LITIGATION

Visa announced today that the company has decided to deposit $400 million into the litigation escrow account previously established under the company's retrospective responsibility plan. Under the terms of the plan, when the company deposits funds into the escrow account, holders of class B shares bear a corresponding financial impact via a reduction in their as-converted share count. As a result, the escrow deposit has the effect of a repurchase by Visa of $400 million shares of class A common stock on an as-converted basis. The company will therefore make the deposit by using funds previously allocated to the $1 billion Class A share repurchasing program announced last October.

Investment Technology Group (ITG) and Liquidnet Holdings announced an agreement to settle all ongoing patent litigation between the companies. Under the terms of the agreement, which is effective immediately, the two companies have agreed to dismiss all claims in their respective lawsuits and cross-license each other under the relevant patents in each suit. ITG and Liquidnet also announced a new commercial agreement covering the blotter sweeping integrations between ITG's Triton and Macgregor XIP products and Liquidnet's alternative trading system that will run through August 2014.

Steris (STE) said today that its fiscal third-quarter net income fell 47% primarily because of a pretax charge of approximately $20 million for a class-action litigation settlement, which involved its System 1 sterilization system. The company's earnings were $21.8 million, or $0.36 per share, in the quarter that ended Dec. 31. That compares with earnings of $41 million, or $0.69 per share, in the prior-year quarter. Revenue went up slightly to $328.3 million from $327.8 million. Adjusted earnings, which exclude one-time items like the litigation charge, were $0.57 per share. Analysts were looking for consensus earnings of $0.57 per share on $333.1 million in sales, according to FactSet. STE has also stated that it reduced its outlook for fiscal 2011 revenue growth due to lower shipment levels for System 1E, a new version of the sterilization system. STE stated that it now expects fiscal 2011 revenue growth of 2% compared to fiscal 2010, down from a previous expectation of 5%. It still

Lexmark International (LXK) today announced that it has reached settlements with several companies that it alleged violated its patent rights in manufacturing, importing and selling replacement toner cartridges for various LXK laser printers and multifunction devices. The patent litigation had been pending in the U.S. International Trade Commission (ITC) and the U.S. District Court for the Southern District of Ohio. Under the terms of the settlements, the settling parties agree to the entry of a final judgment and permanent injunction in the District Court litigation. Additionally, they should not oppose LXK's efforts to secure an order from the ITC banning future importation of infringing cartridges. The settling parties have maintained their innocence, but they have confirmed their ongoing commitment to respect intellectual property rights by resolving the litigation. The related claims that LXK has against other parties to the litigation are unaffected by these agreements. Other ter

Nokia (NOK) announced on Tuesday that it is suing Apple (AAPL) for infringing upon its patents for mobile phones, portable music players, computers, and tablets. This has not been the first time the two rivals have battled over patent disputes, and litigation is becoming increasingly common among manufacturers of smartphones.

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Rentech announced that it has reached agreements to settle all of the class action lawsuits pending in federal court and all of the shareholder derivative lawsuits pending in state and federal court against the company and a number of its current and former directors and officers. The lawsuits relate to the company's restatement in December 2009 of certain of its financial statements for fiscal year 2008 and the first three quarters of fiscal year 2009. The company believes that it is in the best interests of its stockholders to settle the matters at a reasonable cost to avoid potentially protracted and expensive litigation. The company and the individual defendants have denied any liability or wrongdoing in connection with the allegations contained in these lawsuits. The settlement for the consolidated class action lawsuits pending in United States District Court for the Central District of California provides for a settlement fund of $1.8M, from which plaintiffs' counsel will seek an

Macquarie reportedly downgraded CDC Software (CDCS) to Neutral from Outperform. The firm cited uncertainty surrounding the company's pending litigation with Sunshine Mills. Price target is $6.50.

Omnicare Inc. (OCR) is up 6.83% to $27.68, despite swinging to Q4 loss after litigation settlement charge and other expenses slammed profits, although results excluding those items met market expectations. The company reported a loss of $65.3 million, or 57 cents per share, compared with earnings of $79.8 million, or 68 cents per share, last year. Ex items, the company earned 51 cents per share, topping analysts' consensus by a penny, according to a FactSet poll. Revenue rose 1% to $1.56 billion from $1.54 billion, missing the Street's consensus call for $1.57 billion. On the year, the company lost $106.1 million, or 91 cents per share, compared with earnings of $211.9 million, or $1.80 per share. Revenue fell to $6.15 billion from $6.17 billion. The company is guiding for 2011 adjusted profit to range between $2.05 and $2.15 per share on revenue of $6 billion to $6.1 billion. Analysts are looking for $2.18 per share on revenue of $6.3 billion.

