Legal Media Matters

Carey & Danis LLC Announces Auction-Rate-Securities Class Action Lawsuit Filed Against Bank of America

NEWS RELEASE

July 18, 2008

Carey & Danis LLC Announces Auction-Rate-Securities Class Action Lawsuit Filed Against Bank of America (NYSE:  BAC).

St. Louis, MO – The law firm of Carey & Danis LLC has filed a class action lawsuit on behalf of persons who purchased auction-rate securities from Bank of America Corp. (NYSE: BAC), Bank of America Investment Services, Inc. and Bank of America Securities, LLC between June 11, 2003 and Feb. 13, 2008 and who continued to hold the securities as of Feb. 13, 2008.

The class action lawsuit, Cattell v. Bank of America Corp., et al., 08-cv-00511, is pending in the U.S. District Court for the Southern District of Illinois.  The suit alleges that Bank of America Corp. and its subsidiaries Bank of America Investment Services, Inc. and Bank of America Securities, LLC violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction-rate securities and the auction market in which the securities are traded.

Auction-rate securities are municipal or corporate debt securities or preferred stocks that pay interest at rates set through periodic auctions.  The instruments typically have long-term maturity dates or no maturity date.

The suit filed on July 17 claims that, pursuant to uniform sales materials and top-down management directives, Bank of America offered and sold auction-rate securities to the public as highly liquid cash-management instruments and as suitable alternatives to money market mutual funds.  On Feb. 13, 2008, all of the major broker-dealers, including Bank of America, withdrew their support for the auctions.  The suit claims that, as a result, investors have been unable to liquidate their auction rate securities.

The lawsuit alleges that Bank of America failed to disclose the following material facts about the auction-rate securities it sold to the class:

• The auction-rate securities were not cash alternatives like money market funds but were instead complex long-term financial instruments with 30-year maturity dates.

• The auction-rate securities were only liquid at the time of the sale because Bank of America and other broker-dealers were artificially supporting and manipulating the market to maintain the appearance of liquidity and stability.

• Bank of America and other broker-dealers routinely intervened in the auctions for their own benefit to set rates and to prevent all-hold auctions and failed auctions.

• Bank of America continued to market auction-rate securities as liquid investments even after Bank of America and other broker-dealers determined that they would likely be withdrawing support for the periodic auctions and that a freeze of the auction-rate-securities market would result.

Investors who purchased or acquired auction-rate securities from Bank of America between June 11, 2003, and Feb. 13, 2008, and who continued to hold the securities as of Feb. 13, 2008, may request appointment as lead plaintiff by the Court on or before July 21, 2008.  A lead plaintiff is a representative party acting on behalf of other class members.  To be appointed, the Court must conclude that the investor’s claims are typical of other class members’ and that the investor will adequately represent the class.  The investor’s ability to share in any recovery is not affected by the decision to serve as lead plaintiff.  The investor may retain Carey & Danis LLC, or other attorneys, to serve as counsel.

Auction-rate-securities investors who wish to discuss their rights against Bank of America or any other broker-dealer may contact Carey & Danis LLC toll-free at 800-721-2519.  A copy of the lawsuit is available from the Court.

Carey & Danis LLC is a national law firm based in St. Louis that aids victims of corporate abuse, greed and neglect.  For more information, contact Joseph Danis (jdanis@careydanis.com), Michael Flannery (mflannery@careydanis.com) or Corey Sullivan (csullivan@careydanis.com).  You can also visit our website at www.careydanis.com.

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Media Contact: Geri L. Dreiling
Legal Media Matters LLC
314.743.3851 or 314.520.3897
legalmediamatters@sbcglobal.net

Ingenious PR

Kimmel & Silverman, a consumer law firm in Pennsylvania, deserves kudos for ingenious public relations work. When comedians Jimmy Kimmel and Sarah Silverman announced this week that they were no longer a couple, the lemon-law firm seized the opportunity to promote its practice.

On July 16 the law firm sent out a press release announcing that the firm, founded by Craig Kimmel and Bob Silverman, was still going strong after 18 years.

According to the press release, once the celebrities announced that they were breaking up the calls to 800-LEMON-LAW began pouring in.

The partners had fun plugging their niche practice in the release.

“‘I was quite shocked when the headline popped up on cnn.com,’ deadpanned lemon law attorney Craig Kimmel. ‘I thought my relationship with Bob was going well. There were no warning signs. Then I found out about Matt Damon, and turned to my good buddy Ben Affleck for advice.’”

The press release continues:

“Craig and Bob do offer their best wishes to Jimmy and Sarah. ‘Relationships are like cars; sometimes they go the distance, and sometimes they don’t. At least cars have a warranty and when they are no good, you have the lemon law and someone to go after,’ says Kimmel. ‘But, no doubt like our clients, we know that both of them will soon find themselves on the road to recovery.’”

