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March 20, 2013
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Legal News in Brief

  Corporate Spotlight 
  • Libor concerns prompt Freddie Mac to sue major banks
    A Freddie Mac lawsuit is targeting more than a dozen banks as well as the British Bankers' Association over alleged interest-rate manipulation. "We have an obligation to minimize losses to taxpayers so we felt like we needed to preserve our claim, and that was the purpose of filing this individual suit," a spokeswoman said. Bloomberg (3/20), The Wall Street Journal (3/19) LinkedInFacebookTwitterEmail this Story
  National News 
  • DeMarco says Congress must make a decision on Fannie, Freddie
    Lawmakers need to take action and decide how Fannie Mae and Freddie Mac are to be wound down, says Edward DeMarco, acting director of the Federal Housing Finance Agency. "While FHFA is doing what it can to encourage private capital back into the marketplace, so long as there are two government-supported firms occupying this space, full private sector competition will be difficult, if not impossible, to achieve," DeMarco told the House Financial Services Committee. Reuters (3/19), The Wall Street Journal/Real Time Economics blog (3/19)
  Legislative Dispatch 
  Employment Focus 
  • Senators ask IBM to abandon plan for year-end 401(k) match
    IBM's plan to pay workers their 401(k) match in a single lump sum at the end of the year has drawn fire from Sens. Bernard Sanders and Patrick Leahy, who have written a letter asking IBM to reverse its decision. "When a company makes a promise to its employees regarding their pension, it must not renege on those commitments by cutting or deferring their retirement benefits," they wrote. AdvisorOne (3/15), MarketWatch/Encore blog (3/14) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Supreme Court ruling bolsters first-sale doctrine
    The Supreme Court in a 6-3 ruling reaffirmed the first-sale doctrine in a case brought by a publisher of textbooks. The publisher contended that the first-sale doctrine did not apply to goods manufactured outside the U.S., but the court disagreed with that argument. "We also doubt that Congress would have intended to create the practical copyright-related harms with which a geographical interpretation would threaten ordinary scholarly, artistic, commercial and consumer activities," wrote Justice Stephen Breyer. The National Law Journal (free registration) (3/19) LinkedInFacebookTwitterEmail this Story
  Other Legal News 
  • Revenue forecasts are up, but clients want lower prices
    Most law firms predict an uptick in revenue during the next 12 months, but a large percentage of firms also say that clients are putting more pressure on them to lower prices, according to the most recent Managing Partner Confidence Index from Citi Private Bank. "If clients know there are more lawyers than work, they hold the advantage to demand discounts," said Gretta Rusanow, who is with Citi's law firm group. The Wall Street Journal/Law blog (3/18) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • What you need to realize about failure
    People learn "by accelerating the failure cycle, not by avoiding it," writes Jeff DeGraff, a professor at the University of Michigan. This means you need to continually seek experiences that feel unfamiliar and that cause you to make mistakes. "We make it up as we go along. Otherwise it's just another lap around the planning circuit," he writes. CNNMoney/Fortune (3/18) LinkedInFacebookTwitterEmail this Story
  • Traversing tricky job search situations
    Delicate situations are bound to come up in a job search, Alison Green writes. For instance, what should you do if you get a job offer while you're waiting to hear back from an employer you prefer? You can buy some time by asking for a few days to mull things over, but you probably won't be able to prolong the decision longer than that, Green writes. U.S. News & World Report/On Careers blog (3/18) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • U.S. Supreme Court Deals a Blow to the SEC
    Last week, the Supreme Court dealt a blow to the Securities and Exchange Commission and other government agencies by ruling unanimously that the commission cannot seek civil penalties over conduct that occurred more than five years before investigators took action. In other words, the five-year statute of limitations begins to run when the fraud occurs and not when it is discovered. On PLI's Securities Law Practice Center, experts from Gibson Dunn discuss the case and its ramifications. LinkedInFacebookTwitterEmail this Story
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--Aristotle,
Greek philosopher


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