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Biovail’s Travails
Canadian pharmaceutical company Biovail Corp. and its former CEO have been running into a bit of trouble with securities regulators in the U.S. and Canada recently. On May 14, the company disclosed (here) that the SEC had sent a Wells Notice that the Enforcement Division staff intends to seek authorization from the Commission to file…
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Did Comey Reveal Classified Information When He Testified About the Hospital Meeting?
The testimony by former Deputy Attorney General James Comey about the dramatic 2004 meeting in the intensive care unit with then-Counsel to the President Alberto Gonzales and Attorney General John Ashcroft concerned the Department of Justice’s authorization for a classified surveillance program. In response to a question about Comey’s testimony, President Bush stated he could…
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Miami Class Action Attorney Held as Possible Flight Risk
Plaintiffs class action attorney Louis Robles is in jail pending acceptance of a plea agreement to charges that he stole over $13 million from asbestos clients because he may be a flight risk. An article in the Daily Business Review (here) notes that Robles’ $1 million bail has been revoked because his girlfriend told a…
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Government Misconduct In a Parallel Proceeding Scenario
Although the setting is an immigration case, the language in the decision sends a strong message with respect to government conduct in parallel proceedings. In the case of United States v. Carriles, (2007 WL 1433458 (WD Tex.) Judge Cardone of the Western District of Texas states, ". . . In addition to engaging in fraud,…
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Crossing Over
Working for the government certainly has its rewards, but the pecuniary benefit is not one of them. White collar criminal defense work is definitely a growth area for firms, who can be called in at any time to deal with issues great and small. A couple recent articles highlight how valuable the experience of representing…
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Analyzing the McNulty Memo
A recent article by Joshua Berman and Machalagh Proffit-Higgins, from the D.C. office of Sonnenschein Nath & Rosenthal, analyzes the history and development of the Department of Justice’s policy memoranda on prosecuting corporations that culminated recently with the issuance of the third in the series, the McNulty Memorandum. The article, "Prosecuting Corporations: The KPMG Case…
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Another Deal, Another Spike in Options Trading — Part Deux
The private equity deals are coming fast and furious these days, as the multitude of posts on the recently-launched M&A Law Prof Blog can attest — written by my colleague Steven Davidoff, make sure to check it out. Almost every deal seems to be preceded by an inevitable bump in trading in out-of-the-money call options…
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Senators Will Seek a “No Confidence” Vote on Gonzales
Democrat Senators Charles Schumer and Diana Feinstein announced that they will introduce a "No Confidence" resolution on Attorney General Alberto Gonzales (AP story here). While the firing of nine U.S. Attorney’s has generated significant controversy, that issue seemed to be dying down as President Bush made clear his continuing confidence in the Attorney General. The…
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Seven Year Prison Term for Former U.S. Foodservice Executive
The former marketing director for U.S. Foodservice received an 84-month prison term after being convicted in November 2006 on accounting fraud charges. Mark Kaiser was described by the sentencing judge as the "the organizer and the leader" of a scheme to inflate earnings by creating fake rebates from suppliers. The company’s former CFO entered a…
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Attorney’s Fees for Olis’ Counsel
The attorney for former Dynegy executive Jamie Olis won a civil fraud claim against the company for failing to pay the legal fees in defending Olis in a criminal prosecution arising from his work at the company. Although Olis was convicted and has now served four years in prison, the issue at the trial concerned…
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