Daily Archives: October 2, 2008, 10:04 pm

Proposed Settlement of McAfee Derivative Action Provides $30 Million Benefit to Company, $13.5 Million in Attorney’s Fees

Law firm Coughlin Stoia filed a Motion for Preliminary Approval of Derivative Settlement in In Re: McAfee, Inc. Derivative Litigation yesterday.  The motion states that “with approximately $30 milion in financial benefits to the Company, this Settlement represents an excellent result. This Settlement is the result of extensive, arm’s-length negotiations between the parties overseen by retired United States District Judge…

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“Strategery Capital Management”

Have you heard of Strategery Capital Management yet, a “unique hedge fund”? About Strategery Strategery is a unique hedge fund. It is the largest in the world, with expected initial capital of $700 billion. It has a free and unlimited credit line should it need more. It has no fixed mandate, though it is expected to initially focus on mortgage-backed…

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Second Circuit Reverses Class Certification in In Re: Salomon Analyst Metromedia Litigation

On September 30th, the US Court of Appeals for the Second Circuit held in In Re: Salomon Analyst Metromedia Litigation that plaintiffs alleging securities fraud against research analysts do not need to  make a heightened evidentiary showing in order to benefit from the fraud-on-the-market presumption of Basic Inc. v. Levinson.  However, the Court also vacated the June 2006 grant of…

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DOJ Investigating Conduct of Lehman Brothers and Ex-UBS Executive in ARS Collapse

The DOJ is currently investigating whether Lehman Brothers Holdings defrauded clients and whether a former executive at UBS AG was involved in insider trading related to the collapse off the auction rate securities market, according to the WSJ. The investigations are reportedly are among the first to look at whether individuals committed crimes in the credit crisis. The US Attorneys…

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L-3 Communications Appoints Vincent O’Connor VP of FCPA Compliance

L-3 Communications Holdings has appointed Vincent O’Connor as vice president of FCPA Compliance, according to Compliance Week. CW reports that in this newly created position, O’Connor will implement, oversee, and administer all aspects of L-3’s FCPA compliance program, as well as continue to support the L-3 Services Group as vice president for compliance and ethics. O’Connor will report to Fred…

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Former McAfee General Counsel Rests Defense Without Calling Any Witnesses

The criminal prosecution for stock option backdating against former McAfee general counsel Kent Roberts went to the jury Tuesday.  Roberts did not call a single witness in his defense, according to The Recorder.  Rather, his attorney, Stephen Neal of Cooley Godward, simply read aloud to the jury a stipulation related to McAfee’s late production of relevant e-mails at the beginning…

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