Antivirus software maker McAfee has reportedly sued WilmerHale for over-billing the company more than $6 million for its representation of former CFO Prabhat Goyal. CFO.com reports that in April, McAfee filed a $12 million lawsuit that accuses the law firm Wilmer, Cutler, Pickering, Hale and Dorr, of overcharging the company in its defense of the former CFO. McAfee also charges…
Judge Rakoff of the SDNY has granted a motion for class certification in a shareholder lawsuit against Monster Worldwide (MNST.O) alleging securities fraud. According to the Washington Post, the suit filed by two pension funds — the Middlesex County Retirement System in Massachusetts and the pension fund of the Steamship Trade Association-International Longshoreman’s Association–alleged Monster backdated stock options that were handed out to…
The Recorder reports that changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers. Under the revised rules for FASB Statement No. 5 (pdf), the threshold for reporting the potential loss from a lawsuit would…
The Rocky Mountain News reports that The lawyer who prosecuted former Enron executives Kenneth Lay and Jeffrey Skilling is now on the other side of the white-collar crime legal fence – defending former Qwest CEO Joe Nacchio from civil fraud charges brought by the Securities and Exchange Commission. Sean M. Berkowitz is named in court filings as a Nacchio defense…
According to Dow Jones, Noted defense attorney Brendan V. Sullivan Jr. has joined the legal team representing former Bear Stearns Cos. fund manager Ralph Cioffi in a criminal case stemming from the collapse of two Bear Stearns funds last year, a person familiar with the matter said Tuesday. Sullivan, of Williams & Connolly LLP in Washington, will be an addition…
Reuters reports here that Canadian Imperial Bank of Commerce (CIBC) is the first Canadian bank to face legal action over investments tied to plunging U.S. subprime mortgages, after a Toronto law firm revealed a proposed class action on Wednesday, claiming the bank and some executives failed to fully disclosure its exposure. The lawsuit, filed in an Ontario court, alleges that…