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Tuesday, May 28, 2013
TAR Update: Precision, Recall, F-measure & Kleen Products Revisited
The ESI Report’s Michele Lange, Attorney and Director of Thought Leadership at Kroll Ontrack joins Ralph Losey, Partner at Jackson Lewis, as they take an in-depth look at how lawyers and experts are leveraging information science in arguments regarding the effectiveness of Technology Assisted Review, keyword search and everything in-between. In addition, on the Bits & Bytes Legal Analysis segment, Kroll Ontrack Legal Correspondent, Elliot Westman revisits Kleen Products v. Packaging Corp. of America.
Will 'American Idol' Alumni Take Over The Judges' Table?
American Idol has now been around long enough that it can turn to the celebrities the show itself made famous to act as judges. With Nicki Minaj, Mariah Carey, Randy Jackson and Keith Urban reportedly not returning to the Fox singing competition, the new stars rumored to replace the judges all come from Idol's past.
Will 'American Idol' Alumni Take Over The Judges' Table?
American Idol has now been around long enough that it can turn to the celebrities the show itself made famous to act as judges. With Nicki Minaj, Mariah Carey, Randy Jackson and Keith Urban reportedly not returning to the Fox singing competition, the new stars rumored to replace the judges all come from Idol's past.
Bianca Kajlich Bijou Phillips Blake Lively Blu Cantrell Bonnie Jill Laflin
Katy Perry & John Mayer: Reunited on Memorial Day!
They’re one of those couples who just may keep trying until they get it right, and yesterday (May 27) Katy Perry invited John Mayer to her Memorial Day Party.
The “No Such Thing” crooner showed up at the “I Kissed a Girl” songstress’ home in the Hollywood Hills where he reconnected with his ex-gal and mingled with fellow guests.
Back in March, John and Katy decided to call it quits again after getting back together a few months prior.
Stay linked to the GossipCenter to see if John and Katy officially get back together or just enjoy each other’s company from time to time.
Source: http://celebrity-gossip.net/katy-perry/katy-perry-john-mayer-reunited-memorial-day-861879
Carla Gugino Carmen Electra Carol Grow Carrie Underwood Cat Power
Absolute Novelty Worldwide - Not Always So Absolute
In this Intellectual Property webcast, Thomas McNulty and Sandra Szela Congdon of Lando & Anastasi, LLP discuss absolute novelty worldwide. Learn more about Lando & Anastasi, LLP at http://www.lalaw.com.
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Hiring Your First Employee
Hiring your first employee can feel like jumping off a cliff, but in some circumstances it can lead to more efficiency and profits. On The Un-Billable Hour, host Attorney Rodney Dowell, Executive Director at Lawyers Concerned for Lawyers and Director of LCL’s Massachusetts Law Office Management Assistance Program joins Lee Rosen, founder of the Rosen Law Firm, a North Carolina family law firm, blogger and practice management guru and Attorney Scott Stewart, from The Law Offices of Scott David Stewart out of Arizona, to talk about how to make the first hire a successful hire.
Source: http://legaltalknetwork.com/podcasts/un-billable-hour/2012/03/hiring-your-first-employee/
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Will 'The Hangover' Trilogy Finish Strong This Weekend?
From Bradley Cooper, Ed Helms and Zach Galifianakis attempting to rescue their kidnapped friend in The Hangover Part III to Amanda Seyfried fighting off evil in Epic, here are the movies to check out. Will you be grabbing your popcorn and catching one of them this weekend?
Second Circuit Holds that Allegations of Direct Fraudulent Representations Are Necessary for Market Manipulation Claims Under Section 10(b) and Rule 10b-5
In Fezzani v. Bear, Stearns & Co., Inc., No. 09-4414-cv, 2013 WL 1876534 (2d Cir. May 7, 2013), a 2-1 majority of a panel of the United States Court of Appeals for the Second Circuit held that plaintiffs’ failure to plead direct misrepresentations from defendant to plaintiffs was fatal to their market manipulation claim under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Securities & Exchange Commission (“SEC”) Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated thereunder. This is the first decision from a Court of Appeals applying the strict limitations on the scope of primary liability set in recent decisions by the Supreme Court to claims involving market manipulation.
