Around the Bar
Rutgers School of Law Wins Regional Moot Court Competition at City Bar
Rutgers University School of Law won the regional rounds of the 61st Annual National Moot Court Competition. They advance, along with runner-up Pace University School of Law, to the finals in early 2011 at the City Bar. Pictured from left to right are competition judges James Herschlein, Stuart Summit, and Hon. Rosalyn Richter, winners Andrew Burroughs and Daniel LeCours, Young Lawyers Committee Chair Stephen Broer, winner Brett Pugach, and judges Hon. Howard Miller and C. Evan Stewart. Read more.
More than 300 Students Attend City Bar's Constitutional Rights Symposium
On Saturday, November 20th, more than 300 students from over 50 New York City high schools attended the City Bar°¶s eighth Constitutional Rights Symposium. The symposium is part of the City Bar's Student Legal Education and Opportunity Program, established to expose high school students to the legal profession. Read more.
The Investigation and Prosecution of Business Entities
On Wednesday, December 1st, the City Bar will host a timely discussion on the topic of investigation and prosecution of business entities. The program will take the panel through a hypothetical scenario to discuss the manner in which corporations and other entities are treated by the criminal justice system (as evidenced in New York City by the pronounced policies of Department of Justice and the Manhattan DA's Office) from inception to sentencing. The panel will feature Daniel R. Alonso, Chief Assistant District Attorney, New York County District Attorney's Office; Richard Donoghue, Chief of the Criminal Division, United States Attorney°¶s Office, EDNY; Hon. Paul Gardephe, United States District Judge, SDNY; Michael J. Garcia, Kirkland & Ellis LLP; Former United States Attorney, SDNY; Karen Patton Seymour, Head of Criminal Defense and Investigations Group, Sullivan & Cromwell LLP; former Chief of the Criminal Division, United States Attorney°¶s Office, SDNY; Thomas McC. Souther, Freeh Sporkin Sullivan (Freeh Group); former Assistant United States Attorney, SDNY; and Richard Zabel, Assistant United States Attorney and Chief of the Criminal Division, SDNY. Register here.
Historic Trials of the 19th and 20th Centuries Get Spotlight at City Bar
On Friday, December 3rd, join us at the City Bar for a special CLE program, co-sponsored with ALI-ABA, entitled Trials of the Century. The program will include a mix of actual film footage, re-creations, photos, and verbatim trial transcripts. You'll view excerpts of the O.J. Simpson trial, hear Clarence Darrow cross-examine William Jennings Bryan in the Scopes "Monkey Trial," view the cross-examination of Herman Goering at the Nuremberg trials, and listen to Clarence Darrow's closing argument in the Leopold and Loeb trial. On the way in or out, stop in the lobby to view the City Bar library's special exhibit, "Trials of the Century: 1800-1899," featuring original documents from the Association's archives, including a collection of 19th Century trial pamphlets depicting sensationalized accounts of courtroom confrontations. Register here.
City Bar in the News
Washington Post, November 20, 2010
Associated Press, November 22, 2010
Feds Raid 3 Hedge Funds Linked to Trading Probe
“The Federal Bureau of Investigation has raided three hedge funds in what one of the targets is calling a wide-ranging probe of insider trading in the financial industry°K.The raids come a month after U.S. Attorney Preet Bharara in Manhattan told the New York City Bar Association that white-collar crime was on the rise, carried out by Wall Street heavyweights who consider inside information ‘a performance enhancing drug that provides the illegal “edge” to outpace their rivals and make even more money.’ Bharara said his office and the FBI had both recently added more resources to exposing insider trading and considered it a top criminal priority. ‘Disturbingly, many of the people who are going to such lengths to obtain inside information for a trading advantage are already among the most advantaged, privileged, and wealthy insiders in modern finance,’ he said last month.”
Reuters, November 22, 2010
FBI Raids Three Hedge Funds in Insider Trading Case
“The FBI raided three hedge funds as part of a widening probe into suspected insider trading in the $1.7 trillion hedge fund industry. Monday's raids come as federal prosecutors prepare to unveil a series of new insider trading cases as soon as this year against hedge fund traders, consultants and Wall Street bankers°K.Speaking last month to the New York City Bar Association U.S. Attorney Preet Bharara in Manhattan called illegal insider trading a ‘rampant’ and even growing problem that prosecutors need more tools to fight. Mr. Bharara said the increased speed and volume of trading makes it harder to pinpoint specific illegal trades, and that a ‘veritable explosion of newsletters, websites, blogs, tweets, and feeds’ can make it easier for the accused to argue that they traded based on information obtained legally.”
Wall Street Journal, November 22, 2010
The Government°¶s Ominous Warning Against Insider Trading
“U.S. Attorney Preet Bharara last month gave a barn-burner speech, which presaged what could turn out to be the biggest insider-trading case in years, involving a range of hedge funds, bankers, mutual fund traders and others. Bharara is on the front lines of the investigation°K.It is worth delving into Bharara°¶s speech to the New York City Bar Association that seems to form the philosophical foundation of the insider-trading case. In hindsight, the speech looks like a remarkable warning to financial bad apples. Bharara told the audience°Vfilled with white-collar lawyers and others°Vthat he believed ‘illegal insider trading is rampant,’ according to a copy of his prepared remarks. ‘And the people who are cheating the system include bad actors not only at Wall Street firms, but also at Main Street companies.’...The U.S. Attorney ended by addressing the lawyers in the room, in what sounded like part good-natured plea and part warning. ‘Increasingly, you and your clients are in the best position to witness fraud and malfeasance on the part of others,’ he said. ‘And so the truly great lawyer°Vmotivated by conscience, guided by principle, and empowered by training°Vcan serve as the greatest antidote against a creeping corporate corruption that has so sapped people°¶s faith in our economic order.’”
U.S. Nearing End of Major Insider-Trading Probe
“‘Illegal insider trading is rampant and may even be on the rise,’ Bharara said in a speech last month to the New York City Bar Association. But he cautioned: °•It has perhaps never been more difficult to attack through traditional investigative means.°¶ Bharara said the challenges include the innovations that allow stock trading at such high speeds and in such high volume that it can be difficult to pinpoint specific transactions completed with the advantage of inside information. He said the growth in the number of financial newsletters, Web sites, blogs and social media outlets ‘publishing every last rumor and report of potential mergers and acquisitions and earnings reports’ has made it easier for those accused of insider trading to claim they acted on the basis of something they read. Bharara also defended the use of wiretaps to investigate insider trading cases°K‘Some have asked, why use court-authorized wiretaps in insider trading cases?’ Bharara said in the speech. ‘The quick answer is that every legitimate tool should be at our disposal - especially where, as in the case of insider trading, an essential element of the crime is a communication.’”
Corporate Counsel, November 19, 2010
FBI Busts General Counsel for Drug Possession*
“According to Eileen Travis, director of the New York City Bar’s lawyer assistance program, studies show that lawyers are at a heightened risk for developing stress-related substance abuse problems and mental health issues. Lawyers are almost twice as likely (15 to 20 percent) as members of the general public (10 percent) to have the risk factor, Travis said. ‘If you have that risk factor, then you’ve really got a problem on your hands,’ she said. ‘These are good people who happen to have a problem that changes their judgment, and they find themselves in big trouble,’ Travis said.”
*Related News: The Lawyer Assistance Program gave a seminar to the staff of the First and Second Department disciplinary committees, at the request of the outgoing Chief Counsel, Alan Friedberg, entitled, “Why Good Lawyers Get Into Trouble.”