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Author Archives: Bloomberg News

Orrick to stop reporting profit per law firm partner

Orrick, Herrington & Sutcliffe LLP, the San Francisco-based law firm, will stop reporting the average profit each partner makes as it seeks other ways to measure performance. “We think it’s no longer the right way to evaluate ourselves,” Orrick Chairman ...

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Bernanke faces this-time-different disinflation

The phones started ringing about the time JPMorgan Chase & Co. economists Bruce Kasman and Michael Feroli moved into Bear Stearns’ former Manhattan headquarters in 2008. “I wish I’d kept a log” of how many people “were just freaking out, ...

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Countrywide settles with private placement investor

Countrywide Financial Corp., the mortgage lender acquired by Bank of America Corp., and three of its former executives said they will settle a securities-fraud lawsuit brought by a private-placement investor. The investor, Argent Classic Convertible Arbitrage Fund LP, said in ...

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NFL players’ rights weren’t violated over drug tests

Two National Football League players failed to prove that the league violated their rights in connection with drug-test results that were leaked to the media, a judge ruled. Minnesota Vikings defensive tackles Kevin Williams and Pat Williams were entitled under ...

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WaMu shareholders lose court bid for probe of failure

Shareholders of Washington Mutual Inc. lost their bid for a court-sponsored investigation of the biggest bank failure in the U.S. by a special examiner. U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Dela., ruled Wednesday that there was nothing new ...

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Lehman trustee didn’t grasp letter he charged $12,600 to review

The trustee for Lehman Brothers Holdings Inc.’s brokerage charged $12,600 to review documents outlining terms of its purchase by Barclays Plc, and now says he didn’t know what he was signing, according to a Barclays lawyer. One document was a ...

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Wal-Mart settles waste case for $27.6M

Wal-Mart Stores Inc. agreed to pay California governments $27.6 million to settle a lawsuit over accusations that the company illegally dumped pesticides, paint, aerosols and acids at its stores. District Attorney Bonnie Dumanis of San Diego County and the state ...

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Paul, Weiss could be hired by Goldman Sachs

Goldman Sachs Group Inc., buffeted by a fraud lawsuit from the U.S. Securities and Exchange Commission and a 21 percent decline in market value, is in talks to hire Paul, Weiss, Rifkind, Wharton & Garrison to bolster its legal team, ...

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No need for Obama to testify at Blagojevich trial

President Barack Obama isn’t required to testify at the trial of indicted former Illinois Governor Rod Blagojevich, a federal judge ruled. U.S. District Judge James B. Zagel Friday denied a defense request to issue a subpoena ordering the president to ...

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Dreier judge orders changes in money-sharing accords

Settlements allowing the U.S. government, GSO Capital Partners and other parties to share recoveries from imprisoned ex-lawyer Marc Dreier’s $700 million Ponzi scheme need changes before they can be approved, a judge ruled. The accords must narrow the way they ...

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Same-sex marriage petitions’ privacy probed by high court

The U.S. Supreme Court debated whether states violate the privacy of opponents of same-sex marriage by revealing the names of those seeking a voter referendum on the divisive social issue. Wednesday’s hour-long argument suggested a split between two usual ideological ...

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