From 1992 through 1996, a now-defunct broker-dealer, A.R. Baron (“Baron”), executed a “pump and dump” scheme involving high pressure “cold calls” to potential customers, aimed at inducing the customers to purchase securities in initial public offerings of small, unknown companies with negligible profits. Baron’s salespeople would represent deceptively that such stocks were part of an active, rising market in which prices were fairly set by arms-length transactions. In reality, the “market” was a result of a series of artificial trades arranged by Baron to generate the façade of a rising market. These practices defrauded customers out of millions of dollars, and eventually led to the criminal convictions of a number of its former officers, directors and key employees.
Plaintiffs, a group of individual investors, alleged that Baron and its clearing broker, Bear, Stearns & Co, Inc. (“Bear Stearns”), falsely represented the market surrounding the securities at issue, and that defendant Isaac R. Dweck (“Dweck”) enabled Baron, through short-term cash infusions and financing, to “park” securities in his accounts, for which he was rewarded with ownership in companies on a preferential basis and returns on the parking arrangements. Plaintiffs also alleged that Dweck’s providing of funds to Baron prolonged Baron’s fraudulent activity. Plaintiffs made no claim for recovery from Dweck for damages caused by the parking of specific securities, but instead sought to impose liability on Dweck for all of Baron’s deceptive activities; in other words, plaintiffs made no attempt to connect particular trades to Dweck’s parking.
The United States District Court for the Southern District of New York held that the plaintiffs’ broad allegations that Dweck was substantially funding and participating in Baron’s fraudulent transactions did not show how plaintiffs relied upon misrepresentations or omissions by Dweck, and therefore, failed to state a claim against Dweck under Section 10(b) and Rule 10b-5. The district court noted that plaintiffs had asserted that Dweck made investments in Baron securities, assisted in the parking transactions and allegedly introduced new co-conspirators to the fraud, and that the plaintiffs claimed generally that the parking transactions and overall fraud caused the price of Baron’s securities to artificially inflate, creating damage to plaintiffs when they purchased the eventually worthless stock. However, the district court held, none of those items satisfied the requirement under Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., 552 U.S. 148 (2008) (see blog article here), that plaintiffs allege a false material misrepresentation or omission, and reliance thereupon. Accordingly, the district court dismissed the claim for misrepresentations or omissions under Section 10(b) and Rule 10b-5 against Dweck. The district court likewise dismissed plaintiffs claim for market manipulation against Dweck due to a lack of alleged reliance on Dweck’s fraudulent behavior.
The Second Circuit affirmed. As the district court had noted, the absence of allegations of communications between the plaintiffs and Dweck was problematic. The Second Circuit observed that in plaintiffs’ claim against Dweck for all damages caused by Baron, plaintiffs did not made any claim for Dweck’s liability under respondeat superior or another common law theory of vicarious liability. Because aiding and abetting liability is not available in private actions under Section 10(b) and Rule 10b-5, the Court held, Dweck could only be liable as a primary violator. The Second Circuit recognized that under Stoneridge “an allegation of acts facilitating or even indispensable to a fraud is not sufficient to state a claim if those acts were not the particular misrepresentations that deceived the investor.” Plaintiffs were required to allege actions by Dweck that were more than knowing participation in, or facilitation of, Baron’s fraudulent scheme. Looking further to Supreme Court precedent in Janus Capital Group, Inc. v. First Derivative Traders, 131 S. Ct. 2296 (2011) (see blog article here), the Court held that “only the person who communicates the misrepresentation is liable in private actions under Section 10(b),” even in a market manipulation case.
Here, although plaintiffs alleged that Dweck was part of a group that engaged in phony trading activity, they did not and could not allege “that any plaintiff was told of Dweck’s artificial trading, or purchased securities in specific reliance on such trading.” Rather, Baron and Bear Stearns were the only parties that had directly given the plaintiffs representations about the phony market. Plaintiffs alleged that Dweck had knowledge of some artificial trades, that he participated in them and that he actively facilitated Baron’s fraudulent scheme. But because only Baron or Bear Stearns — but not Dweck — communicated the artificial price information to plaintiffs, and their allegations were insufficient to state a Section 10(b) and Rule 10b-5 claim against Dweck.
