legal fees

Small Victories: Sergey Aleynikov Edition

Goldman Sachs does not have to pay the people trying, at its behest or otherwise, to put former programmer Sergey Aleynikov in jail (again). But it does have to pay to try to keep him out of jail. For now. Unless he does go to jail (again). Then all bets are off. Which is good for old Sergey (for now), because, as you might imagine, given the ordeal he’s been through, he’s broke. Read more »

June 29, 2009: Countrywide Chairman and CEO Angelo Mozilo utters greatest veiled threat ever when he tells CFC shareholders at their final meeting that Bank of America “will reap the benefits of what we have sowed.”

October 25, 2012: Analysts estimate the benefits of acquiring Countrywide have so far cost Bank of America $40+ billion in “write-downs, legal expenses, and settlements.”

October 8, 2013: Still reaping: Read more »

  • 17 Dec 2012 at 3:15 PM

Rajat Gupta Wants To See Goldman Beg For It

On a scale of 1 to 10, 1 being standard, 10 being elephantiasis, how big do you think the balls are on the guy who calls up a hedge fund manager 23 seconds after his meeting with fellow board members concludes to leak inside information about that company and then, after being convicted of securities fraud and conspiracy, tells the company, which paid his legal fees, he doesn’t owe them a dime? And that maybe if they put everything into an excel spreadsheet, he’ll think about tossing them a couple dollars, but probably not? Read more »

  • 11 Apr 2012 at 1:35 PM

Jon Corzine’s Got Money To Burn

A bankruptcy judge said MF Global can use existing insurance policies to pay potential “wrongful act” legal-defense fees for former Chief Executive Jon S. Corzine and other executives, even as commodities customers continue to argue that they are entitled to at least some of the money. Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the request by MF Global to free up insurance money from two separate entities: a total of $150 million in potential coverage from a subsidiary called MF Global Assurance and as much as $225 million from U.S. Specialty Insurance Co. With $375 million in proceeds potentially available, Judge Glenn said he will place a “soft cap” of $30 million for the defense costs, with the parties required to come back to court for approval of further use of the funds. He overruled several customer objections. [WSJ, related]