For more than 20 years, William S. Lerach was the most feared lawyer in America. He and his former firm, Milberg Weiss, were Jedi masters of security law, targeting Fortune 500 companies for corporate fraud and recovering a staggering $45 billion in judgments.

Tough and relentless, plaintiffs saw him as a savior, successfully suing WorldCom, Tyco, Disney,Merrill Lynch and Enron, among others. Lerach brought down high-flying CEOs and companies that routinely cooked the books to keep executives rich and shareholders broke. Famous for his class-action suits and novel legal tactics, he was the scourge of big business, forcing many companies, terrified of being “Lerached,” to settle out of court rather than fight.

In January 2008, he pleaded guilty to conspiracy to obstruct justice, admitting he paid a few regular plaintiffs millions in kickbacks to instigate cases that netted the firm some $200 million over two decades. (No plaintiff can benefit more than others in class-action suits.) He was fined nearly $8 million and sentenced to two years in prison.  He was just released in March 2010.
Lerach was famous for tracking stock prices — charting fluctuations against optimistic statements and insider selling — before a stock crashed. If company chiefs cashed in while investors lost their savings, Lerach smelled blood. If public investments were fueled by false claims, the charge was “fraud on the market.” Plus, any investment bank and Big 8 accounting firm that aided and abetted the principles were charged as secondary participants, unleashing a legal juggernaut.

Bill talks about himself,   the legal profession, and  his contributions on behalf of investors everywhere.
If there was ever a modern Greek tragedy about a man and his times, about corporate arrogance and illusions and the scorched-earth tactics to not only counteract corporate America but to beat it at its own game, Bill Lerach's story is it. 

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Standard & Poor's Ratings Services revised its outlook on WellCare Health Plans Inc. to "stable" from "positive" to reflect a potential for reduced financial flexibility.

The ratings service said Tuesday that WellCare has resolved securities class action and civil lawsuits and will pay a total of $337.5 million over the next several years. These payments create the potential for "reduced liquidity and financial flexibility," S&P credit analyst Hema Singh said in a statement.

"The stable outlook reflects our expectation for sustained business and operating performance, which could improve the company's creditworthiness given the various resolutions related to past accounting investigations," the statement said.

S&P said WellCare has a relatively stable business profile and stabilizing operating performance. But it also noted the insurer's revenue is concentrated in government-sponsored business and comes with a risk for regulatory or legislative intervention.

S&P also said Tuesday it affirmed its "B" counterparty credit rating on the company.

A $10 billion toxic tort class action lawsuit has been filed against BP over alleged emissions from its troubled Texas City oil refinery, alleging that workers and residents in the area were exposed to benzene and other chemicals.  

More than 2,200 workers at the refinery and residents from the surrounding area filed the BP class action lawsuit on August 3 in the Galveston Division of the Southern District of Texas. The complaint alleges that for 40 days earlier this year, the company illegally released the chemical benzene into the atmosphere.

The benzene lawsuit comes just as BP, formerly known as British Petroleum, was finally able to stop the flow of oil from a well a mile under the surface of the Gulf of Mexico, which has caused a massive oil spill that is expected to cost the company tens of billions of dollars in oil spill lawsuits and clean up costs.

Plaintiffs in the BP Texas City refinery class action lawsuit say the company has been releasing benzene into the atmosphere at the plant due to a hydrogen compressor that broke down on April 6. The 2,212 plaintiffs allege that they suffered serious injuries and illnesses from benzene exposure.

Benzene is an industrial chemical that has been linked to the development of cancer, leukemia and other life-threatening health problems. It is a known carcinogen used as an industrial solvent in the production of plastic and synthetic rubber, as well as drugs and dyes.

BP’s Texas City Refinery is the third-largest oil refinery in the United States, and has been the subject of several major safety incidents. As recently as September, the U.S. Occupational Safety and Health Administration hit BP with an $87.4 million fine for not complying with a safety agreement made after a March 23, 2005 explosion and fire that killed 15 workers and injured more than 170 others.

In Arizona, the shooting death of a rancher blew the lid off simmering anger over border security and helped solidify support for a tough new immigration law. A similar eruption threatens in Virginia following the death of a Catholic nun in a car accident involving a man in the country illegally and accused of drunken driving.

The Benedictine Sisters of Virginia tried to discourage using the death of Sister Denise Mosier as a "forum of the illegal immigration agenda" and pleaded for a focus on "Christ's command to forgive."

"The sisters' mission is peace and love," said Corey Stewart, chairman of Prince William County's Board of Supervisors. "My mission is law enforcement and the protection of public safety."

Prince William County, about 25 miles southwest of Washington, D.C., stepped up its immigration enforcement in 2007 amid explosive growth of its Hispanic and immigrant populations. Under Stewart's leadership, the county implemented a local policy requiring police to determine the immigration status of all people arrested on suspicion of violating state or local laws.

David Boies challenged America’s lawyers to “bring the rule of law to its full fruition here in this country … to fulfill the goals and lofty rhetoric of our founding fathers,” as the keynote speaker at the Opening Assembly of the 2010 ABA Annual Meeting in San Francisco.

The rule of law was the assembly theme, as ABA members gathered in the Herbst Theater of the War Memorial Veterans Building, site of the signing of the charter of the United Nations in 1945.  

President Carolyn B. Lamm pointed to ABA efforts from activities of the Section of International Law to such projects as the Central European and Eurasian Law Initiative, the Rule of Law Initiative and the World Justice Project as advancing United Nations goals to spread democracy based on law around the world.

Boies, co-counsel with Ted Olson in winning a federal district court ruling Wednesday that overturned California’s Proposition 8, cited “numerous challenges to the rule of law in our own country,” in applying that theme at home.

When our nation was born, it consisted of “wes” and “theys,” Boies said, with the “wes” being white male property owners and the “theys” comprising everyone else.  As the national history unfolded, the circle of “wes” expanded to encompass more and more segments of society.  

“We have an opportunity to expand the circle of ‘wes’ until there are no more ‘theys,’” said Boies, urging lawyers to work toward ensuring that “liberty and equality and protection of individual rights is something that every citizen equally enjoys.”

To achieve that goal, Boies identified four challenges confronting his audience.

First, he suggested the rule of law works best when adversaries have equivalent resources, whether those resources are plentiful or sparse.   But the “time when our system tends to break down is when one party has tremendous resources and the other party does not.”  Those are the times that “threatened to undermine the protections of the rule of law… [and lawyers] need to find ways to reduce the imbalance,” he said.  He urged reducing procedural advantages that favor the “better resourced party,” and urged lawyers to not “use discovery as a war of attrition,” for example. 
   
Second, he called for “better tools to help juries” decide important but complex cases, such as allowing jurors to ask questions and take notes on testimony.

His third challenge was to “improve judges and the judicial machinery,” citing a “crisis in terms of financing the justice system in the United States.”  First year associates in his law firm are paid higher salaries than federal district court judges, and state court judges earn even less, he said.  “If we can’t afford to spend a fraction of what we are spending to expand that system to Iraq, something is wrong with our sense of priorities,” he maintained.  

All lawyers must stand up for the independence of judges, resisting threats to their safety when they make unpopular decisions, said Boies, noting that there already have been threats to harm the judge who  ruled in the Proposition 8 litigation.

Boies’ cited predictably equal application of the law without regard to the identity of the parties as the final challenge to the rule of law, saying that when rights depend on who is asserting them, “the rule of law is undermined.”