Debtors' lawyers slammed; judge says bad advice to Sears credit card clients is a breach of ethical duty

Article Abstract:

Federal judge Stan Bernstein stated in a ruling involving the Sears Roebuck and Co credit card matter that counsel for consumer debtors could be guilty of malpractice in permitting their clients to sign reaffirmation agreements. The 1994 Bankruptcy Code permits debtors to reaffirm debts without a hearing only if their counsel has fully advised them of the legal effect of so doing. Judge Bernstein struck the sworn statements and ordered the judge to refund part of the legal fees.

Commercial Banks, Commercial Banking, Retail Trade, Bank Credit Cards, Services, Sears, Roebuck and Co., S, Debtor and creditor

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Bond counsel now face new pressures: SEC is asking about LeBoeuf, Lamb,, Orange County's bond adviser

Article Abstract:

An investigation by the SEC of Orange County's bond issues includes the county's bond counsel LeBoeuf, Lamb, Greene & McRae. LeBoeuf could end up bearing blame in the case, which may change the responsibilities borne by all municipal-bond counsel. It could also affect whether law firms are added as defendants in bondholder class actions in federal court in Los Angeles. A secondary investigation of LeBoeuf concerns 1994 advice to Orange County school districts.

United States, Management, Investigations, Disclosure (Securities law), Municipal bonds, LeBoeuf, Lamb, Greene and MacRae

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Lawyers at risk, S & L officials tell angry ABA groups

Article Abstract:

Liability of attorneys for alleged complicity in the thrift debacle was a topic of great interest at the 1992 ABA Convention. Kaye, Scholer, Fierman, Hays and Handler was found guilty in such a case and this has other law firms worried. In the Kaye Scholer case, the Office of Thrift Supervision used its statutory power to have the assets of the law firm frozen, and some lawyers allege that the use of this power was excessive.

Ethical aspects, Legal ethics, Savings and Loan Associations Bailout Crisis, 1987-

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