Advertisement
YOU ARE HERE: LAT HomeCollectionsLegal Cost
IN THE NEWS

Legal Cost

FEATURED ARTICLES
NEWS
March 30, 1992 | MYRON LEVIN, TIMES STAFF WRITER
When contractors at the giant Hanford atomic weapons site in Washington state were hit with class-action suits by workers and neighbors, they hired some of the best legal talent available, running up attorneys' fees of $10.8 million last year alone. Facing huge damage claims for toxic and radioactive pollution, the companies are responding without having to worry about the legal cost. The reason?
ARTICLES BY DATE
BUSINESS
April 16, 2014 | By E. Scott Reckard
Socked by mortgage-related legal expenses, Bank of America Corp. lost $276 million during the first quarter, sending its stock down sharply. The quarterly loss, its first in 2½ years, came despite lower loan losses and better than expected results in fixed-income trading, a slowing business that hurt rival JPMorgan Chase & Co. during the quarter. The results included $6 billion in litigation expense, much of it related to toxic bonds backed by housing-boom mortgages from Countrywide Financial Corp., the aggressive Calabasas lender that nearly collapsed before being acquired by Bank of America in 2008.
Advertisement
NEWS
August 31, 1997 | GLENN F. BUNTING, TIMES STAFFWRITER
In the six months leading up to last fall's election, the trustees of President Clinton's legal defense fund acted with the knowledge of the president and first lady to conceal the potentially embarrassing story of disciples of a Taiwan-based sect donating $639,000, according to interviews and newly available documents. The decision to later refund the money and keep the matter under wraps followed two meetings with White House officials.
BUSINESS
January 14, 2014 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
CALIFORNIA | LOCAL
July 1, 1993
While the Clinton Administration is putting effort into the control of medical costs with its new medical plan, why not also put the same effort into the control of the legal profession costs and the result of their legal activities in America. Controlling this is just as important in helping the economy. The actions of the legal profession have inflated the cost of all types of insurance (including health care). Mrs. Clinton speaks about the huge incomes that doctors receive--how about lawyers?
CALIFORNIA | LOCAL
November 3, 1985
In the Oct. 24 Orange County section, it was revealed that the City of Anaheim spent $307,000 and the Angels $150,000 in legal fees to settle a dispute involving $62,000 a year in security costs at the stadium. They settled out of court (thereby saving lots of additional legal costs) and split the costs over the two years involved. What has happened to common sense and reason, spending collectively $457,000 to decide who will pay $62,000 a year? The only winners here are the attorneys, who still left the door open for another suit to decide who pays in 1987.
CALIFORNIA | LOCAL
December 11, 1995
Once again, The Times has attacked me with a hard-hitting, negative editorial (Nov. 28). The editorial's overall viewpoint seems to be that taxpayer money should never have been used to resolve the sexual harassment charges brought against me, three male deputies and a female deputy (all of us in our 60s). If we're innocent (and we are and have been declared the same by a court of law) and we're accused of sexual harassment as employees of Los Angeles, who should pay for our defense?
CALIFORNIA | LOCAL
November 24, 1996
I read that Robert L. Citron asked for leniency in his sentencing for his crimes involved with the Orange County bankruptcy. These entire bankruptcy trial proceedings have seemed outrageous to me! The incredible amounts of money being approved and continually increased by the Board of Supervisors for the defense of themselves and the other county employees are absurd! Why are we paying anything at all for their defense? Couldn't the public defender's office have been used to defend these people?
CALIFORNIA | LOCAL
September 7, 1986
I am outraged that the Senate voted to pay the $20,000 settlement, in addition to the legal costs, for John Schmitz in Gloria Allred's suit against him. I understand the law whereby a state senator is given immunity from legal expenses should he be faced with a lawsuit during his term in office, but I don't believe that the decision made, to also pay for his settlement, is the intent of that law. John Schmitz should be personally responsible for...
CALIFORNIA | LOCAL
March 26, 2010 | By Dan Weikel
Alarmed by soaring legal costs at the Metropolitan Transportation Authority, a state legislator has called on the giant transit agency to review its litigation practices and finally heed the recommendations of a 2004 state audit. In a letter sent this week to MTA Chief Executive Arthur T. Leahy, Assemblyman Hector de la Torre (D-South Gate) said he was concerned that the agency's legal costs had surged more than 200% since 1995 and that MTA officials had brushed off suggestions from the state auditor to improve the oversight of contracts.
