The prosecution in the first criminal trial arising out the widespread corporate practice of stock options backdating concluded its case on Monday, July 2, 2007.  The defendant, Brocade Communications’ former CEO Greg Reyes, has moved to dismiss the case. 

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Read More The Brocade Trial: The Prosecution Rests

The results of a recent survey conducted by Marsh, a branch of the world’s largest insurance broker Marsh & McLennan, suggest that the private equity sector is bracing itself for a substantial increase in potential lawsuits. 

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Read More Private Equity Firms Brace for Expected Increase in Litigation

In an effort to defeat plaintiffs’ claims for a third — and hopefully final — time, insurer and broker defendants recently filed motions to dismiss the Second Consolidated Amended Class Action Complaints filed in In re Insurance Brokerage Antitrust Litigation, Civil Action No. 04-5184, MDL 1663 (D.N.J.) (GEB) (“MDL 1663”). 

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Read More Motion to Dismiss Filed in Brokerage Antitrust Litigation

A Northern District of Alabama judge recently asked federal prosecutors to charge Mississippi plaintiff’s attorney Richard “Dickie” Scruggs with criminal contempt.  It is alleged that Scruggs violated a preliminary injunction issued in December 2006, which ordered him to turn over all documents secretly copied by two whistleblowers, Corgi Rigsby Moran and Kerri Rigsby. 

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Read More Scruggs In the News – Criminal Contempt Charges and Filing of a RICO Civil Action against State Farm

Princeton Insurance Company recently agreed to pay $20 million to settle a bad faith claim related to a dram shop lawsuit brought against their insured.  In the underlying lawsuit, a highway construction flagman sued Princeton’s insured, a tavern, after he was struck by a car driven by the tavern’s patron. 

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Read More Princeton to Pay $20 Million to Settle Bad Faith Claim

Investment fund managers may be forced to pay higher tax rates on income from their investment funds if a bill introduced in the House of Representatives on Friday, June 22, 2007 becomes law. 

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Read More Congress Begins Move Against General Partners’ Carried Interests

After the first two weeks of the Brocade trial that may last up to two months, the sole development of note remains the potentially damaging testimony of a former human resources employee that  Brocade exec Greg Reyes told her that “it’s not illegal if you don’t get caught.” 

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Read More The Brocade Trial: The First Two Weeks

In January 2007, the Florida Legislature froze the rates of Florida’s state sponsored property insurer, Citizens Property Insurance Corporation, until the end of the year.  On June 26, 2007, Florida Governor Charlie Crist signed a bill extending the rate freeze until January 1, 2009. 

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Read More Florida Governor Charlie Crist extends Citizens Property Insurance Rate Freeze