The dissent disagreed with the majority’s conclusion that Supreme Court precedent required a direct communication of false information to the plaintiffs in the context of a claim for market manipulation. Further, the dissent argued the majority ignored that Dweck was insider of Baron with primary liability under Section 10(b) for engaging in a manipulative scheme.
The Fezzani majority opinion is significant because it is the first decision from a Court of Appeals to apply the strict limitations on the scope of primary liability set in Stoneridge and Janus to claims involving market manipulation. In light of the dissenting opinion on this important issue, we expect plaintiffs to make a strong request for rehearing en banc and/or petition for certiorari to the Supreme Court.
For further information, please contact John Stigi at (310) 228-3717 or Tyler Baker at (212) 634-3048.
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Ashton Kutcher & Demi Moore’s Divorce Battle Heats Up
Ashton Kutcher and Demi Moore’s divorce battle is heating up over a serious amount of cash. They may have been separated for awhile but the former love-birds have yet to sign the official papers ending their marriage.
Photo Credit: PR Photos
He has moved on with Mila Kunis and she has been with her share of boy toys since the split but Kutcher and Moore don’t seem to want to let go of one thing when it comes making their marriage officially over, money. That is right, RadarOnline is reporting that even though they have allegedly been in settlement negotiations for over a year, the soon to be ex-spouses have yet to come to an agreement over what he owes her.
As it turns out Ashton made some serious cash while the two were hitched and it wasn’t from his acting. Nope it was from an investment he made in a tech company back in 2010, which was a year before he and Demi split. Now the investment has reportedly made him some serious cash and guess what she wants half. We aren’t talking about chump change here either, we are talking about millions of dollars that she thinks she is entitled to and he doesn’t. All this info comes from a “source” that the website has, so keep that in mind.
Kutcher also ranked in the big bucks when joined Two and a Half Men back in 2012. In fact at the time he was named the highest paid actor on TV. Moore on the other hand has had a fleeting career with her last big hit and payday, being almost 10-years ago for the Charlie’s Angels: Full Throttle. With that kind of cash on the line something tells me this thing is going to get a lot uglier before these two are finally divorced.
Do you think Demi has a right to Ashton’s cash? I personally would think she made enough at the height of her career but who knows it could all be gone.
Source: http://feedproxy.google.com/~r/RightCelebrity/~3/6XqfZRfzYhE/
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The Latest in Court Technology for Paralegals
Find out what’s new in court technology on The Paralegal Voice. Co-hosts Lynne DeVenny and Vicki Voisin join Ted Brooks, the Founder & CEO of Litigation-Tech LLC for his insight on the latest in court technology for paralegals. Ted provides tips for paralegals getting ready for a big trial using extensive technology in the courtroom and explains how paralegals can learn the basics of commonly used trial software. Ted also gives his picks for blogs and online resources for paralegals interested in learning more about courtroom technology.
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Nervo 'Keep Changing' Their Mind On Debut Album
Liv and Mim tell MTV News of their high-profile team-ups and upcoming LP.
By Christina Garibaldi
Source:
http://www.mtv.com/news/articles/1708040/nervo-debut-album-title.jhtml
Cheryl Burke China Chow Chloë Sevigny Christina Aguilera Christina Applegate
Monday, May 27, 2013
Vermont Becomes First State to File 'Patent Troll' Suit
Vermont has become the first state in the nation to file a so-called "patent troll" lawsuit, taking action Wednesday against a company that has written to a number of businesses claiming patents to technology that attaches scanned documents to e-mails over company computer networks.
Source: http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202601262071&rss=rss_nlj
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Nervo 'Keep Changing' Their Mind On Debut Album
Liv and Mim tell MTV News of their high-profile team-ups and upcoming LP.
By Christina Garibaldi
Source:
http://www.mtv.com/news/articles/1708040/nervo-debut-album-title.jhtml
Putting the Web to Work for You
Have you ever wanted one action on the Web automatically trigger another action? For example, if you post a tweet, it automatically becomes a LinkedIn or Facebook update or if you star a blog post in Google Reader, it automatically gets added to your Evernote account. IFTTT (If This, Than That) is a web service does exactly that. In this episode of the Kennedy-Mighell Report, Dennis Kennedy and Tom Mighell discuss web automation and IFTTT, how it might make your life a little easier, and the role this type of service might play for the busy lawyer.
