Posts tagged as:

accounting

July 14 roundup

by Walter Olson on July 14, 2012

  • Does new Obama directive gut 1996 welfare reform law? [Mickey Kaus ("in 2008, Barack Obama didn’t dare suggest that he wanted to do what he has done today"), Bader]
  • Ringling Bros. v. animal rights activists: court throws out champerty claim, allows racketeering claim to proceed [BLT]
  • Iqbal, Twombly, and Lance Armstrong [DeadSpin, Howard Wasserman/Prawfs and more]
  • Abuse claims: “Retain the statute of limitations” [New Jersey Law Journal editorial] Insurance costs squeeze NYC social services working with kids, elderly [NYDN]
  • Court upholds sanctions vs. “staggering chutzpah” copyright lawyer Evan Stone [Paul Alan Levy, Eugene Volokh, earlier here and here]
  • Court says board members of NYC apartment co-ops can be sued personally over alleged bias [Reuters]
  • “FASB retreats from disastrous litigation disclosure requirement proposal” [Alison Frankel, Reuters via PoL, earlier]

A much-criticized scheme to require businesses to disclose details of their litigation exposures is on hold for now. [Cal Biz Lit; earlier here, here, etc.] More: Carter at ShopFloor.

August 26 roundup

by Walter Olson on August 26, 2010

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Bruce Nye at Cal Biz Lit finds the notion of requiring companies to assess, explain and quantify their litigation exposures, and then put the results up on the internet for opponents to peruse, “not helpful. Not helpful at all.” [earlier at Point of Law] Much more from Beck at Drug and Device Law.

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June 30 roundup

by Walter Olson on June 30, 2010

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A week ago I briefly noted that now-imprisoned securities class action king Mel Weiss appeared on the list of Bernard Madoff victims (163-pp. PDF courtesy WSJ, via Christopher Fountain) and observed how ironic it seemed that someone who made great claims to expertise in sniffing out stock fraud should have been taken in by it.

According to correspondence from New York securities lawyer (and longtime Weiss critic) Howard Sirota, however, there might be to the story than that:

I wouldn’t be so quick to jump to the conclusion that Mel Weiss [fouled] up investing with Madoff.

Weiss’ wife and son Stephen A. Weiss invested with Madoff, as did [Milberg Weiss partners] David Bershad and Pat Hynes.

In addition, convicted serial Milberg plaintiff Howard Vogel invested with Madoff.

Buchbinder Tunick, Milberg’s accountants and ironically Milberg’s principal forensic accounting experts, appear on the list, although the entries may be clients of the Buchbinder firm.

Class action firms Wolf Popper and Wolf Haldenstein also appear.

Sirota believes that other persons and entities on the Madoff victims list have also served as lead plaintiffs in securities litigation or as plaintiffs in other litigation handled by class-action firms. All of which could be mere coincidence, or could suggest that either Madoff himself or others in his circle might have played some role in funneling lead plaintiffs to the class-action bar. (Particularly in the “race to the courthouse” era that preceded the Private Securities Litigation Reform Act, having a stable of cooperative repeat plaintiffs was vital to the success of many plaintiff’s firms.)

One way to check this thesis, Sirota suggests, would be to check the names on the Madoff victims list against those on the list of plaintiffs maintained by the Stanford Law School securities class action clearinghouse to see whether there are any other noteworthy matches and if so whether they follow any particular pattern. He also asks whether some of the law firms that have been organizing task forces to recruit and represent plaintiffs in the Madoff scandals — they include the Milberg firm and Wolf Haldenstein — have adequately disclosed to potential clients in their literature that their firms’ own names figure on the Madoff victims list. More: Gary Weiss, Larry Ribstein.

Further: Yet more views. And in comments, a visitor says Wolf Haldenstein is on the list because clients of the firm invested with Madoff, not because the firm itself did.

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August 19 roundup

by Walter Olson on August 19, 2008

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There’s a fairly big controversy under way about a proposed FASB (Financial Accounting Standards Board) standard that would require public companies to provide much wider disclosures of where, how and by whom they are being sued or might be sued in the future, and to attach dollar signs to the possible exposures. I’ve got a write-up at Point of Law.

June 29 roundup

by Ted Frank on June 29, 2008

  • New FASB regulation may provide fodder for trial lawyers: publicly disclose your internal analysis of liability (thus giving away crucial settlement information and attracting more lawsuits), and/or face lawsuits when your disclosure turns out to be incorrect. [CFO.com; CFO.com; NLJ/law.com ($); FASB RFC]
  • NBC settles a “You-made-me-commit-suicide-by-exposing-my-pedophilia” lawsuit. [LA Times; WSJ Law Blog; Conradt v. NBC Universal]
  • A victim of overwarning? 17-year-old loses hat on Six Flags Batman roller-coaster ride, ignores multiple warning signs to jump multiple fences into unauthorized area, retrieves hat, loses head. [FoxNews/AP; Atlanta Journal-Constitution; TortsProf]
  • Lots of Ninth Circuit reversals this term, as per usual. [The Recorder/law.com]
  • A no-Twinkie defense doesn’t fly in a maid-beating case. [CNN/AP via ATL]
  • The Chinese government demonstrates that it can enforce laws against IP piracy when it wants to [Marginal Revolution]
  • “Justice Scalia said he thought that the United States was ‘over-lawed,’ leading to too many lawyers in the country. ‘I don’t think our legal system should be that complex. I think that any system that requires that many of the country’s best minds, and they are the best minds, is too complex. If you look at the figures, where does the top of the class in college go to? It goes into law. They don’t go into teaching. Now I love the law, there is nothing I would rather do but it doesn’t produce anything.’” [Telegraph]
  • Above the Law commenters decidedly unimpressed by my looks. Looking forward to feminists rushing to my defense against “silencing insults.” [Above the Law]

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