of installing insulation, more efficient furnaces and windows in homes. Approved by Congress in 2005, these credits expired at the end of December just as consumers faced huge increases in fuel costs for winter heating.

The efficiency tax breaks, which would be reinstated for two years, can help to "combat spiraling home energy costs that are expected to average roughly $2,200 this year," said Kateri Callahan, president of the Alliance to Save Energy, an advocacy group.

Separate provisions aimed at manufacturers and builders would extend tax credits intended to develop the next generation of energy efficient appliances including clothes washers and refrigerators, and for constructing ultra-energy efficient commercial and residential buildings.

Renewable energy industries — wind, biomass and solar — have argued that longer term tax credits are essential to provide assurance to investors in wind turbines or biomass. The bill would extend tax credits for such electricity sources through 2009.

Wind energy grew by 45 percent last year, but continued growth has been jeopardized by the uncertainties over the production tax credit, said Greg Wetstone of the American Wind Energy Association.

"Investors are reluctant to make commitments until they know what the tax policy will be next year," said Wetstone, adding that enactment of the tax extension is "pivotal for one of the fastest growing sectors of the American economy."

The solar energy industry also has argued that certainty on tax policy is key to attracting investors.

"While the solar industry will continue to press for longer extensions (of tax breaks) for commercial and residential projects, this is a win for solar energy and for our economy," said Rhone Resch, president of the Solar Energy Industries Association.



[PREV] [1] ..[74][75][76][77][78][79][80][81][82].. [115] [NEXT]
   Lawyer News Menu
All
Lawyer Blog News
Court Feed News
Business Law Info
Class Action News
Criminal Law Updates
Employment Law
U.S. Legal News
Legal Career News
Headline News
Law & Politics
Attorney Blogs
Lawyer News
Law Firm Press
Law Firm News
Attorneys News
Legal World News
2008 Metrolink Crash
   Lawyer News Video
   Recent Lawyer News Updates
Hungary welcomes Netanyahu a..
US immigration officials loo..
Appeals court rules Trump ca..
Turkish court orders key Erd..
Under threat from Trump, Col..
Military veterans are becomi..
Japan’s trade minister fail..
Supreme Court makes it harde..
Trump signs order designatin..
US strikes a deal with Ukrai..
Musk gives all federal worke..
Troubled electric vehicle ma..
Elon Musk has called for the..
Elon Musk dodges DOGE scruti..
Trump White House cancels fr..
Trump order aims to end fede..
Federal Judge Blocks Trump’..
FOCUS - President Trump prop..
Supreme Court allows small b..
South Korea’s Yoon defends ..
   Lawyer & Law Firm Links
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Divorce lawyer rockville
familylawyersmd.com
© Lawyer News - Law Firm News & Press Releases. All rights reserved.

Attorney News- Find the latest lawyer and law firm news and information. We provide information that surround the activities and careers in the legal industry. We promote legal services, law firms, attorneys as well as news in the legal industry. Review tips and up to date legal news. With up to date legal articles leading the way as a top resource for attorneys and legal practitioners. | Affordable Law Firm Website Design