Law Firm News

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Law Firm News

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Sherin & Lodgen LLP

Edward S. Cheng elected Secretary of The Law Clerks\' Society of the Supreme Judicial Court
Congratulations to Edward S. Cheng. Ed is Of Counsel to Sherin and Lodgen LLP and was recently elected Secretary of The Law Clerks' Society of the Supreme Judicial Court. The Society is comprised of those who have served, or who currently serve, as law clerks to the Justices of the Supreme Judicial Court. Current and former Justices of the Supreme Judicial Court are also honarary members of the Society.

05-26-2006

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Saint John & Wayne, L.L.C.

NYSE To Review Margin Lending Practices
NYSE Regulation plans to start reviewing whether broker/dealers are encouraging excessive borrowing in margin accounts. Regulators may send out query letters or do fact-finding inspections, said a compliance director at a large New York firm who has heard inquiries are coming. A spokesman for NYSE Regulation was not prepared to comment by press time.

The borrowing arrangements could put B/Ds encouraging them afoul of suitability rules and form a basis for enforcement actions, lawyers said. Regulators are concerned firms are encouraging the practice because they have seen an increase in the popularity of margin accounts. The B/D can benefit from the interest on the credit it allows. Rates can range from 8-10%, often being highest for the smallest balances. It can also benefit if clients cannot respond to a margin call. Claude Salomon , attorney at St. John & Wayne in Newark, NJ., said the concern boils down to the suitability and know-your-customer issue, governed by NYSE Rule 405.

Margin accounts were created to give investors credit for further investments. But borrowing poses a very high risk to clients if securities' prices drop, the compliance director said. If, for example, a client borrows 50% of his investments and a drop in stock price causes the investment's value to decrease, the firm can require the client to cover the difference to restore the 50% margin. Or, the B/D gets control over the client's securities and can sell any it wishes to bring the margin back to 50%.

A firm may allow or even encourage a client to borrow on margin to pay for a car or make a down payment on a home. "If you borrow money from margin account; let's say you obtain money on margin to put it down on a house, and the securities fall, then the investor may be screwed because the money can't be liquidated," said the general counsel at a firm in New York.

Salomon, a former NYSE trial counsel, said she tried similar cases when she was at the exchange. "We did bring cases where firms allowed excessive borrowing on margin," Salomon said. "There were cases of reps encouraging the use of margin. Then the question was 'where was the supervisor?' So lack of supervision also comes into play." – St. John & Wayne attorney Claude Salomon discussed claims for fifth amendment protections in the context of NASD investigations with the Compliance Reporter. See html link below for full story.

05-25-2006

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Osler, Hoskin & Harcourt, LLP

Private Class Actions In Canada Are On The Rise
Attorneys in Canada are noting a surge in antitrust private class actions as the plaintiffs bar becomes more established and aggressive in filing cases. In the last few years, more class actions are being filed and they continue to span broader classes, according to Peter Franklyn and Christopher Naudie, who often represent defendants in class actions as partners at Osler, Hoskin & Harcourt LLP’s Toronto office. “Class proceedings are relatively young in Canada, and it took awhile for the plaintiffs bar to find its footing and to establish a relationship with U.S. firms,” Naudie said.

“I see broader classes getting certified in appropriate cases,” said Franklyn, “… as the law becomes more developed, that kind of case will begin being brought.” In fact, both Naudie and Franklyn see even more class actions and broader classes coming their way.

05-25-2006

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Boundas, Skarzynski, Walsh & Black, LLC

BSWB establishes framework in the Second Circuit for determining when claims are based upon interrelated wrongful acts
BSWB’s Alexis J. Rogoski recently obtained another winning decision on the application of an interrelated claim provision to a lawsuit that, as a result, was deemed a claim first made under a prior policy period. Specifically, Mr. Rogoski was granted judgment on the pleadings on behalf of Greenwich Insurance Company by the Honorable Loretta A. Preska in Eric Zahler v. Twin City Fire Ins. Co. et al., 2006 WL 846352 (S.D.N.Y. March 31, 2006).

The Zahler Court held that the wrongful acts alleged in an ERISA lawsuit were interrelated to the wrongful acts alleged in an earlier securities action, and as such, the ERISA claim was deemed first made within Twin City’s coverage period, and prior to Greenwich’s coverage period. In her opinion, J. Preska agreed with Mr. Rogoski’s reasoning that the bargained-for language in the claims-made policy at issue clearly and unambiguously indicated that the ERISA claim was interrelated to the securities claim, as each action alleged a class period that commenced immediately after the publication of allegedly misleading statements with respect to the expansion of telecommunications services provided by the defendants, which adversely affected the value of the defendant company’s stock. The Court noted that the factual similarities between the two actions rendered them “related claims,” notwithstanding the fact that the two lawsuits entailed different parties who sought relief under distinct statutory frameworks.

