MasterCard issued this press release today:
MasterCard Wins Injunction Against Visa
Issuers Free to Terminate Visa Debit Agreements
Purchase, NY, June 08, 2007 – Federal Judge Barbara Jones ruled yesterday that Visa’s Settlement Service Fee (“SSF”), implemented in the wake of the settlement of the merchant lawsuit in 2003, was unlawful and must be
The New York Court of Appeals today declined to apply the "continuous representation" doctrine to toll the running of limitations on an auditor malpractice claim. The court noted that the doctrine extends an applicable limitations period if the parties to a professional engagement (and not just a professional relationship) explicitly expect the engagement to continue
A gentle reader, Lawyer, commented yesterday:
With all of your discussion about how Twombly radically changed the pleading standard under the Federal rules, it seems there would have been some discussion of the Supreme Court’s decision in Erickson v. Pardus from Monday, June 4. Any comments?
Right-o!
Blawgletter admits that we didn’t pay much attention
The highly logical Mr. Spock
feared wormholes.
Blawgletter recalls a Star Trek episode in which the denizens of the Starship Enterprise encountered a wormhole that connected two parallel universes. One consisted of matter, the other anti-matter. And, as Mr. Spock said, allowing them to touch one another would result in absolute, complete, total annihilation of
Today, the Second Circuit reversed dismissal of a complaint alleging that a "group" of a corporation’s insiders — an individual and a company — must disgorge the $4.25 million in short-swing profits that the individual reaped from buying and selling the corporation’s securities within a six-month period. The court held that the district court gave
Section 547(b) of the Bankruptcy Code allows a debtor (or its trustee) to set aside pre-bankruptcy transfers to "insiders" of the debtor. The definition of insider includes companies for which an individual debtor served as a "director" when the transfers occurred. Does "director" include a "director emeritus"? No, the Tenth Circuit held yesterday. Rupp v.
The Smoking Gun has a pdf of all 198 of the letters that people submitted in connection with I. Lewis "Scooter" Libby’s sentencing. See the letters here.
Barry Barnett
The Seventh Circuit today held that ERISA section 502(a)(2) allows ex-employees who cashed out their pension plan benefits to sue for losses to the plan. The court read the statutory definition of "participant" to include cash-outs who claim that, but-for a breach of fiduciary duty, they would have gotten more cash. Harzewski v. Guidant Corp.
The law has a busy day ahead of it. Including:
A 2-1 Second Circuit today held the Federal Communications Commission violated the Administrative Procedure Act by changing its policy on profanity on television broadcasts. The court noted that, before 2003, the FCC hadn’t classified the use of "fleeting expletives" as "profane" under 18 U.S.C. 1464. Fox Television Stations, Inc. v. Federal Comm. Comm’n, Nos.
