Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly


Brocade Communications Systems, seeking to recoup losses from the company's stock-option scandal, has decided to pursue racketeering claims against 10 former executives and directors of the company, including former Chief Executive Gregory Reyes, now in prison for his role in the backdating. However, in court filings released Monday, the company announced it did not plan to pursue claims against Silicon Valley über-lawyer Larry Sonsini and his firm, Wilson Sonsini Goodrich & Rosati.

Brocade's special litigation committee emphasized that Sonsini, who had played controversial dual roles at Brocade as both its corporate counsel and as a board member, and his firm had maintained that they had been misled by Reyes.

The filings revealed that another reason was a $9.5 million "contribution" from Wilson Sonsini to defray legal expenses related to the scandal.

"These guys did a very thorough investigation and found it would be inappropriate to pursue a claim against the firm or any one of its lawyers," said Wilson Sonsini spokeswoman Courtney Dorman.

In its 307-page filing, the litigation committee said it would assert claims against the defendants under the Racketeer Influenced and Corrupt Organizations Act, known as RICO, for violations of federal law.

The new Brocade suit also targets Stephanie Jensen, Brocade's former vice president of human resources, who was also convicted of federal crimes. It also names five other former

executives and three directors on Brocade's audit committee: Neal Dempsey, Mark Leslie and Seth D. Neiman.
Reyes' attorney Richard Marmaro said it is "sad" that the Brocade committee "has chosen to denigrate the accomplishments of so many past and present employees by recklessly suggesting that at the height of its success, Brocade was used as a racketeering enterprise."

Brocade was among the first companies to come under suspicion for secretly manipulating stock options to benefit insiders, foreshadowing a national scandal that raised suspicions at more than 200 firms. The scandal prompted criminal charges, the ousters of scores of executives and billions of dollars worth of financial restatements.


Legal News | Breaking News | Terms & Conditions | Privacy | Law Firm Web Design, Attorney Website Design by Law Promo

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case.
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Chicago Business Lawyer
Cook County Contract Law
www.rothlawgroup.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Indianapolis personal injury lawyer
Brain injury lawyer Indianapolis
www.rwp-law.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Logos
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory