New York City Comptroller William Thompson, Jr. regularly hires outside law firms to represent city pension funds in shareholder lawsuits, as with a recent suit against Apple Computer. The New York Sun “[obtained] the names of the nine law firms in the ‘securities litigation pool’ that the city uses to file these shareholder suits” and found that lawyers associated with the firms had donated more than $100,000 to Mr. Thompson’s campaign coffers. (“Thompson’s Trial Lawyers” (editorial), New York Sun, Feb. 27). See Aug. 14-15, 1999 (ABA delegates defeat proposal to ban pay-for-play); Sept. 25-26, 2001. The Committee on Capital Markets Regulation aimed some criticism at the practice: see Point of Law, Dec. 1.
Pay-for-play, the Gotham way?
New York City Comptroller William Thompson, Jr. regularly hires outside law firms to represent city pension funds in shareholder lawsuits, as with a recent suit against Apple Computer. The New York Sun “[obtained] the names of the nine law firms in the ‘securities litigation pool’ that the city uses to file these shareholder suits” and […]
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