American Airlines Corp. (NYSE:AMR), United Continental Holdings (NYSE:UAL) and the city of Chicago, at the request of the U.S. Department of Transportation, said they have agreed to a 5-day delay in litigation over the planned expansion of Chicago's O'Hare airport, according to a Bloomberg report. AMR is currently trading down 5.5% at $7.03, and UAL is down 6.5% to $25.17. AMR has a potential upside of 36.1% based on a current price of $6.95 and an average consensus analyst price target of $9.46. AMR is currently below its 50-day moving average (MA) of $7.73 and below its 200-day MA of $7.34. In the last five trading sessions, the 50-day MA has fallen 0.99% while the 200-day MA has remained constant.

Hemispherx Biopharma (HEB) says a U.S. District Court has issued an order granting final approval of a settlement of the currently pending securities class actions consolidated in the action In re Hemispherx Biopharma, Inc. Securities Litigation. The settlement will be paid from the company's insurance coverage and will not result in the payment of any funds by the company. Furthermore, the settlement is not an admission of any culpability by HEB or its officers.

Financial shares are down in mid-day trading while the Federal Reserve is ordering the 19 largest US banks to test capital levels in a recession scenario with unemployment rising above 11%, Bloomberg reports, citing two people with knowledge of the review. In sector news, Bank of America (BAC) is up after the bank said it will end its personal income tax processing contract with the state of New York. According to Bloomberg news, the move could lead to loss of thousands of seasonal jobs. Also, securities litigation firm Klayman & Toskes filed a securities arbitration claim against Merrill Lynch, part of Bank of America, on behalf of a retired UPS employee seeking damages of $2.5 mln. Meanwhile, Citigroup (C) shares are higher after the bank granted options on $18.2 million shares to 15 executives as a part of their 2010 pay.

Bank of America (BAC) is down after the bank said it will end its personal income tax processing contract with the state of New York. The move could lead to loss of thousands of seasonal jobs, Bloomberg reported. Also, securities litigation firm Klayman & Toskes filed a securities arbitration claim against Merrill Lynch, part of Bank of America Corp., on behalf of a retired UPS employee seeking damages of $2.5 mln. Bank of America shares are down 0.13%, or $0.02, to $14.82.

Shares of Chevron (CVX) are higher after reports that Atlas Energy (ATL) shareholders approved the oil major's acquisition bid worth $3.58 billion. Almost 100% of owners of Atlas's shares voted in favor of the merger. Earlier this month, Chevron said it would pay Atlas an additional 10 cents a share to settle litigation when its $3.59 billion acquisition is completed, Bloomberg reports. The settlement comes in response to Atlas shareholder lawsuits that claim company directors violated fiduciary duties by agreeing to an inadequate merger price. Chevron shares are up 0.13% to $0.13, to $96.47.

Energy shares are getting a lift from the broader market and from crude oil futures, which have climbed above $85 a barrel. Light, sweet crude oil for March delivery is trading up $0.82, or 0.93%, to $85.10 a barrel. In mid-day news, shares of Chevron (CVX) are higher after reports that Atlas Energy (ATL) shareholders approved the oil major's acquisition bid worth $3.58 billion. Almost 100% of owners of Atlas's shares voted in favor of the merger. Earlier this month Chevron said it would pay Atlas an additional 10 cents a share to settle litigation when its $3.59 billion acquisition is completed, Bloomberg reports. The settlement comes in response to Atlas shareholder lawsuits that claim company directors violated fiduciary duties by agreeing to an inadequate merger price.

