(Reuters) - The first thing I want to tell you about a concurrence by Judge Neil Gorsuch of the 10th U.S. Circuit Court of Appeals in Gutierrez-Brizuela v. Loretta Lynch is to read it yourself. Rarely will you run across such an elegant legal essay, closely argued and packed with citations yet as accessible as good journalism. If the whole judging thing doesn't work out for Gorsuch, who is often named as a potential U.S. Supreme Court pick in a Republican administration, he has a real future as a law blogger.
from Morning Bid with David Gaffen:
Call it Turnaround Tuesday here after investors had rediscovered something of a new era of good feelings of late, with the S&P 500 hanging in there at the 2000 level, bond yields reaching heights not seen in a solid month (yes, that’s not that long), and even a modest widening in the spread between the two-year and 10-year yields, to about 100 basis points. Oil was actually sniffing around $40 a barrel as well.
from Alison Frankel:
Regardless of what you think of the business of litigation funding, it's here to stay. There are now hundreds of millions, if not billions, of dollars of capital invested in commercial litigation and arbitration in the United States, Britain and Australia, and some of the biggest litigation funding firms in the United States have begun to show a good enough return for their investors to justify the risk of taking sides in inherently lengthy and uncertain cases. Business groups that oppose investment in litigation tried mightily, but they simply haven't managed to stem the industry's steady spread, either through legislation or regulation.
from Stories I’d like to see:
The Hagel fiasco:
I can’t get Defense Secretary-designate Chuck Hagel’s awful Jan. 31 Senate confirmation testimony out of my head. I went back last week and watched most of it again. It was stunning, by far the worst performance by a high-level appointee I’ve ever seen or heard about. I’m not referring to Hagel’s gaffes, though there were some. I’m talking about pretty much everything he said after he read his opening statement. He seemed – is there a nice way to say this? – stupid.
from Alison Frankel:
On Monday, Chevron filed a new motion for summary judgment in its fraud and racketeering case against the lawyers and expert witnesses who helped 47 Ecuadoreans from the Lago Agrio region of the rainforest obtain an $18 billion judgment against the oil company from an Ecuadorean court in 2011. The motion discloses what seems to be incredibly powerful evidence that the Ecuadorean judgment was illegitimate: A onetime presiding judge on the Ecuadorean case, Alberto Guerra, submitted a declaration asserting that he acted as the middleman in setting up a $500,000 bribe from plaintiffs' lawyers to the Ecuadorean judge who entered the judgment against Chevron. Guerra claimed that the plaintiffs actually drafted the 2011 judgment and that he, as a behind-the-scenes ghostwriter, worked with plaintiffs' lawyers to make it seem more like a court ruling. According to his declaration, filed before U.S. District Judge Lewis Kaplan of Manhattan, Guerra had previously received regular payments from the plaintiffs in the Chevron case to ghostwrite other rulings subsequently issued by the presiding judge. And, to boot, Guerra asserted that Chevron -- unlike the plaintiffs -- didn't respond to his solicitation of bribes.
from Alison Frankel:
It's been relatively easy for district courts to figure out how to apply the U.S. Supreme Court's 2010 ruling in Morrison v. National Australia Bank in securities cases – unless the defendant is a U.S.-listed company, shareholders are pretty much out of luck in U.S. courts. Post-Morrison racketeering litigation has no such conveniently bright lines. The Racketeer Influenced and Corrupt Organizations Act doesn't explicitly mention that it applies to overseas conduct, so under Morrison judges must presume it does not. But they've struggled to define exactly what constitutes overseas racketeering as opposed to domestic racketeering with an international component.