The U.S. trustee overseeing Sharper Image Corp.'s Chapter 11 case has opposed the retailer's request to retain a financial consulting firm founded by the debtor's new chief executive.
Bankrupt subprime lender Fieldstone Mortgage Co. has won three more months to come up with a reorganization plan, though it is less time than the company asked for to negotiate and create a plan.
JP Morgan Chase NA will shell out more $2 million to quell U.S. Securities and Exchange Commission charges over the financial services firm's alleged role in the fraud leading up to National Century Financial Enterprises Inc.'s 2002 collapse into bankruptcy, a collapse the SEC said cost investors $2.6 billion.
The Class Action Fairness Act of 2005 was enacted to stop class action lawsuit abuse by preventing forum-shopping in plaintiff-friendly state courts. After three years of litigation under the act, experts say problems continue to persist in the class action system — and some of those ills are a direct effect of the law.
An appeals court has reversed a partial summary judgment grant in favor of a former Fannie Mae lawyer who claimed her bipolar disorder was a physical illness that allowed her to receive disability benefits past the two-year limit for mental illness.
The founder of National Century Financial Enterprises has been found guilty of trying to bribe a former colleague to stop her from testifying in his upcoming trial over an alleged scheme to fleece the health care lender's investors out of billions of dollars.
The U.S. Internal Revenue Service objected to People's Choice Home Loan Inc.'s Chapter 11 liquidation plan on Friday, saying the bankrupt mortgage lender needed to be clearer about when the plan would become effective and when it would pay its taxes.
The bankruptcy court overseeing the Chapter 11 proceedings of American Home Mortgage Holdings Inc. has extended the exclusivity period for the lending company to file a plan and solicit acceptances as it tries to settle pending disputes.
Armed with a newly released report compiled by New Century Financial Corp.'s bankruptcy examiner, the U.S. trustee in the case will almost certainly bring a malpractice lawsuit against the company's auditor, KPMG, against some of its executives and possibly even against its law firm, O'Melveny & Myers LLP, according to experts following the proceedings.
Law firms are bolstering their Islamic finance practices as they look to help clients into the estimated $1 trillion in investment capital up for grabs in the natural-resource-rich Middle East. But experts say the skills of some attorneys being drawn to the burgeoning field lag behind their enthusiasm.
A California appeals court has upheld a ruling that underwriters at Lloyd's, London, are not obligated to pay excess legal fees related to Qualcomm Inc.'s defense of an employee class action over company stock options.
Delta Financial Corp. has asked the bankruptcy court to extend its exclusive control of its Chapter 11 proceedings for two months while it puts together a plan of liquidation and told the court that it plans to vacate its headquarters in Woodbury, N.Y., by March 31.
Asia hasn't yet been hit hard by the U.S. economic downturn, but corporate attorneys there are worried that the number of deals they get done will eventually be affected. Infrastructure projects will likely be harmed, whereas natural-resource-related projects will be OK, sources say.
As factors including high liquidity and a demand for infrastructure in the Middle East spur a surge in Islamic finance, places like Dubai and Singapore are positioning themselves to draw business away from more established Islamic finance centers like London, attorneys say.
A Texas judge granted a temporary restraining order to Clear Channel Communications Inc. on Wednesday, forcing a group of banks to proceed with the $19.4 billion buyout funding after the banks allegedly tried to kill the deal.
In a move that adds fuel to an already contentious fight in a federal court, American International Group Inc. has filed a lawsuit in New York state, accusing its former chief executive officer Maurice “Hank” Greenberg and six other former company directors of stealing about $20 billion of its shares.
Citigroup Inc. became the latest target of investor ire in the wake of the auction rate securities market collapse when it was hit last week with a lawsuit alleging it concealed the risks of the bonds.
In part provoked by its $114.9 million in outstanding debt to a German bank, a privately held real estate financier's loan holding company has filed for Chapter 11 protection in order to avoid foreclosure sales of its assets.
Ever since Dubai Ports World tried to take over the operation of U.S. ports in March 2006, state-owned funds have faced a barrage of criticism from lawmakers and pundits who claim they pose a national security risk. But lawyers for international law firms generally bristle at this talk, saying sovereign investment is beneficial for all involved.
Bear Stearns Cos. Inc. is reportedly seeking a court order to prevent five former employees from taking their client lists with them as they depart for new jobs.