In the News Today - April 2, 2015

April 02, 2015

Alabama Attorney General Luther Strange has done an about-face on his 2010 statement that "private attorneys would not represent the State in litigation against BP," and has appointed two Alabama firms to sue the company on behalf of the state. (Legal Newsline)

More than 200 defendants in the coordinated asbestos docket in New York City have asked to put their cases on hold amidst allegations of corruption and unfair practices. (New York Law Journal)

CVS Caremark Corp. says the municipalities leading a securities class action against them were improperly influenced by campaign contributions made by plaintiffs' firm Labaton Sucharow LLP. (Law360)

The Securities and Exchange Commission’s chief economist, Mark Flannery, recently stated, "It’s not clear at all to me that making the banks safer has made the economy safer…" On regulating non-bank financial firms, he added "[i]f you regulate shadow banks, there may be less room for further evasion (of regulations), but there is also less room for innovation." (Wall Street Journal)