And the connection between Brocade and Wilson Sonsini is even deeper; Mr.
Sonsini is a former member of the Brocade board, which granted Gregory L.
In a May 29, 2007 Executive Order (here), Spitzer formed the New York Commission to Modernize the Regulation of Financial Services.
The Commission will seek to rationalize the structure.
I am sure that most readers will recall that on March 15, 2005 (refer here), Sullivan’s predecessor, Maurice “Hank” Greenberg, resigned under pressure from Spitzer while Spitzer was New York Attorney General.
As summarized in (here), Spitzer later filed a complaint against Greenberg and others alleging fraudulent business practices, securities fraud, common law fraud, and other violations.
” Another company mentioned in the article is KLA Tencor, for whom Sonsini also apparently acted as outside counsel.
The article quotes a November 1998 email from KLA Tencor’s general counsel to Sonsini, in which the general counsel tells Sonsini that Pricewaterhouse Coopers accountants had approved a process by which the company’s stock options committee could meet “during the 30 days following August 31 and set the price for repricing at that time in order to maximize the value for employees.” KLA Tencor apparently has acknowledged that the August grant was backdated and has repriced those options.
The last bit of the Brocade backdating mess is gong to be settled in arbitration.