A special thanks to ABAJournal.com for the tip.

News Release - Legal Media Matters joins forces with Olmstead & Associates

NEWS RELEASE

July 9, 2008

Geri L. Dreiling joins forces with Olmstead & Associates to help lawyers write, get published and enhance their expertise and credibility.

St. Louis – Olmstead & Associates and Legal Media Matters are pleased to announce that Geri L. Dreiling—legal writer, publicist and president of the public relations and multimedia writing firm Legal Media Matters—has joined forces with Olmstead & Associates as adjunct legal writer and publicist.

Dreiling’s clients and their cases have been covered by many national and regional media outlets, among them: The Associated Press; KTVI (Ch.2), St. Louis; Bloomberg News; The Des Moines Register; IP Law 360; The Kansas City Star; KMOV (Ch. 4), St. Louis; KMOX (1120 AM); KSHB (Ch. 41), Kansas City; KTVI (Ch. 2), St. Louis; The Miami Herald; Missouri Lawyers Weekly; The National Law Journal; Pensacola News Journal; St. Louis Business Journal; St. Louis Daily Record; and the St. Louis Post-Dispatch. 

Said John Olmstead, principal of Olmstead & Associates, “Geri will help our lawyer clients write, get published, and enhance their expertise and credibility.”

Dreiling added: “For over two decades, lawyers and law firms across the country have turned to Olmstead & Associates for practice management advice and consulting services. It is an honor to serve as an adjunct to such a highly regarded firm.”

About Geri L. Dreiling
Dreiling graduated from Wichita State University in 1989 and the Washington University School of Law, where she was an associate editor of the Washington University Law Quarterly, in 1992. After practicing law for several years, Dreiling worked as a legal and investigative journalist. Her award-winning articles have appeared in several publications, including the ABA Journal, Missouri Lawyers Weekly, The Riverfront Times, the National Catholic Reporter and St. Louis Magazine, as well as a 2005 anthology published by Chamberlain Brothers showcasing some of the best articles from the alternative press.

Dreiling is a member of the Missouri Bar, the Illinois State Bar Association, and the American Society of Journalists and Authors.

About Olmstead & Associates

Olmstead & Associates provides practice management, coaching, marketing, and technology consulting services. Their coaching program provides attorneys and staff with one-on-one coaching to help them get “unstuck” and move forward, reinventing both themselves and their law practices.  Life On Balance helps clients improve work-life balance and improve overall quality of work and life. Work-life coaching, consulting, and speaking services are provided. Founded in 1984, Olmstead & Associates serves clients across the United States ranging in size from 100 professionals to firms with solo practitioners.

For more information about Olmstead & Associates and its services, visit www.olmsteadassoc.com  and www.lifeonbalance.com or call (314) 241-5665.

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Media contact: Geri L. Dreiling
Legal Media Matters LLC
314.743.3851 or 314.520.3897
legalmediamatters@sbcglobal.net

The old adage “Write What You Know” holds true for lawyers

When a lawyer gets a great result, devises a winning strategy, tackles an old issue with a 21st-century twist or develops an approach that helps avoid a legal minefield, the client benefits.

A rainmaking lawyer will also recognize that those successes represent an opportunity to promote his or her practice. The attorney who uses the experience as inspiration for a guest article has a chance to attract additional clients, to grab the attention of lawyers with cases to refer and to improve the practice of law.

The work can be leveraged. If the author retains copyright to the content, the article can not only be featured in a print publication but can also serve as fresh content for the law firm’s Web site, be incorporated into a firm newsletter or be rolled into a continuing legal education handout.

In this blog entry we’ll explore the reasons lawyers should publish, where to find story ideas and how to go about getting items in print.

Carey & Danis Announces Auction-Rate Securities Class Action Lawsuit Filed Against Wells Fargo & Co.

NEWS RELEASE

St. Louis – The law firm of Carey & Danis LLC has filed a class action lawsuit on behalf of persons who purchased auction-rate securities from Wells Fargo & Co. (NYSE: WFC) and Wells Fargo Investments, LLC between June 11, 2003 and Feb. 13, 2008 and who continued to hold the securities as of Feb. 13, 2008.

The class action lawsuit, Jungbluth v. Wells Fargo & Co. et al., Case 2:08-CV-00509-AEG, is pending in the U.S. District Court for the Eastern District of Wisconsin.  The suit alleges that Wells Fargo & Co. and its subsidiary, Wells Fargo Investments, LLC, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction-rate securities and the auction market in which the securities are traded.

