"We see no reason to conclude that the judge failed to have regard to the cumulative effect of his decisions and we reject the contention that the regime he imposed was disproportionate," said Lord Justice Kennedy.
"It is entirely plausible to conclude," the judge said, "that the misleading picture that Lehman portrayed played a material part in keeping its stock higher".
"Evidence points to a finding that they knew they were acting dishonestly, and I am unable to conclude otherwise," the judge told the courtroom.
At a marathon hearing in Wilmington, Del., that began on Friday morning, spilled over into Saturday and is scheduled to conclude today, the judge, Peter Walsh, dismissed an 11th-hour bid backed by the financier Carl C. Icahn, T.W.A.'s former chairman.
"The court hearing has now concluded, and the judge's decision will follow later.
Speaking only for myself, I must say that after reading and re-reading the 9th Circuit panel's opinion, I cannot conclude that the judges listened to what the Supreme Court said in Eldred.
Ultimately, however, he concluded in a letter to the judge presiding over his case that "taking my own life would be a shortcut, and would only do further harm to my son as he would know that I am not willing to accept the consequences of my actions".
Dr. Wachtel's report, which had been presented to the judge, concluded: "Medical care and practice at Forest Haven is inadequate..
When probate is concluded, the judge will typically order that "clear title" is transferred to the beneficiaries under the will.
The hearing is expected to conclude today, and the judge said yesterday that it will be at least two weeks before a ruling.
The killing of James Bulger was 'an act of unparalleled evil and barbarity' concluded the judge.
