Going Rogue: Swiss banking giant UBS disclosed today a rogue trader cost the company $2 billion in losses, The Wall Street Journal reports. UBS said client positions were not affected. A 31-year-old man is under arrest in the United Kingdom on suspicion of fraud.
Lawyering Up: The Washington Post reports current and former Securities and Exchange Commission officials are retaining counsel, sometimes at their own expense, amid scrutiny from congressional critics and an inspector general.
Uptick: Many of the country's largest firms saw revenue, net income and profits per partner rise marginally year-over-year during the first half of 2011, The AmLaw Daily reports. An official with the Wells Fargo Wealth Management’s Legal Specialty Group, which shared parts of the survey with AmLaw Daily, said revenue at the firms surveyed increased 4.5 percent.
Winning: McGuireWoods and Crowell & Moring won a $919 million jury award for DuPont in a trade secrets dispute with rival aramid fiber maker Kolon Industries. DuPont alleged in the suit Kolon stole proprietary information about DuPont's Kevlar brand technology. Kolon has a pending claim against DuPont that the company is violating antitrust laws.
Furor: The New York Times reports on the continued criticism from Republican lawmakers over whether the Obama administration pressured federal officials to quickly sign off on a $528 million government loan for a solar equipment company that collapsed.