CALIFORNIA | LOCAL
December 28, 2013 | By Paul Pringle and Rong-Gong Lin II
The Los Angeles Memorial Coliseum was flirting with insolvency, but that didn't stop its government overseers from incurring hundreds of thousands of dollars in legal expenses to keep secret their deliberations on a new long-term lease for the stadium. For more than a year, the Coliseum Commission fought an open-government lawsuit that challenged the legality of the closed-door talks on USC's lease of the historic venue. The suit also sought to make records related to the deal public.
BUSINESS
May 3, 2013 | By Stuart Pfeifer, Los Angeles Times
Herbalife Ltd. said its feud with billionaire hedge fund manager Bill Ackman has been more costly than it anticipated, prompting speculation that the company is bracing for potential government investigations. The Los Angeles nutritional products company estimates it will spend $25 million to $40 million this year on legal and advisory fees to defend itself against Ackman's allegations that the company runs a pyramid scheme in which most of its independent salespeople lose money.
BUSINESS
January 17, 2013 | By Andrew Tangel
NEW YORK -- Investors sent Bank of America's stock 3.7% lower Thursday morning after the firm said legal costs dragged down earnings in the fourth quarter. BofA's stock fell 43 cents, or 3.7%, to $11.35 in midday trading on Wall Street. The bank, which has continued to struggle from mortgage woes and acquisitions it made during the financial crisis, said legal costs stemming from massive mortgage-related settlements pushed down fourth-quarter earnings by 63%. Net income was $732 million, or 3 cents a share, down from $2 billion, or 15 cents, in the fourth quarter in 2011.
BUSINESS
October 17, 2012 | By E. Scott Reckard
Bank of America Corp. eked out a $340-million profit for the third quarter after earmarking another $1.6 billion for legal costs, but revenue fell by 28%. The Charlotte, N.C., bank, sent reeling by its 2008 acquisition of Calabasas mortgage lender Countrywide Financial Corp., said the latest charges were for settling lawsuits stemming from its other big takeover target that year: Merrill Lynch & Co. Former BofA Chief Executive Ken Lewis engineered...
CALIFORNIA | LOCAL
August 5, 2012 | Abby Sewell and Jessica Garrison
A bond sale that hundreds of California cities signed up for two years ago was so streamlined that each city council approved the same set of documents and was not allowed to change a word of it. But in one aspect of the transaction, there was a great deal of variation among cities: how much each city paid its attorneys to review the documents. In Mill Valley, an upscale city in Marin County, officials said they paid nothing for legal services relating to the bond sale. Hermosa Beach paid its attorney $93.50 for a half-hour of his time.
SPORTS
April 3, 2012 | By Bill Shaikin
The Dodgers should not be allowed to emerge from bankruptcy until they settle $8.3 million in bills from Major League Baseball, attorneys for the league argued in a court filing Tuesday. The issue is not likely to delay the sale of the Dodgers, which the U.S. Bankruptcy Court is expected to approve April 13. Frank McCourt agreed last week to sell the team to Guggenheim Partners, a group fronted by Magic Johnson and incoming team President Stan Kasten, for a record $2.15 billion.
CALIFORNIA | LOCAL
August 13, 1987 | BILL BILLITER, Times Staff Writer
The Orange Unified School District Board of Trustees announced Wednesday that it will hold a special meeting next week to decide whether to pay the legal costs of defending three board members. Trustees Joe C. Cherry, Ruth Evans and Robert James Elliott are scheduled to appear Aug. 21 in Orange County Superior Court to face an accusation of "willful misconduct" in office. The accusation pertains to a contract bid rigging scandal involving allegations of kickbacks to school district employees.
BUSINESS
February 9, 2012 | By Dawn C. Chmielewski, Los Angeles Times
Strong performances from the film studio and cable television business helped propel a 65% jump in News Corp.'s net income for its second quarter. The media conglomerate on Wednesday reported revenue of $8.98 billion for the quarter that ended Dec. 31, up 2% from the same time a year earlier. Net income rose to $1.06 billion, compared with $642 million a year earlier. Earnings per share rose to 42 cents. "We believe the explosion of consumer demand for digital content, driven by the upsurge in emerging platforms and international opportunities, makes this a great time to be a content leader," President and Chief Operating Officer Chase Carey told investors.
BUSINESS
November 3, 2010 | By John Letzing
SAP has reached an agreement to pay for all of Oracle Corp.'s legal costs in connection with the high-profile copyright-infringement battle between the two corporate-software rivals. Oracle, however, remains in a position to win billions of dollars in damages at trial, according to a person familiar with the matter. Under the agreement, Oracle would receive $120 million from SAP to cover legal costs while agreeing not to pursue punitive damages. Yet Oracle still would be able to pursue damages related to SAP's acknowledged copyright infringement, which could reach roughly $2 billion, the person said.
Los Angeles Times Articles
|