Auction-rate securities are municipal or corporate debt securities or preferred stocks that pay interest at rates set through periodic auctions.  The instruments typically have long-term maturity dates or no maturity date.

The suit filed on June 11 claims that, pursuant to uniform sales materials and top-down management directives, Wells Fargo offered and sold auction-rate securities to the public as highly liquid cash-management instruments and as suitable alternatives to money market mutual funds.  On Feb. 13, 2008, all of the major broker-dealers, including Wells Fargo, withdrew their support for the auctions.  The suit claims that, as a result, investors have been unable to liquidate their auction-rate securities.

The lawsuit alleges that Wells Fargo failed to disclose the following material facts about the auction-rate securities it sold to the class:

• The auction-rate securities were not cash alternatives like money market funds but were instead complex long-term financial instruments with 30-year maturity dates.
• The auction-rate securities were only liquid at the time of the sale because Wells Fargo and other broker-dealers were artificially supporting and manipulating the market to maintain the appearance of liquidity and stability.
• Wells Fargo and other broker-dealers routinely intervened in the auctions for their own benefit to set rates and to prevent all-hold auctions and failed auctions.
• Wells Fargo continued to market auction-rate securities as liquid investments even after Wells Fargo and other broker-dealers determined that they would likely be withdrawing support for the periodic auctions and that a freeze of the auction-rate securities market would result.

Investors who purchased or acquired auction-rate securities from Wells Fargo between June 11, 2003, and Feb. 13, 2008, and who continued to hold the securities as of Feb. 13, 2008, may request appointment as lead plaintiff by the Court on June 13, 2008.  A lead plaintiff is a representative party acting on behalf of other class members.  To be appointed, the Court must conclude that the investor’s claims are typical of other class members’ and that the investor will adequately represent the class.  The investor’s ability to share in any recovery is not affected by the decision to serve as lead plaintiff.  The investor may retain Carey & Danis LLC, or other attorneys, to serve as counsel.

Auction-rate securities investors who wish to discuss their rights against Wells Fargo or any other broker-dealer may contact Carey & Danis LLC toll-free at 800-721-2519.  A copy of the lawsuit is available from the Court.

Carey & Danis LLC is a national law firm based in St. Louis that aids victims of corporate abuse, greed and neglect.  For more information, contact Joseph Danis (jdanis@careydanis.com), Michael Flannery (mflannery@careydanis.com) or Corey Sullivan (csullivan@careydanis.com).  You can also visit our website at www.careydanis.com.

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Media Contact: Geri L. Dreiling
Legal Media Matters
314.743.3851 or 314.520.3897
legalmediamatters@sbcglobal.net

CLE benefits worthy cause

Simon Passanante’s fourth annual seminar, which earns lawyers CLE credit and raises money for Legal Services of Eastern Missouri, will be held on June 24.

Attorneys who attend the seminar will earn seven hours of continuing legal education credit, including one hour of ethics credit. The entire $100 seminar fee is donated to Legal Services of Eastern Missouri.

In the past three years the event has raised nearly $37,000 for the organization, which provides legal assistance to low-income families.

The seminar, entirely underwritten and organized by the St. Louis law firm Simon Passanante, will be held at the Missouri Athletic Club. Registration begins at 8:15 a.m.

Amy Collignon Gunn of Simon Passanante will serve as moderator. The speakers include:

• Eugene Buckley, Buckley & Buckley, Ethics and Professionalism
• John E. Campbell, Simon Passanante, Consumer Protection
• St. Louis City Circuit Court Judge Jimmie Edwards, Tips from the Bench
• Dennis W. Fox, Dennis W. Fox & Associates, Social Security Disability
• Nancy R. Mogab, Mogab & Hughes, Workers Compensation
• Mary Anne Sedey, Sedey Harper, Employment Discrimination
• Anthony G. Simon, Simon Passanante, Intellectual Property

For more information, call Simon Passanante at 314-241-2929 or visit www.simonpassanante.com.

Law prof is passionate about vice presidency

If you have a question – any question – about the vice presidency, Joel K. Goldstein is your go-to guy.

Goldstein, a professor at St. Louis University School of Law, is a leading scholar on vice presidents and vice presidential candidates, the St. Louis Post-Dispatch reports.

He’s written one book on the topic and has another in the works. In this hot VP year, Goldstein has already been quoted by the Christian Science Monitor, the New York Times, the Boston Globe and the Miami Herald.

“He’s like an exotic plant that blooms once every four years,” says Goldstein’s wife, Maxine Lipeles, a law professor at Washington University.

Written by reporter Jake Wagman, the article notes that Goldstein’s two kids could recite the vice presidents and a family vacation included a stop in Russell, Kan., home of Bob Dole.

