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Attorneys are faced with a variety of potential liability issues in handling matters for clients. Malpractice insurance can help, but such policies don't eliminate the raising of liability claims. These claims may include disqualification of counsel based on alleged adverse interests of clients, malpractice allegations based on transactional and litigation work and the threat of Rule 11 sanctions.
The entertainment business presents its own lawyer liability concerns. For example, last December, singer Michael Bolton filed a $30 million suit in New York state court alleging conflicts of interest by Weil, Gotshal & Manges, his law firm in a song infringement suit filed against Bolton by the Isley Brothers. (Bolton claims that Weil Gotshal was influenced by his music publisher's insurer, which purportedly paid the firm's fees to go to trial, rather than settle, thus triggering an indemnification provision in Bolton's publishing contract. Bolton lost the infringement suit.)
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.