Reynolds Holding is a Breakingviews editor who also writes from New York about the law. Before joining Breakingviews, he was a national editorial producer for the Law & Justice Unit at ABC News, a senior writer for Time magazine and the executive editor of Legal Affairs, the first general interest magazine about the law. He spent more than a decade as an investigative reporter and columnist for The San Francisco Chronicle, where he was named a Pulitzer Prize finalist for explanatory writing. Before becoming a journalist, he practiced corporate law at the New York firm of Debevoise & Plimpton. He graduated from Harvard College and Duke University School of Law.
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A U.S. appeals court tossed out a $1.3 bln verdict over dodgy loans sold to Fannie and Freddie. Like recent reversals of traders’ convictions, the case suggests greed and a little lying on Wall Street may not be unlawful. Those looking for accountability will be disappointed.
The prosecution of an ex-Dean Foods chairman and a gambling buddy is one of few to reach a company’s top echelons. It helps show that bosses aren’t above the law, and it suggests recently reversed convictions won’t eviscerate enforcement. Corporate America should be all ears.
The top U.S. tribunal nixed suits that can’t prove injury but said the damage can be intangible – loss of privacy, for example. The ruling may allow a case against Spokeo to continue while setting useful limits on class actions. That’s a win for lawsuit foes and proponents alike.
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