Heller Lay Offs: Heller Ehrman laid off at least 100 employees last Friday according to The Recorder, via Law.com. Those who were laid off did not receive the 60 day’s wages required by federal law or the accrued vacation time due under California law.
Citi Files Suite: Citigroup will no longer try to block Wells Fargo’s $15 billion acquisition of Wachovia. The New York Law Journal, via Law.com, reports, Citi will, however, bring a suit against Wells Fargo and Wachovia for $60 billion in damages.
Palin Abused Power: An Alaska legislative panel found that Republican vice presidential candidate, Sarah Palin, abused her power as governor according to the Associated Press. The panel found that Palin’s decision to fire a public safety commissioner was driven by a family dispute.
Shareholders Sue: A wave of class actions have been filed by shareholders alleging that Fannie Mae, Freddie Mac, and underwriters misled investors. The Associated Press reports other defendants in the class actions include Morgan Stanley, Merrill Lynch, and Goldman Sachs.