The Zahler decision comes closely on the heels of Mr. Rogoski’s recent victory in Seneca Ins. Co. v. Kemper Ins. Co., 133 Fed.Appx. 770 (2nd Cir. May 27, 2005), wherein the Court of Appeals for the Second Circuit issued a Summary Order affirming the dismissal of a complaint based on the application of an interrelated wrongful acts clause. Following oral argument, the Second Circuit relied on district court precedent in using the “sufficient factual nexus” test to conclude that the claims at issue were “neither factually or legally distinct” and arose from “numerous logically connected facts and circumstances.”

Together, the Zahler and Seneca decisions have provided a framework for all insurers whose policies include a “first made provision” by setting forth the guidelines for determining when two or more separate claims can be considered to arise out of interrelated wrongful acts, such that they may be deemed first-made on the date of the earliest of such claims. In this respect, the Southern District’s decision in Zahler is significant considering the recent proliferation of tag-along ERISA lawsuits that have sprung out of factually similar securities actions.

Rachel L. Simon and Daniela Ben-Moshe assisted Mr. Rogoski on the papers in these matters.

05-25-2006

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Thacher Proffitt & Wood LLP

Kenneth E. Lee Joins Thacher Proffitt As Partner
Kenneth E. Lee was listed in New York Law Journal's ""Personal Notes on Lawyers"" section as joining Thacher Proffitt as a partner. Mr. Lee focuses on securities litigation, corporate governance, and mergers and acquisitions.

Associated Lawyers
Kenneth E. Lee

05-25-2006

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Baker & McKenzie, L.L.P.

Prominent Labor Relations Lawyer Joins Baker & McKenzie LLP in Chicago
Baker & McKenzie LLP announced today that John Raudabaugh has joined the Firm’s Labor, Employment & Employee Benefits Practice Group as a Partner in its Chicago office. Raudabaugh is a former Member of the U.S. National Labor Relations Board.

Raudabaugh, a recognized labor and employment lawyer, practiced in Atlanta, Chicago and Detroit, where he represented senior management in complex labor relations matters and related litigation involving collective bargaining, union organizing and the National Labor Relations Act. His practice focuses on union corporate campaigns, unfair labor practice and representation case litigation, contract negotiations, arbitrations, labor considerations in corporate transactions, injunction proceedings, Fair Labor Standards Act issues and management and supervisor training.

Appointed by President George H. W. Bush, Raudabaugh served as a Member of the U.S. National Labor Relations Board from 1990 – 1993, deciding cases arising under the National Labor Relations Act, the principal law governing relations between unions and employers in the U.S. private sector.

""We welcome John to the Firm. He brings a wealth of experience—from his time in private practice and at the National Labor Relations Board. He will be a valuable resource and add depth to our growing practice,"" said Rick Hammett, Chair of the North American Compensation and Employment Law Practice Group. “His practice further strengthens the domestic side of our full service labor and employment group.""

Raudabaugh has represented Members of the U.S. House of Representatives, Committee on Education and the Workforce, Subcommittee on Employer-Employee Relations regarding important policy issues before the National Labor Relations Board. He also is involved in many speaking and writing opportunities regarding human resources and labor and employee relations matters, including “The Raudabaugh Report,” which is published regularly in the NLRB Watch quarterly newsletter.

He is currently a Trustee at Cornell University’s School of Industrial and Labor Relations Alumni Association, a Member of the Labor and Employment Relations Association Development Committee, a Member of the U.S. Chamber of Commerce Labor Committee.

Commenting on Raudabaugh's joining, David Hackett, North American Managing Partner, said, “We are pleased to have attracted an experienced and prominent attorney of John’s caliber. His unique blend of private and public practice is invaluable and complements the existing labor and employment services we provide our North American and global clients.”

Raudabaugh earned his J.D. from the University of Virginia Law School. He earned a M.S. in Labor Economics from Cornell University – School of Industrial and Labor Relations, and a B.S. in Labor Economics from the University of Pennsylvania – Wharton School of Finance and Commerce.

“I am looking forward to bringing my practice to Baker & McKenzie and continuing to build the Firm’s capabilities. Baker & McKenzie’s global reach and broad range of services will help me better serve clients,” said Raudabaugh.

05-25-2006

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Williams Mullen, P.C.

Amanda Kutz Joins Williams Mullen
Amanda Kutz has joined Williams Mullen as an associate in the firm's Health Care Section. Her practice focuses on and general health care matters. Ms. Kutz is a member of the American Bar Association, Administrative Law Section and the Virginia State Bar, Young Lawyers Conference. She received a B.A. degree, summa cum laude, from Wittenberg University and a J.D. degree from William & Mary School of Law. Ms. Kutz will work out of the firm's Richmond, Va. office.

Williams Mullen provides comprehensive legal services to regional, national and international clients. With 250 attorneys and offices in Virginia, Washington, D.C. and London, we deliver innovative solutions to support our clients’ diverse business activities. Close working relationships with clients have been the foundation of Williams Mullen’s progressive approach to law practice since the firm was founded nearly 100 years ago.

05-25-2006

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