Baker & McKenzie to Pay $6 Million in Settlement Over Coudert Business

Baker & McKenzie has agreed to pay $6.65 million to compensate Coudert Brothers' bankruptcy estate for profits Baker earned from unfinished business that partners took with them when they left the defunct Coudert. Baker will forfeit most of its interest in an estimated $17 million in contingency fees for litigation that former Coudert partners were handling. The settlement follows a recent setback for retired Coudert partners who sued to have several firms held as Coudert successors responsible for paying their pensions.

ABA Delegates to Weigh Judicial Finance Training, Same-Sex Marriage

Attorney Josh Markus will urge delegates at the ABA's annual meeting in San Francisco this week to officially encourage financial products and practices education and training for judges in the U.S. and abroad. The proposal is one of 35 resolutions up for debate, including a proposal that would urge state-level governments to eliminate all legal barriers to civil marriage between two persons of the same sex and oppose a federal constitutional amendment to define marriage as a union between a man and a woman.

Financial Reform Keeps Law Firm Banking and Securities Practices Busy

Regulations for the recently enacted financial reform law are months away, but law firms with strong financial services practices are rolling out the welcome mat for client conferences and filling their calendars with client meetings. Clients' initial questions have largely focused on the so-called Volcker rule, which generally bans banking institutions from investing in private equity or hedge funds or engaging in proprietary trading, said Greg Lyons of Debevoise & Plimpton.

Bus Cameras Show Fatal Injury From New Angle

While making a legal left turn, a veteran Connecticut Transit bus driver fatally struck a pedestrian crossing against the light. The incident turned into a $3.9 million settlement, thanks to an innovative use of technology that pieced together video from internal cameras on the bus.

Former Jackson Walker Lawyer Snared in Federal Case Against Wyly Brothers

Texas billionaire brothers Sam and Charles Wyly, in denying Securities and Exchange Commission allegations that they hid $550 million in trading profits via a maze of offshore trusts and other entities, are pointing at the advice they received from lawyers and financial advisers, according to reports. So, who were the go-to lawyers for the Wylys? Chief among them was Michael French, whom the SEC has also charged with helping the brothers set up the offshore trusts through which they made the trades in question.