In the Red: As lead counsel to the plaintiffs in the Wal-Mart Stores Inc employment discrimination lawsuit tossed out by the United States Supreme Court on Monday, Cohen Milstein Sellers & Toll dedicated about $5 million in attorney hours and spent $2 million on experts and discovery in the decade-long case, Reuters reports
After Lipton: Among the elite Wall Street law firms, none is identified as closely with a single individual as Wachtell, Lipton, Rosen & Katz is with corporate-governance expert Martin Lipton, who turns 80 Wednesday. Mr. Lipton's age has started to stir speculation in the legal industry about who will take over after his eventual exit, as well as the future of an unusual business model he championed when he helped launch the New York firm in 1965, The Wall Street Journal reports.
OMB Exit: Preeta Bansal, the general counsel of the Office of Management and Budget, is leaving to join a think tank and possibly return to private practice, David Ingram of the National Law Journal reports.
Not So Furious: A chief Republican critic of a controversial U.S. anti-gun-trafficking operation was briefed on ATF’s “Fast and Furious” program last year and did not express any opposition, the Washington Post reports.
Sleeping Watchdog: The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, The New York Times reports.