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U.S. District Judge Jack McConnell denied Wells Fargo Securities LLC's motion to dismiss a lawsuit alleging the bank issued misleading information with a bond placement made by 38 Studies LLC, but agreed to toss claims against Wells Fargo banker Peter Cannava. (Credit: AP)

Wells Fargo Can’t Escape SEC Suit Over Bond Offering

A Rhode Island federal judge on Friday declined to dismiss the U.S. Securities and Exchange Commission’s claims against a Wells Fargo unit over a problematic $75 million bond offering involving a Major League Baseball pitcher’s video game company, although he did let off a banker.

  • 9th Circ.'s Kozinski Slams Calif. AG For Overlong Brief

    Ninth Circuit Judge Alex Kozinski took a hard line on too-long briefs on Thursday, saying in a fiery dissent accompanying an otherwise routine order allowing California’s attorney general to file an oversized brief that submitting verbose papers has become a “common and rather lamentable practice.”

  • PwC Fails To Halt $1B Malpractice Suit Over MF Global

    Accounting giant PricewaterhouseCoopers lost its bid for summary judgment Friday when a New York federal judge refused to grant a quick end to a $1 billion professional malpractice suit for now-defunct financial services firm MF Global Holdings Ltd.

  • Meningitis Victims Ask For Preliminary OK Of CMS Settlement

    Victims of a deadly 2012 meningitis outbreak caused when a now-bankrupt compounding pharmacy distributed tainted steroid injections asked a Massachusetts federal court on Thursday to approve a settlement — which the federal government is still reviewing — for all Medicare reimbursement claims in the multidistrict litigation.

  • Pa. AG Loses State Supreme Court Bid To Nix Criminal Counts

    The Pennsylvania Supreme Court on Friday shot down an emergency petition filed by Attorney General Kathleen Kane seeking to toss criminal charges she is facing over her alleged role in leaking confidential investigative material to the press, clearing the table for a trial next week. 

  • 2nd Circ. Says Citi Investors Can’t Recoup $800M RMBS Loss

    The Second Circuit on Friday ruled that investment trusts controlled by insurance executive Arthur L. Williams and his wife, Angela, can’t sue Citigroup Inc. for allegedly duping them into keeping shares that dropped during the financial crisis because their claimed $800 million loss is hypothetical.

  • U. Of Wash. Wins Trial Over Woman's Surgery Death

    The University of Washington and a spine surgeon are not liable for the death of a 67-year-old grandmother during a surgery using a Johnson & Johnson unit’s bone cement, a jury decided Friday, rejecting her family’s claims that negligence in the use of the cement caused an embolism.

In-Depth

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BigLaw's Diversity Problem Puts It On Collision Course With Millennials

By Max Stendahl

If law firms don’t make immediate strides toward becoming more inclusive, they risk alienating the next generation of lawyers, who are highly attuned to institutional bias and increasingly vocal about eradicating it.
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