Judge adopts sliding scale to set lawyers' fees in big settlement

Article Abstract:

A federal court judge has rejected a request from lawyers requesting 30% from the $13.6 million settlement awarded to their clients, shareholders of Cyrk Inc. According to the judge, U.S. District Court John Martin, the amount requested by the lawyers was excessive. Although lawyers for the shareholders stated that they should earn more than $4 million for their court victory, the judge instead awarded the lawyers $2,852,107 or 21% of the settlement. The judge also reduced the reimbursement of costs from $302,621 from $332,016, stating that such services as photocopying could have been done more cheaply from an outside vendor. George Bauer III of plaintiffs' counsel Milberg, Weiss, Bershad, Hynes & Lerach declined to comment on the judge's decision.

Comment:

Judge rejects plaintiffs' lawyers request for 30% of settlement awarded to Cyrk shareholders

Stockholder data, Legal/Government Regulation, All Other Business Support Services, Business Services NEC, Cyrk Inc., Business services, Article

---

Free-lancers' permission needed to use articles electronically, court decides

Article Abstract:

A U.S. federal appeals court has ruled that publishers may not post articles written by free-lance writers online or put them on CD-ROMs without contractual permission. The ruling, reversing the decision of a lower court, found major differences between original published material and electronic databases, in that articles could be retrieved electronically without reference to original works. The National Writers Union, lead plaintiff in the case, wrote to publishers not represented in the case asking that they enter into licensing agreements with writers. Publishers' attorneys are considering appealing the decision to the Supreme Court.

PRINTING AND PUBLISHING, Printing & Publishing, Publishing industry, Laws, regulations and rules, Electronic publishing, National Writers Union, Freelance writers

---

Bankers Trust admits to profits scheme; bank to pay $60 million fine in federal criminal case involving ex-employees

Article Abstract:

To send a signal to corporate executives who set unrealistic financial goals for underlings, the federal government has fined Bankers Trust, New York, $60 million for using unclaimed client money as a 'slush fund.' Almost $20 million was diverted illegally between 1994 and 1996 from clients to the company's accounts. The firm will also pay a $3.5 million fine to New York State for the misdeeds.

Comment:

Misdeeds took place 1994 to 1996 by unnamed employees

Commercial Banks, Commercial Banking, Legal issues & crime, Banking industry, Discipline, Abstract, Ethical aspects, Financial statements, Bankers Trust Corp.

Similar abstracts:

• Abstracts: Making its marque at the top; Toyota's Lexus offers a lesson in brand development. Venator to close 570 athletic footwear stores
• Abstracts: Mattel forecasts sluggish sales growth as it posts 70% drop in 4th-quarter net. San Diego may flush now, drink later
• Abstracts: 3 companies and 3 angles on changing small to big. US West ordered to halt marketing tie-in
• Abstracts: Caveat emptor on the Web: ad and editorial lines blur. Compaq to sell small stake in Alta Vista search site
• Abstracts: Las Vegas will shift its promotional strategy to emphasize entertainment as well as gambling

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.