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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.
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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.
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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?
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.
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...
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.
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.
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?
BUSINESS
April 19, 2008 | From Times Wire Services
Xerox Corp. had a $244-million first-quarter loss after settling a securities suit from 2000. Results excluding the legal costs met analysts' estimates. The net loss of 27 cents a share compared with net income of $233 million, or 24 cents, a year earlier, Norwalk, Conn.-based Xerox said. Without the 54 cents a share in legal costs, earnings would have been 27 cents. Xerox disclosed March 27 that it would take a charge of $491 million to cover the costs of a 2000 lawsuit and other pending securities-related cases.
CALIFORNIA | LOCAL
January 9, 2014 | By Abby Sewell
Los Angeles County spent $43 million on lawsuits involving the Sheriff's Department last year, accounting for nearly half of the county's total litigation costs. The county's overall spending on lawsuits was down from $115 million in 2012 to $89 million in the 2013 fiscal year, according to a report by lawyers for the Board of Supervisors. The total includes settlements, judgments and legal fees for the county's own lawyers and outside law firms. But costs for the Sheriff's Department rose, driven primarily by settlements and trial judgments in excessive-force cases.
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
October 19, 2013 | By Andrew Tangel
NEW YORK -- A large chunk of JPMorgan Chase & Co.'s mounting legal bills may get even bigger. The nation's largest bank could now pay a record $13 billion to settle a raft of federal and state probes, according to a person familiar with the negotiations. Such a settlement would be an increase from the $11-billion figure under discussion three weeks ago when Jamie Dimon, the bank's chairman and chief executive, attended a high-level meeting in Washington, D.C., with Atty. Gen. Eric Holder.
CALIFORNIA | LOCAL
October 4, 2013 | By Jeff Gottlieb
A state appeals court ruled Friday that the working-class city of Bell will not have to pay the legal costs for Robert Rizzo, the former city manager who pleaded no contest this week to 69 counts of corruption-related crimes. The 3-0 ruling that Bell doesn't have to pay for Rizzo's defense in civil or criminal cases could save the city millions of dollars, said Anthony Taylor, Bell's lead litigation counsel. He said the decision also would apply to the other former officials who were charged in the Bell scandal, including six former City Council members and Angela Spaccia, the former assistant city manager whose trial is expected to start this month.
CALIFORNIA | LOCAL
August 22, 2013 | By Robin Abcarian
For once, Gloria Allred had a news conference and dropped no bombshells. She held up no warning signs, made no edgy jokes. She trotted out no great-grandmothers who had been groped. She announced no new lawsuits alleging headlocks and dirty talk. But she had been inundated with requests Wednesday evening for comments about reports that San Diego Mayor Bob Filner had reached an agreement with the city of San Diego to resign. He is the main defendant in the only sexual harassment lawsuit filed in connection with the scandal.
CALIFORNIA | LOCAL
June 21, 2013 | By Patrick McGreevy
SACRAMENTO -- State Sen. Ronald Calderon (D-Montebello) has filed papers with the state to form a legal defense fund, which will allow him to accept contributions from political supporters to defray costs associated with the recent FBI raid of his Capitol offices. In the statement of organization filed Wednesday with the Secretary of State, Calderon wrote that the fund was “for the public corruption investigation.” In an attached letter, Calderon and his campaign treasurer wrote: “These funds will be only to pay the attorney's fees and other legal costs related to the defense of the candidate” as well as administrative costs to meet financial reporting requirements.
CALIFORNIA | LOCAL
April 20, 1988 | DAVE LESHER, Times Staff Writer
Facing a wave of litigation over recent development decisions, the Board of Supervisors, in an unusual move, voted Tuesday to cut its future court costs by requiring builders to pay for the attorneys who will defend some of the county's decisions. County officials said they don't have the money to fight all the expected legal challenges. And the developers, rather than risk the county approvals they have received, have agreed to pay for the county's lawyers.
BUSINESS
December 13, 2007 | From Bloomberg News
Broadcom Corp. was awarded $9.26 million in legal costs and interest in a patent dispute with competing chip maker Qualcomm Inc. after a federal court had ruled that Qualcomm improperly concealed documents. U.S. District Judge Rudi Brewster, in an order filed Tuesday in San Diego, ordered Qualcomm to pay Broadcom's attorney fees, litigation expenses, expert witness fees and prejudgment interest.
CALIFORNIA | LOCAL
June 4, 2013 | By Chris Megerian
SACRAMENTO -- California state Sen. Ron Calderon, whose Capitol office was raided by the FBI on Tuesday, represents much more than just a chunk of the Los Angeles area. He's also part of a political dynasty stretching back three decades -- a member of his family has held a seat in the California Legislature every year since 1983.   Calderon (D-Montebello) was the last of his three brothers to arrive in the Capitol, winning an Assembly seat in 2002 and replacing his brother Tom. IN DEPTH: Calderon targeted by FBI In 2006 he moved to the state Senate, opening up his Assembly seat for his brother Charles, who had previously served in the Senate.
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.
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