A position that once was described as “most insignificant” by John Adams has undergone a transformation under Dick Cheney.

But Cheney’s vice presidency is also notable for something else, says Goldstein: “He’s the first vice president since Aaron Burr to shoot another human being.”

Story Roundup

Listening for Trouble

Recently the St. Louis Post-Dispatch published a murder map. Culled from police-department data, city denizens can now see, by address, the homicides that occurred near their homes, schools, and workplaces from 2005 to 2007.

The number of killings in St. Louis has increased, and guns have played a role in many of the murders -- but one company has developed a high-tech crime- fighting tool that could help curb gun violence.

In “Police Put a High-Tech Ear to the Ground,” Wall Street Journal reporter Bobby White writes that that some cities have installed a web of microphones that listen for gunshots and then send the data to laptops in police cruisers. The devices, installed on rooftops and fastened to telephone poles, detect the pop of a gunshot, pinpoint it to within 80 feet of its origin, and alerts the police within 15 seconds.

The technology was developed by a former physics professor, Robert Showen, who once adapted sensors designed to locate earthquakes. His company, ShotSpotter Inc., made the news in 2003, when the system was used to capture a highway sniper in Columbus, Ohio.

The technology is in use in 29 cities, many of which have reported a drop in violent crime. In cities that haven’t reaped the benefits of the system, police manpower appears to be the snag: There must be enough officers on the street to respond once the system issues an alert.

Any St. Louisan who has ever called in a report of a gunshot can attest to the fact that it is hard to figure out exactly where the sound came from, but vague descriptions to 911 operators will continue to be the norm—St. Louis is not one of the 29 cities using the acoustic technology.

St. Louis County backlog

One of the first rules young litigators learn is to always obtain file-stamped copies of pleadings. An article in Friday’s issue of The Daily Record underscores why the practice is so important.

In “Attorneys in St. Louis County: Hurry up and wait,” reporter Donna Walter explains that court clerks have fallen about a month behind in issuing summonses in civil cases.

According to Paul Fox, the St. Louis County court administrator, state-mandated court automation is the main reason. Tort reform and the sour economy have also led to an uptick in filings. The staff is too small to handle the workload.

As a result of the file-room limbo, some lawyers are finding that their cases have been placed on the dismissal docket before a summons has been issued. Others are forced to file pleadings without case numbers. The article notes that at least one motion to dismiss has been lost. The lawyer must refile the motion. Fortunately, she has a file-stamped copy that can be attached as an exhibit.

Until the snafus are straightened out, keep your file-stamped copies safe.

Carey & Danis appointed to plaintiffs’ steering committee in multidistrict Trasylol litigation

NEWS RELEASE

May 23, 2008

St. Louis – John J. Carey of the St. Louis law firm Carey & Danis has been appointed to serve as a member of the plaintiffs’ steering committee in the multidistrict Trasylol litigation pending before a Florida federal court.

On May 22, U.S. District Court Judge Donald M. Middlebrooks entered the order announcing the plaintiffs’ steering committee, which is responsible for managing and conducting the pretrial proceedings, in the case In re: Trasylol Products Liability Litigation, MDL No. 1928.

Carey said of the appointment: “Our firm is honored to fill this important role on behalf of Trasylol victims and their families. Having served as lead counsel or steering committee members in several pharmaceutical cases, we understand that swift justice requires efficient case management.”

Carey & Danis currently has 13 cases involving Bayer’s anti-bleeding drug Trasylol (aprotinin) pending in the multidistrict litigation, located in West Palm Beach, Fla.

The suits claim that Bayer failed to warn prescribers and consumers of the dangers associated with the drug, defectively designed the drug, fraudulently concealed the dangers of the drug, breached the implied and express warranties and violated various state laws. The plaintiffs seek compensatory damages and damages for aggravating circumstances. The firm anticipates that it will file an additional 50 cases in the near future involving heart-surgery patients who suffered kidney failure after receiving Trasylol. 

The U.S. Food and Drug Administration approved Trasylol in 1993. Since 2006, three studies have linked the clotting drug to an increased risk of stroke, heart attack and kidney failure. On May 14, the New England Journal of Medicine published the BART study, which revealed that patients given Trasylol had a death rate 53 percent higher than that of heart-surgery patients given cheaper competing drugs.

Carey & Danis, LLC is a national law firm based in St. Louis that aids victims of corporate abuse, greed and neglect. For more information, contact John Carey at 314-725-7700 or e-mail jcarey@careydanis.com.

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Media Contact: Geri L. Dreiling
Legal Media Matters
314.743.3851 or 314.520.3897
legalmediamatters@sbcglobal.net