Louis D. Brandeis (1856-1941).
Justice Brandeis, in the year of his death, said:
We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both.
Barry Barnett
Derivative Plaintiffs May Amend to Specify Reasons for Demand Futility, per Third Circuit
A shareholder who sues directors and officers for the benefit of the corporation — derivatively — often has to clear a high pleading hurdle. She must specify why she couldn’t trust the board of directors to decide whether or not the corporation should take action against the wrongdoers, usually because of a conflict of interest
Business Week Item on Blogging
A Weil Back
Fair warning to dirty public companies and their enablers: Jonathan Weil, formerly of the WSJ, has returned from journalistic hiatus.
For years, Mr. Weil applied relentlessness and style in covering the likes of Enron and Arthur Andersen. To get a flavor, check out his latest Bloomberg column, Here’s What the Accounting Watchdog Keeps Hidden
Huge Third Circuit Decision on In-House Privilege
Today the Third Circuit published a 93-page opinion detailing several ins and outs of the attorney-client communication privilege. The rulings will interest in-house counsel everywhere. In re Teleglobe Communications Inc. (Teleglobe USA Inc. v. BCE Inc.), No. 06-2915 (3d Cir. July 17, 2007).
The case involved claims by subsidiary corporations against their former parent
Why the President Disdains the Rule of Law?
David Brooks used his NYT column today to talk about President George W. Bush’s "unshakable self-confidence." (Sorry; you have to subscribe to TimesSelect or buy the print version to see it.)
How, you say, does Mr. Bush’s esteem for his beliefs relate to business trial law, the nominal theme of Blawgletter? Only this: it may
Sex Discrimination, Job Prestige, and the Texas Rangers
Notice any females?
The Fifth Circuit today reversed a summary judgment against a woman who alleged sex discrimination in the denial of a transfer within the Texas Department of Public Safety from Special Crimes Service to the Texas Rangers Division. The court held that "there was evidence sufficient to raise a genuine issue of material
Judge Bounces Tax Shelter Charges over Fees
U.S. District Judge Lewis A. Kaplan in Manhattan today dismissed federal criminal charges against 13 people who worked at KPMG LLP because, he held, the government unconstitutionally coerced the firm not to pay their legal fees. WSJ story here; NYT here. The decision stemmed from the Second Circuit’s rejection, in May 2007, of
Has Rupert Murdoch Already Started Writing WSJ Editorials?
The WSJ editors, under the fetching title Black and Blue, pouts today about the conviction last Friday of Conrad Black on mail fraud and obstruction of justice charges, fussing that "[n]o one seems to like a conservative press baron these days, especially no one else in the media."
Who could "conservative press baron" possibly
Federal Class Actions — Declining or Rising?
In what percentage of Rule 23(f) cases do U.S. courts of appeals kick class actions? Did you guess more often than not? Did you really?
The Class Action Defense Blog ranks seventh in the all-time category on Justia.com. It does so in part, Blawgletter suggests, because defending against class actions has become a lot easier