Source: http://legaltalknetwork.com/podcasts/kennedy-mighell-report/2012/08/putting-the-web-to-work-for-you/
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Is Beyonce 'Crazy In Love' With Emeli Sande's 'Great Gatsby' Cover?
'I haven't met Beyoncé, but I met Jay-Z afterwards and he was digging it,' the 'Next to Me' singer tells MTV News.
By Jocelyn Vena, with reporting by James Lacsina
Source:
http://www.mtv.com/news/articles/1708043/beyonce-emeli-sande-crazy-in-love-great-gatsby.jhtml
Jaime King Jaime Pressly Jamie Chung Jamie Gunns Jamie Lynn Sigler
Amnesty International publishes annual human rights report
[JURIST] Amnesty International (AI) [advocacy website] on Thursday published its annual report entitled State of the World's Human Rights [materials], which details the human rights landscape across the world in 2012. The report focuses on the increasing danger faced by those displaced from their homes. This includes international refugees displaced by violence and those internally displaced. More than 42 million individuals have been forced to flee from their homes because of violence or persecution. Specifically, the fighting in Syria [JURIST...
Source: http://jurist.org/paperchase/2013/05/amnesty-international-publishes-annual-human-rights-report.php
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Cray Cray Amanda Bynes Takes on Rihanna In Racist Tweet!
Cray Cray Amanda Bynes Takes on Rihanna In Racist Tweet!
Cray Cray Amanda Bynes Takes on Rihanna In Racist Tweet! Stupid Celebrities Gossip Stupid Celebrities Gossip News
Source: http://stupidcelebrities.net/2013/05/cray-cray-amanda-bynes-takes-on-rihanna-in-racist-tweet/
Charlize Theron Chelsea Handler Cheryl Burke China Chow Chloë Sevigny
Legal expenses - perception is reality
There are at least two components of legal costs: Fees and expenses. When one is clearly out of line, the other is perceived to be out of line. Perception is reality.
Much has been written about the $1,000 per hour legal fee. It's out of line, too high, much too expensive, etc. But the writers fail to assess the competitive market for those services and whether those services have some very special expertise connected with the fee that justifies the fee. If, for example, you're in a "bet the company" situation, you want the best lawyer you can get. If you're in a criminal trial as was OJ Simpson, you want a particular lawyer and team of lawyers. You will pay the asking price.
If you're facing a normal contract dispute, one might consider this a commodity type of legal battle, one not requiring the best lawyer in the state; a good lawyer will suffice and the cost of his/her services will be adjusted downward accordingly. Some call this commodity pricing.
If you're a very large bankrupt company, you need specialized professional expertise. According to Bankruptcy Court filings (attorney fees need to be approved by the judge), many lawyers in this arena are receiving $1,000 per hour. Nothing out of the ordinary here.... this is reality.
However, when these same filings show application for expense reimbursements that are out of the ordinary, then questions arise. For example, why should the bankrupt estate pay for first class airfare, for normal photocopying charges, for faxes, for overnight hotel stays at the Waldorf-Astoria, etc.? Many such expenses are considered part of a firm's normal overhead; many such expenses can be lowered by conducting oneself in the "normal course of business," such as charging for coach airfare (not first class or business fare), hotel charges (at a Marriott, etc. rather than the Waldorf).
Any "over" charges should be at the lawyer's expense not the expense of the estate. After all, isn't that why the lawyer is receiving the larger per hour fees? It's when the lawyer begins to "nickel and dime" the client or take advantage by charging more than "ordinary" expenses, the perception of over-billing extends over to the fee itself. When asked, I usually advise my clients to reduce the expense charges and their fee charges will not be questioned. It's usually the $5.05 charge that brings the whole bill into question, not the other way around.
Source: http://feeds.lexblog.com/~r/LawBizBlog/~3/KKCcF5i2pqo/
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'Man Of Steel': Is Zod Superman's Khan?
After digging into the new trailer, MTV News look at the villain.
By Todd Gilchrist
Source:
http://www.mtv.com/news/articles/1707898/superman-man-of-steel-trailer-zod-villain.jhtml
Jamie Chung Jamie Gunns Jamie Lynn Sigler Janet Jackson January Jones
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