This Wall Street Journal article ($) reports on one of the biggest litigation miscalculations of the past several years — Skadden Arps’ partner Jay Kasner‘s recommendation to JP Morgan Chase and other WorldCom underwriters that they reject an earlier settlement in the WorldCom class action lawsuit that was proposed last year. By waiting until the trial loomed this month, J.P. Morgan and the other underwriters paid over $675 million more in the settlement than they would have paid had they accepted the earlier offer. Here are the posts over the past year on the WorldCom class action and related matters.
Not exactly the type of result that you would want splattered on the front page of the Wall Street Journal.