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Law.com - In-House Counsel Get daily news that in-house attorneys need to know, including legal department management tips and salary information. Analyzing the Credit Crisis: Was the SEC Missing in Action? Sometime in the next decade, an economic historian will write the definitive account of the 2008 credit crisis. The extent to which there was a regulatory failure is a critical issue that such a history must face. Indeed, this issue is sufficiently pressing that even at this early point it needs to be addressed. What responsibility does the SEC bear for not resisting the steady slide of the major investment banks into insolvency? Law professor John C. Coffee Jr. examines the issue. Prudent Practices in a Bad Economy Given that much of today's economic turmoil is the product of a crisis of confidence, future reforms likely will address a lack of confidence in America's corporate boardrooms. While it is impossible to predict what regulatory fruit the crisis will bear, there are corporate governance principles that public and private boards of directors should apply as prudent practices even before a new administration and Congress move to Washington, say attorneys David B. Gail, Mary R. Korby and Michael A. Saslaw. Rutgers GC Sounds the Call for Diversity Rutgers University GC Jonathan Alger has built a reputation as a legal expert on affirmative action and an ardent champion of diversity. He also has a long-standing interest in employment law. As Alger recently told in-house lawyers at a seminar, their companies' new employees may request accommodations on a smorgasbord of issues: mental conditions, religious beliefs, sexual orientation and emotional well-being. "These are the claims that are coming your way," he warned, "if they haven't already." Bringing 'Foreign-Cubed' Actions in American Courts The 2nd U.S. Circuit Court of Appeals, in a recent case of first impression, considered whether a securities fraud complaint brought by foreign plaintiffs against foreign issuers based on foreign stock purchases -- a set of circumstances sometimes dubbed a "foreign-cubed securities case" -- could be heard by a U.S. federal court. The answer provided by the 2nd Circuit: under the right circumstances, yes. Chadbourne & Parke's Douglas R. Jensen analyzes the ruling. Pay Proves GCs Are Part of Elite Club A review of the compensation of Southeastern chief legal officers who are listed among the top five highest-paid executives in their public companies' most recent SEC filings reveals an average total package in the neighborhood of a million dollars. As the economy spirals downward, GCs may fare better than their law firm counterparts, but Robert T. Graff, managing partner of legal search firm Major, Lindsey & Africa, says, "I think the numbers next year will look pretty different." New Business Targeting Patent Trolls Signs IBM and Cisco When IP lawyer and entrepreneur John Amster launched RPX Corp. as the cure-all for patent trolls in September, the industry was skeptical about how it would work. The new business is catering to the frustration that big tech companies have with what they derogatorily label "patent trolls." Amster says his company will charge members an annual fee and in return RPX will buy dangerous patents off the street and give their members a license. So far RPX has signed up two companies to its program: IBM and Cisco. Justice Department Issues New Antitrust Guidelines Just in time for the holidays, the U.S. Department of Justice has released a new model leniency letter for companies that want to avoid being criminally prosecuted for antitrust violations. But the companies may not be so thankful. In the letter, the government tightens up its amnesty program for corporations and individuals. Deputy assistant attorney general for antitrust Scott Hammond calls the changes "clarifications," made "to clear up any perceived ambiguities." Secretive IP Holder Funds Tech Acquisition When Novafora announced last week that it was buying Transmeta for $255.6 million in cash, it seemed like a straightforward deal. But it turns out that the giant, secretive patent holding company Intellectual Ventures is putting $11.6 million into the venture, regulatory filings by Transmeta indicate. The deal gives a fleeting glimpse into what exactly IV is doing -- a matter of keen interest to many big tech companies in Silicon Valley that are wary of the company's powerful patent portfolio. Lots of Revenue Rides on New Tessera GC General counsel are often in the background. But Bernard Cassidy will be front and center as the new GC at Tessera. That's because the San Jose, Calif., company lives and dies by licensing and litigating its patents. Last year, Tessera brought in $159 million, or 81 percent of its total revenue, from royalties and licensing. The semiconductor packaging company is currently suing a whole host of companies for patent infringement both in district court and before the International Trade Commission. Newsfeed display by CaRP |
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