Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Businessweek Archives

A Pandora's Box For Kidder?

Up Front


The Lynch Report may backfire on Kidder Peabody, perhaps allowing plaintiffs with a beef against the firm to obtain sensitive Kidder documents. This latest headache for new CEO Dennis Dammerman is ironic: The report by Kidder outside counsel Gary Lynch was a boost for the securities house, clearing management of any involvement in the Joseph Jett bond trading scandal.

But in an Aug. 16 letter to the firm, a New York lawyer for two ex-employees with arbitration claims uses the report as legal leverage to get materials that might bolster his cases. Attorney Jeffrey Liddle argues that by making the report public, Kidder has waived all claims of confidentiality, work-product, and attorney-client privileges--"in perhaps the most colossal waiver of such privileges ever." Liddle represents Linda LaPrade and Russell Shepard in disputes unrelated to the Jett affair.

For Kidder, the peril is that more unflattering details could surface. Already, the report contains serious contradictions, such as differing versions about whether Kidder honcho Edward Cerullo knew about Jett's trading. Kidder had no comment.EDITED BY LARRY LIGHT AND JULIE TILSNER By Leah Nathans Spiro

blog comments powered by Disqus