A Pennsylvania appeals court agreed Wednesday to allow the state's financially beleaguered capital to remain under the control of a fiscal receiver for another two years as the city of Harrisburg struggles to restructure debt stemming from a failed incinerator project.
An attorney for a group of Harrisburg city officials urged the Third Circuit on Thursday to overthrow a decision finding that his clients did not have enough of a personal stake to establish standing to challenge a state takeover aimed at preventing a bankruptcy filing for the financially troubled municipality.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Thursday that his agency would soon put out a fuller description of its plans for taking apart a failed global financial institution.
Seven law firms whose stars had dimmed in the eyes of general counsel are once again shining bright, and two up-and-coming legal sparklers are suddenly radiating excellence, according to a new survey of corporations’ favorite firms.
Skadden Arps Slate Meagher & Flom LLP stands alone among elite law firms in the arena of client service thanks to a concerted long-term effort to respond to client feedback, according to a new survey of corporate counsel.
The fickle feelings of corporate counsel are apparent once again in an annual survey gauging which law firms deliver the most sterling client service, as one-third of last year's favorites were cast aside after being outflanked by hungry rivals.
There are more arrogant law firms than in years past, according to a new survey of corporate counsel, but one familiar firm has risen above them all.
The number of law firms that Fortune 1000 clients say offer excellent client service grew by 9.8 percent over the past year, a sign that firms with broader services are separating themselves from the competition, according to a new survey of corporate counsel.
Attentive client service, not size, continues to be the critical factor for general counsel at the world's largest corporations, according to a recent survey of corporate counsel, who gave top marks to a mix of large and midsize law firms.
The benefits for future claimants seeking compensation from asbestos bankruptcy trusts provided under a bill the U.S. House of Representatives greenlighted Wednesday would outweigh the potential privacy issues opponents say come with it, attorneys say.
The U.S. House of Representatives on Wednesday passed a bill that would impose new disclosure requirements on trusts charged with paying claims connected to asbestos exposure for bankrupt companies despite staunch opposition from victims and Democrats.
Beginning this week, Law360 will profile the elite law firm partners whose exemplary work on critical litigation, mammoth deals and first-of-their-kind global matters earned them a spot on this year's list of MVP award winners.
Residents of Stockton, Calif., on Tuesday passed a tax hike that is intended to resolve the city’s debt crisis by taking the heat off of bondholders and retirees, but experts say raising taxes isn’t necessarily a realistic solution for other bankrupt municipalities.
The Michigan bankruptcy judge overseeing Detroit's landmark Chapter 9 case refused Wednesday to lift an automatic stay on the NAACP's suit challenging a law enabling state-appointed managers to take control of struggling municipalities, saying the suit could threaten the city's bankruptcy proceeding.
Bankruptcy cases involving more than $50 million in debt will be subject to stricter attorneys' fee guidelines for the first time in 17 years beginning Friday, but experts say they expect attorneys working on big-ticket insolvencies will still find ways to rake in the big bucks.
The rumored $13 billion settlement between JPMorgan Chase & Co. and the U.S. Department of Justice could force regulators to offer litigation releases to banks that will now likely be reluctant to buy up their floundering competitors in a future crisis, analysts say.
A top Federal Reserve official on Friday encouraged changes to the Bankruptcy Code to make it easier to unwind large financial institutions, but added that the bankruptcy process would not work to take apart the most complex and interconnected institutions quickly and safely.
The Department of Justice should end its suit seeking to block the $14 billion merger between US Airways Group Inc. and American Airlines Inc., a group of House Democrats wrote in a letter to President Barack Obama on Wednesday, saying the merger would increase competition.
The federal bankruptcy court in Michigan handling the biggest municipal insolvency case in U.S. history has joined others around the country in continuing to work through the government shutdown, now nearly two weeks old.
The biggest U.S. bank holding companies all said they have plans in place to wind themselves down if they fail, avoiding costly taxpayer bailouts, according to public resolution plans released Thursday by federal banking regulators.
In light of the proposed e-discovery amendments to the Federal Rules of Civil Procedure, businesses need to set themselves up to efficiently respond to discovery and requests for information from their counsel by implementing and following document-control policies as part of normal business practices. The failure to do so will eventually consume vast amounts of employee time, say Steven Cvitanovic and Colin Murphy of Haight Brown & Bonesteel LLP.
There is very little that unsecured creditors can do post-petition to increase recoveries on their prepetition claims. However, where an unsecured creditor continues to provide unique services that may not be readily available from another provider, the creditor might have leverage to insist on getting paid for its prepetition claim, says Steven Wilamowsky of Bingham McCutchen LLP.
In re Flugence in the Fifth Circuit is important because of its implications for other instances in which litigation is commenced for the purpose of making creditors whole, but which may nonetheless produce recoveries in excess of the amount necessary to do so. Courts outside the Fifth Circuit are not in clear agreement, says Steven Wilamowsky of Bingham McCutchen LLP.
In light of the Third Circuit’s recent ruling in In re KB Toys, both buyers and sellers of bankruptcy claims should investigate a creditor’s preference exposure by seeking information from the creditor and by reviewing a debtor’s statement of financial affairs, say attorneys with Haynes and Boone LLP.
Following the financial crisis of 2008, regulations were put in place to enact transparency and protect individual investors in complex financial markets. Although this has left many to believe that financial instruments have become more transparent and that there will likely be less securities litigation going forward, the reality is likely to be more complex than that, says Ilan Guedj of ARPC.
The U.S. Supreme Court once famously warned against a “literal approach” to the application of the Sherman Act. Literalism, according to the court, is “overly simplistic and often overbroad.” And we learn again in Gulf States Reorganization Group v. Nucor Corp. that a rival’s “lousy” intent alone does not violate the act, says Alan Kusinitz of Proskauer Rose LLP.
Where both intellectual property and a third-party license to use the IP are being sold together to a single buyer, the sale will generally be allowed. However, practitioners should be aware of potential objections from nondebtor licensees in situations where the debtor/licensor serves a role beyond that of mere recipient of periodic royalties, says Neil Herman of Morgan Lewis & Bockius LLP.
A new avenue of recovery has just been opened to Madoff victims. The U.S. Attorney for the Southern District of New York recently announced that the Madoff Victim Fund would begin accepting claims. Those who lost money invested with Madoff — indirectly or directly — should be aware of several aspects of the MVF so they can maximize their recovery, say James Masella and Jeremy Weinberg of Patterson Belknap Webb & Tyler LLP.
When a franchisee files for bankruptcy, a franchisor naturally has concerns over how the process will affect the parties’ relationship. Accordingly, a franchisor must timely object to a debtor’s motion to assume and assign its franchise or that right may be waived, says Valerie Morrison of Wiley Rein LLP.
Mandated law student pro bono programs have not worked in championing the causes of social justice for those unable to afford counsel. States would be far better off using their resources to insist on a legislative solution to a very troubling and persistent deficiency in the allocation of legal resources, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.