BP PLC has petitioned the full U.S. Court of Appeals for the Fifth Circuit to review a three-judge panel's decision to uphold the Deepwater Horizon oil spill settlement.
Investors each year have lost an average of $39 billion from securities class action lawsuits to collect only about $5 billion in settlements per year since the enactment of the Private Securities Litigation Reform Act in 1995, according to a U.S. Chamber Institute for Legal Reform (ILR) study released Friday.
During the past 18 years, the suits cost shareholders at least $701 billion, while they only recovered about $90 billion, says "Economic Consequences: The Real Costs of U.S. Securities...
In the latest round of appeals in the Deepwater Horizon settlement, the Fifth Circuit issues three opinions, but a panel majority affirms the District Court's conclusion that the language of the Settlement Agreement does not require extrinsic inquiry into causation and that the Settlement Agreement has not violated Article III, Rule 23, or the Rules Enabling Act by eschewing the need for evidence of causation.
On Appeal from the United States District Court for the Eastern District of Louisiana...
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In a summary order issued today in TiVo Inc. v. Goldwasser, the Second Circuit upheld the rejection of a manifest disregard of the law challenge. The Court lists the FAA grounds for vacatur and then states the circuit’s position that manifest disregard may be applied as “judicial gloss” on the statutory grounds. The order then devotes around six pages to a review of the petitioner’s legal arguments, finding none shows manifest disregard. The court, towards the end of the order, briefly addresses...
What makes rainmakers different? What do they have that other lawyers don't? The easy answer: They have clients. But, as a developing body of research is showing, they also have tendencies that make business development come as naturally to them as, say, being critical does to their partners.
The latest report comes from Lawyer Metrics, an analytics company founded by William Henderson, the Indiana University law professor. Called simply "The Rainmaking Study," it's an effort to identify client-magnet...
This new breed of general counsel tends to be more accustomed to working in the modern law department—where budgets are often constrained and departments must do more with less, according to Rynowecer. This means being “better organized to better support the business units” and taking plenty of initiative to raise issues with management in order to add more value.
One of the significant consequences of the law department shake-up is that some firms may have to start watching their back....
Watching ESPN’s college basketball coverage this season has made me feel like I’m back in high school algebra class with all its mind-numbing probabilities of victory.
Look, I get it. We’re in the Golden Age of statistics in sports. It was started by baseball’s Sabermetrics and now intense statistical analysis has spread to football and basketball as well. And with the recent hiring of Nate Silver of The New York Times, ESPN is going to focus even more on analytics. I certainly don’t...
Big Data Rock Star
For those who don’t know, Nate Silver is is quite possibly the Andy Warhol that big data has been looking for. Silver emerged from obscurity when he created the Player Empirical Comparison and Optimization Test Algorithm (PECOTA), which is used for evaluating and forecasting the development of baseball players. He later sold it to Baseball Prospectus.
Not satisfied with a sports exclusive lens, Silver set his sights on politics and proceeded to rewrite the rules of the narrative...