New Century and O'Melveny: A report following the probe of failed subprime lender New Century Financial criticized O’Melveny & Myers lawyers for meeting with witnesses they did not represent, reports The Recorder via Law.com.
New Century and KPMG: The NYT has more on the five-month New Century probe. New Century’s accounting firm, KPMG, is accused of condoning the lender’s improper practices.
Howrey's Out: After recently announcing a settlement with the SEC, The American Lawyer via Law.com reports that pharmaceutical company Biovail Corp. has dropped Howrey, replacing the firm with Curtis, Mallet-Prevost, Colt and Mosle.
Clear Channel: The buyers of Clear Channel Communications have sued the six banks involved in financing the $19.5 billion deal. The suit, filed Wednesday, came after the parties met unsuccessfully at the New York office of Ropes & Gray on Monday to try to reach an agreement, reports the NYT.
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