Legal Fees for Fannie Mae and Freddie Mac Reach $100 Million and Counting

 Posted by at 9:13 am  BigLaw  Comments Off on Legal Fees for Fannie Mae and Freddie Mac Reach $100 Million and Counting
Feb 232012
 

The New York Times recently reported that the legal cost to defend three former executives of Fannie Mae and Freddie Mac is approaching $100 million.  Taxpayers have already covered almost half of the tab.     

The inspector general of the Federal Housing Finance Agency, the entity overseeing both companies as their conservator, is trying to protect taxpayers from further unnecessary and excessive costs.  In its report on the matter, the inspector general remarked that when the companies were taken over in September 2008 their legal contracts could have been repudiated but were not.  As a result, taxpayers are bearing the costs ever since.  The report suggests that these legal fees should be the subject of Congressional oversight to control costs. Continue reading »

New Jersey Ordered to Pay $1.29 Million in Attorneys’ Fees in Whistleblower Suit

 Posted by at 11:31 am  Court Decisions  Comments Off on New Jersey Ordered to Pay $1.29 Million in Attorneys’ Fees in Whistleblower Suit
Feb 162012
 

The State of New Jersey has been ordered to pay almost $1.3 million in attorneys’ fees in connection with a whistleblower lawsuit brought against it by a former state official employed in the Division of Consumer Affairs Office of Consumer Protection.

According to The Star-Ledger, Stanley Fischer filed a lawsuit against the state after he was fired from his position as executive director in 2007.  He alleged that he was wrongfully terminated for confronting a politically connected subordinate concerning workplace infractions.  Continue reading »

Energy Company seeking $4.6 million in Legal Fees from Vermont

 Posted by at 9:10 am  Court Decisions  Comments Off on Energy Company seeking $4.6 million in Legal Fees from Vermont
Feb 092012
 

Vermont Attorney General Bill Sorrell expected Entergy, a Louisiana energy company, to make an application for attorneys’ fees in a successful litigation, but found the request to be high for a number of reasons.  Sorrell claims, “they threw a lot of legal horsepower at us, they went into the record extensively and they charged New York City rates.”  In challenging the fee request, Sorrell states that his office will look into the hourly rates charged by Entergy’s lawyers, as well as whether the amount of time spent on the case was reasonable.  Sorrell expects “a lot of lawyering” to go into reviewing the attorneys’ fee request and points out that disputes of this type and magnitude often result in a mediation process and the retention of legal fee experts.  Continue reading »

Facebook Seeking $84K in Legal Fees Stemming from Ownership Dispute

 Posted by at 11:49 am  BigLaw  Comments Off on Facebook Seeking $84K in Legal Fees Stemming from Ownership Dispute
Feb 062012
 

The Los Angeles Times recently reported that Facebook is firing back at Paul Ceglia, a New York man claiming to own a stake in Mark Zuckerberg’s social networking site. Facebook would like Ceglia to pay the legal fees it incurred defending his claim that he owns half of Zuckerberg’s multi-billion dollar share. Continue reading »

Weekly Wrap Up 2/3/2012

 Posted by at 2:29 pm  Weekly Wrap-Up  Comments Off on Weekly Wrap Up 2/3/2012
Feb 032012
 

A collection of legal fees news from the past week…

Super Bowl Week Reveals Super Legal Fees (AM Law Daily) –  With fans gearing up for Sunday’s big game, it seems apropos that the NFL Players’ Association released their annual LM-2 filing, detailing expenses between March 1, 2010 and February 28, 2011. The report revealed a massive build up in spending leading to the lockout which commenced on March 12, 2011, and subsequent decertification by the NFLPA. According to the report, approximately 63.2 million dollars was spent on representational activity in the period reported on. Amongst law firms leading the way were Latham & Watkins ($ 3.1 million), Dewey & LeBoeuf ($2.9 million), and Patton Boggs ($ 948, 983). Interestingly, the head of the NFLPA, DeMaurice Smith, is a former Latham and Patton Boggs partner. Those two firms have moved in on the legal sphere traditionally occupied by Dewey and Weil, Gotshal & Manges. Continue reading »