Firm, OTS settled at high cost
Article Abstract:
The March 11, 1992 settlement of the Office of Thrift Supervision's (OTS) case against New York, NY, law firm Kaye, Scholer, Fierman, Hays & Handler may have high costs for both parties. By agreeing to a settlement of $41 million, the firm avoided a $275 million suit over its actions representing Lincoln Savings and Loan Association. However, the firm stands to lose business, as well as partners and associates. The OTS's handling of the case has caused some concern, especially over the order freezing Kaye Scholer's assets. Attorney's groups and some members of Congress are protesting the agency's powers.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Kaye Scholer's Lincoln woes
Article Abstract:
The Office of Thrift Supervision (OTS) filed charges Mar 2, 1992 against the firm of Kaye, Scholer, Fierman, Hays & Handler alleging reckless representation of scandal-ridden Lincoln Savings and Loan Association. The OTS also issued a cease-and desist order, taking control of both the firm's and its partners' finances. The freezing of a law firm's assets in such a case is unprecedented. The actions come after several months of negotiations towards a settlement, which may still be in the offing.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Injunction reinstated on firm representation
Article Abstract:
On Jan 29, 1992 the Pennsylvania Supreme Court reinstated an injunction that barred Pepper, Hamilton & Scheetz from representing the competitors of a former client, shipping company Maritrans GP Inc. The court found that Pepper had violated its fiduciary duty by representing several of the competitors after having obtained Maritrans's analysis of those competitors. The Court overturned a Pennsylvania Superior Court ruling that companies could not be enjoined from violating ethics codes.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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