Streetwise Professor

April 2, 2009

SWP on Trial in the 7th Circuit

Filed under: Commodities,Derivatives,Economics — The Professor @ 5:06 pm

OK, that’s hyperbole.   But my work in the case in Josef A. Kohen, Breakwater Trading LLC and Richard Hershey v. Pacific Investment Management Co. (“PIMCO”) was the focus of some attention in the argument heard before a 7th Circuit panel headed by the formidable Judge Richard Posner.   Here’s an MP3 of the hearing. Defendant PIMCO had appealed class certification in the case, and the hearing related to the question of whether Judge Guzman’s (the trial judge) decision to certify should stand.

Listening brought back memories of my grad school days, specifically the Economics of Legal Organization Workshop at Chicago.   Posner, Stigler, Becker, Telser, Peltzman and other heavyweights would sit in the first row.   Usually the speaker would utter perhaps two sentences, and then one of the front row crowd, and often Posner in particular, would jump in with a question expressing extreme skepticism, criticism, or incredulity.   That’s what happened to PIMCO’s lawyer.   Two sentences, and up pipes Judge Posner with a very, pointed, shall we say, question.

I’m biased, and an amateur observer of these sorts of things, but overall I think it went pretty well for the good guys.

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