The proposed order was drafted by Herbalife and Dana Bostick, the former California distributor who is suing the company under the state’s “chain letter,” or pyramid scheme, law. It’s common for parties to come up with protective orders that forbids sharing of confidential information obtained during discovery — but the judge balked when Herbalife went a step further and suggested a “highly confidential, lawyers’ eyes only” category for “high-risk” experts that have had anything to do with Pershing Square since 2010 or might in the next three years. It defined a “Pershing Square person” as “any present or former directors, officers, executives, partners, principals, trustees, employees, agents, attorneys, accountants, advisors and representatives, or any other person(s) known, believed or suspected to be acting or purporting to act on its behalf, now or at any previous time since January 1, 2010, including but not limited to William Ackman and Sullivan & Cromwell LLP.” [NYP]
- 12 Feb 2014 at 4:03 PM
Herbalife Unsuccessful In Attempt To Include Anyone Who’s Ever Come Within 10 Blocks Of Pershing Square’s Office In Protective OrderBy Bess Levin
- 20 Oct 2011 at 1:54 PM
Earlier this morning, the Journal reported that certain trades made by SAC Capital’s CR Intrinsic unit were being “examined” by the Securities and Exchange Commission. Specifically, the regulator was said to be “trying to determine whether SAC used inside information to profit from Johnson & Johnson’s 2009 takeover of Cougar Biotechnology Inc.” It was also reported that:
The civil inquiry also encompasses whether an “expert network” business that is part of an investment bank leaked nonpublic information to traders, people said…SAC also is facing a criminal probe by federal prosecutors in New York examining trades made in an account overseen by the fund’s billionaire founder, Steven A. Cohen, according to court documents and people familiar with the matter. Representatives for SAC, Mr. Cohen, Johnson & Johnson and Cougar declined to comment. SAC has said it is cooperating with the probe.
While the Journal noted that SAC has not been accused of any wrongdoing, nor was it clear if “the inquiries, which have been ongoing for more than a year, will result in any charges,” it also wrote that “SAC has said it is cooperating with the probe.” According to representatives for the hedge fund uh…what? Read more »
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