Daily Archives: March 5, 2009, 12:06 pm

March 11 Webcast — The Subprime Boomerang: After the Writedowns Comes the Litigation

On March 11, 2009, Navigant Consulting is sponsoring a webcast entitled “The Subprime Boomerang: After the Writedowns Comes the Litigation” that will examine the landslide of subprime litigation that is now upon us. It’s been two years since concerns over subprime mortgages threw off the early sparks that eventually grew into the current global credit crisis. The crisis has given…

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Tower Snow Joins Law Firm Howard Rice

Well-known securities litigator Tower C. Snow, Jr. has joined law firm Howard Rice Nemerovski Canady Falk & Rabkin as a Director (Partner).   The firm announced today that Snow will join its securities and financial services litigation practice. As previously discussed here, the WSJ announced back in Decmber 2008 that after a lengthy hiatus, Snow was back on the market, looking…

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Audit Integrity Lists Companies Most Likely to be Shareholder Litigation Defendants in 2009

Plaintiffs’ lawyers, put the following firms on your watch list: MetLife, Inc., Medtronic, Inc., Spectra Energy Corp., Hewlett-Packard Company, and Walgreen Company.

Audit Integrity, a financial research firm, announced today that out of the more than 7,500 publicly traded companies they rate in North America, the companies above were among the 60+ companies with the highest probability of being named as a defendant in shareholder litigation in 2009.

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Former Qwest CEO Nacchio Ordered to Report to Prison by March 23

On Wednesday, U.S. District Judge Marcia Krieger ordered ex-Qwest Communications International Inc. CEO Joseph Nacchio (pictured) to report to prison by March 23 to begin serving his six-year sentence for insider trading.  Nacchio is to serve the sentence at the minimum-security prison camp at Schuylkill federal prison at Minersville, Pennsylvania, according to Reuters. Nacchio was convicted in 2007 on 19…

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Wave of “Anti-Ponzi” Legislation May be Coming

Several states and Congress are considering new legislation as part of an effort to prevent future Ponzi schemes.  The National Law Journal reports that Florida and Connecticut lawmakers have both proposed legislation in this area, and that the U.S. Congress has, as well. In Florida, proposed legislation would give a special team of “elite state prosecutors” the power to prosecute…

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