Health care shares are flat to higher in mid-day trading while Merck & Co. (MRK) gets its first state-court win in litigation concerning its Fosamax drug. In mid-session news, shares of Eli Lilly (LLY) are higher after the Financial Times reported that the drug maker is looking to raise up to $750 million through three funds that will share drug development costs with external researchers and venture capitalists. The move is a part of an effort by drug companies to discover new ways to improve high failure rates and costs of drugs, the report said. Meanwhile, shares of Merck are down as the company said that it won the first state court trial over its Fosamax osteoporosis drug, which was blamed for osteonecrosis of the jaw. Merck previously won two of three cases that went to jury verdicts in Manhattan federal court.

Chevron (CVX) shares are higher on the oil major's plans to pay Atlas Energy (ATLS) an additional 10 cents a share to settle litigation when its $3.59 billion acquisition is completed, Bloomberg reports. The settlement comes in response to Atlas shareholder lawsuits that claim company directors violated fiduciary duties by agreeing to an inadequate merger price. Chevron shares are up 1.08%, or $1.05, to $98.16.

Johnson & Johnson (JNJ) reported a 12% profit decline and a 5.5% drop in revenue for the fourth quarter due to the numerous product recalls that have kept its nonprescription drugs and other products off the market, according to reports.The company said that net income was $1.94 billion, or $0.70 per share, down from $2.21 billion, or $0.79 per share, in the last year's fourth quarter. Excluding one-time items, net income would have been $1.03 per share, just matching analysts' expectations. The items included a charge of $922 million for litigation settlements and product liability expenses. The company's revenue dropped to $15.64 billiion from $16.6 billion a year ago and was below the $16 billion expected by analysts, as shown by a poll conducted by FactSet. Sales in the 2009 fourth quarter totaled $16.55 billion. The company has forecast earnings per share of $4.80 to $4.90 for 2011. In a survey by FactSet, analysts were expecting $4.99 a share for 2011. Shares are down 2.12% or $1

Shares of SAP AG (SAP) are up 2.07% or $1.14 to $56.30 after it released its fourth quarter results, with revenue surpassing estimates. Fourth quarter revenue was up 27% at $4.09 billion, year-over-year, surpassing the average estimate of $3.81 billion.Earnings per share, however, missed the forecasts. Earnings per share of $0.37 was affected by the litigation charge from SAP's suit with Oracle (ORCL), which resulted in a jury ordering SAP to pay #1.3 billion to ORCL for copyright infringement damages. SAP has asserted that the jury award is too high, and has said that final results may differ from their preliminary numbers.

HP (HPQ) and Oracle (ORCL) announced late yesterday they have resolved the litigation regarding former HP CEO Mark Hurd going to work for Oracle. The companies said that while the terms of the settlement are confidential, Hurd will adhere to his obligations to protect HPs confidential information while fulfilling his responsibilities at Oracle.

In Chapter 3 of 9, Julia Green's post-law school Kramer Levin corporate litigation attorney role, which demanded long hours at work, failed to inspire her with purpose or meaning. Working on behalf of a corporate entity battling another corporate entity, she went looking beyond litigation to more individual-focused and less document-focused law careers. This transition into a role with a greater human interest element, brought her to a family law vs. criminal law crossroads. She finally chose cr

In Chapter 5 of 9, attorney Julia Green finds the human element more intense than anticipated in transitioning from corporate litigation law to public defense. She recounts the gravity that courtroom and relationship defense law presents and how she acclimated to an environment where jail sentences and associated emotional family response shape daily life.

On this week's World Tech Update Intel and AMD settle all antitrust litigation and patent disputes, CEA holds its annual CES preview in New York, Australian iPhones get Rick Astley wallpaper, Fujitsu breaks a phone in two, HP plans to acquire 3Com, the European Commission issues a formal statement of objections over Oracle's planned acquisition of Sun, Nokia recalls mobile phone chargers, Intel launches a new e-reader and an MIT robot acts as driving com

WORLD TECH UPDATE #90 - November 12, 2009 On this week's World Tech Update Intel and AMD settle all antitrust litigation and patent disputes, CEA holds its annual CES preview in New York, Australian iPhones get Rick Astley wallpaper, Fujitsu breaks a phone in two, HP plans to acquire 3Com, the European Commission issues a formal statement of objections over Oracle's planned acquisition of Sun, Nokia recalls mobile phone chargers, Intel launches a new e-reader and an MIT robot acts as driving companion. Find out what's coming up on each week's show by following us on Twitter (WorldTechUpdate) or check out our Facebook fan page at www.facebook.com/worldtechupdate

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