Lobbying Financial Reform: The banking industry is mounting an 11th-hour push as Congress moves to complete its financial reform plan. The New York Times reports that industry lobbyists are working to undercut the Volcker Rule, which would banks to sell off hedge funds and private equity units.
Failsafe? Not So Much: The New York Times also reports that the last line of defense in case of a blowout on the Deepwater Horizon oil rig failed despite all of the hopes pinned to it. According to internal BP documents, the failsafe device, which is in essence a large pair of pincers that are supposed to snap closed in the event of a catastrophe, came within a few inches of achieving its purpose.
A Confession Withdrawn: Joran van der Sloot, who previously admitted killing Stephany Flores in a Lima, Peru hotel, said he only made the confession because he was intimidated by police, The Associated Press reports. Van der Sloot has also been investigated as a suspect in the still-unsolved disappearance of U.S. teen Natalee Holloway on Aruba.
Negligent Drywall Distributor: The Daily Business Review reports that a Florida jury has awarded $2.46 million to a Miami couple who claimed their house was ruined by gas emitted by imported Chinese drywall in the nation's first trial against a domestic distributor. Jurors concluded that Miami-based Banner Supply knowingly sold defective wallboard.
In Case You Missed It: The National Law Journal reported from the American Constitution Society's annual conference this weekend that the way to fix troubled indigent defense programs may come from stepped up Big Law pro bono efforts. Laurence Tribe, the former Harvard law professor who in February was tapped to lead the Justice Department’s newly formed Access to Justice initiative, argued that point in a panel discussion on Saturday.