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June 4, 2012
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Legal News in Brief

  Corporate Spotlight 
  • Documents: BofA concealed Merrill losses from shareholders
    Bank of America executives knew of Merrill Lynch's mammoth losses days before a vote in 2008 on the $50 billion takeover of the securities firm but withheld the information from shareholders, according to documents filed in a shareholder lawsuit. The documents include a sworn statement by Kenneth Lewis, then CEO of the bank, that he received estimates of Merrill's losses that were much bigger than those printed in the proxy documents given to shareholders. The New York Times (tiered subscription model) (6/3) LinkedInFacebookTwitterEmail this Story
  • Khuzami defends SEC's lack of enforcement actions against bankers
    Robert Khuzami, enforcement director at the Securities and Exchange Commission, said the agency hasn't brought enforcement actions tied to the housing-finance meltdown against leading executives at major investment banks because of the difficulty in tracing decisions about mortgage securities to the executive suite. Deal-specific matters such as collateralized debt obligations "often aren't vetted at the senior corporate levels," Khuzami said. Bloomberg (6/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  National News 
  Legislative Dispatch 
  • Senator questions OCC about supervision of JPMorgan
    Sen. Sherrod Brown, D-Ohio, sent a letter to Comptroller of the Currency Thomas Curry regarding oversight of JPMorgan Chase's trading operations. The OCC is being questioned about how much it knew about JPMorgan's risk taking. Brown's questions are part of the increasing pressure on regulators to tighten controls on major financial institutions. Also, JPMorgan executives are expected to more seriously heed a warning from a group of shareholder advocates about risk controls. The Wall Street Journal (6/3), The New York Times (tiered subscription model) (6/3) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • Analysis: Employers are unlikely to restore health care benefits
    Nearly three-quarters of workers who have had their benefits cut in recent years say their health insurance coverage was reduced the most, according to a survey by the National Endowment for Financial Education. Experts say that employers will likely continue cutting health care benefits. "The vast majority of organizations are better off taking those [health care] resources and offering employees something else, like more money or paid time off. You get a much bigger bang for your buck," said Brian Kropp of the Corporate Executive Board. CNNMoney (5/31) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Judge "hesitant" to toss out lawsuit relating to AIG bailout
    The judge involved with a lawsuit brought against the government relating to the 2008 bailout of AIG has said that he is reluctant to throw out the case without knowing more about what happened. "We don't know firsthand what transpired there. Aren't they allowed to do some discovery to find out what went on?" said U.S. Claims Judge Thomas Wheeler. The $25 billion lawsuit was filed by Starr International on Nov. 21. Bloomberg (6/1) LinkedInFacebookTwitterEmail this Story
  • Other News
  Other Legal News 
  Professional and Business Development 
  • Personal recommendation trumps the Internet for landing a job
    Resumes can be sent electronically to hundreds of companies, but a personal recommendation is still the best way to get hired. "Character references are always big and the Internet doesn't change that," says Art Rolnick, co-director for the Human Capital Research Collaborative at the University of Minnesota. Bloomberg Businessweek (5/31) LinkedInFacebookTwitterEmail this Story
  • Don't get trapped talking to these people
    At networking events, there are certain types of people who seem like prime candidates for conversation but should be avoided at all costs, Megan Broussard writes. The "welcome wagon," for instance, seems friendly but is actually looking for gossip. Also, stay away from "paid vacation Vince" before you get sucked into a night of debauchery. "Remember, conferences are battlefields disguised as ballrooms. Come prepared with an arsenal of avoidance tactics," Broussard writes. TheDailyMuse.com (5/31) LinkedInFacebookTwitterEmail this Story
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  PLI News 
  • The IPO market is on the upswing
    In early April, Congress enacted the JOBS Act, creating an "IPO on-ramp" with relaxed standards for the "emerging growth companies" that represent about 90% of the entire IPO market. At today's One-Hour Audio Briefing IPO Market on the Upswing: The JOBS Act and Other Recent Developments, learn about the implications of the JOBS Act for IPO companies and current IPO market conditions. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Be sure you put your feet in the right place, and then stand firm."
--Abraham Lincoln
16th U.S. president


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