Commercial Contracts

  • October 3, 2012

    5th Circ. Revives Highland Loan Sale Dispute With BofA

    The Fifth Circuit on Tuesday resurrected Highland Capital LP’s suit accusing Bank of America NA of reneging on a deal to sell a $15.5 million loan, ruling Highland’s allegations over whether an oral agreement was binding or not needed further consideration.

  • October 3, 2012

    BMW Cheats Demo Buyers On Warranty Coverage, Suit Says

    BMW of North America LLC on Friday was hit with a proposed class action alleging the company improperly sells demonstration vehicles as new, cheating customers out of valuable warranty coverage for their BMW automobiles.

  • October 2, 2012

    Ex-Crowell Atty Admits To Stealing $10M From Clients

    Former Crowell & Moring LLP attorney Douglas Arntsen has pled guilty to embezzling more than $10 million from two former corporate clients of the firm, which authorities say was used to prop up his lavish lifestyle, Manhattan District Attorney Cyrus R. Vance Jr. said Tuesday.

  • October 2, 2012

    Judge Trims Ex-Manager's Suit Against Britney Spears' Father

    A California judge said Tuesday she will likely dismiss emotional distress claims in a suit against Britney Spears’ father in which her ex-manager claims the singer breached a contract, her father punched him and her mother defamed him in an autobiography.

  • October 2, 2012

    Highmark Sues West Penn After Collapse Of $475M Merger

    Highmark Inc. hit West Penn Allegheny Health System Inc. with a suit Monday aimed at stopping WPAHS from holding acquisition discussions with other suitors, following Friday's cancellation of a pending $475 million merger deal between the companies.

  • October 2, 2012

    AMC Head Says Dish Knew Terms Of Cablevision Deal

    AMC Networks Inc. CEO Joshua Sapan, who helped negotiate a high-definition programming deal with DISH Network Corp. when AMC was part of Cablevision Systems Corp., told a New York state jury Tuesday that Dish executives had always understood the terms of the Cablevision deal they are now contesting.

  • October 2, 2012

    Aramid To Dodge Claims In Bergstein Film Loan Suit

    A California judge tentatively dismissed film financier David Bergstein's contract and fiduciary duty claims Tuesday seeking to hold Aramid Entertainment Fund Ltd. liable for wrongdoing by his former attorney, saying allegations Aramid improperly recruited the lawyer for a bankruptcy fight are preempted by federal law.

  • October 2, 2012

    MPG Auctions LA Office Towers Backing $470M Defaulted Loan

    A foreclosure auction was held Monday for two 54-story office towers at Two California Plaza in downtown Los Angeles, relieving owner MPG Office Trust Inc. of a $470 million defaulted mortgage secured by the property, according to MPG.

  • October 2, 2012

    11th Circ. Says Nurses At Fla. Clinic Are Supervisors

    The Eleventh Circuit on Tuesday overturned a National Labor Relations Board decision that a Florida health care center violated labor laws when it refused to bargain with a group of its nurses, saying the nurses shouldn't have been allowed to unionize because they hold supervisory positions.

  • October 2, 2012

    Citibank Due $268M From Morgan Stanley Over CDS: 2nd Circ.

    The Second Circuit on Tuesday upheld a ruling which directed Morgan Stanley & Co. International PLC to pay Citibank NA $268 million stemming from a deal over a credit default swap, finding the lower court correctly sided with Citibank on contract and reformation claims.

  • October 2, 2012

    Travelers Sues To Avoid Bond Claims On Mo. Projects

    Travelers Casualty & Surety Co. of America asked a Missouri federal court Monday to find it has no duty to pay for claims made on more than nearly $24 million in construction bonds issued for big-ticket public projects in Missouri.

  • October 2, 2012

    'Steel Magnolias' Producer Sues To Block Lifetime Remake

    One of the producers of the film “Steel Magnolias” filed suit Monday in Los Angeles court seeking to stop the Sunday night premiere of Lifetime Television's new Queen Latifah-led television movie based on the 1989 flick.

  • October 2, 2012

    CORRECTED: FTC Pulls Antitrust Probe Over Yasmin Deals

    Settlements between Bayer Schering Pharma AG and Barr Laboratories Inc. relating to patent infringement allegations over Bayer's Yasmin birth control drug will no longer be subject to antitrust scrutiny, as the Federal Trade Commission said on Monday that it is closing an investigation into the deals' potential competitive harms.

  • October 1, 2012

    NLRB Tells News-Press Publisher To Bargain With Union

    The National Labor Relations Board issued a cease-and-desist order Thursday against the publisher of the Santa Barbara News-Press and ordered the company to bargain in good faith with the union representing the newspaper's employees.

  • October 1, 2012

    Chesapeake Launches $130M Suit Over Failed Oil, Gas Venture

    A unit of Chesapeake Energy Corp. on Monday launched a suit against Gastar Exploration Ltd. in Texas federal court, alleging that it is owed $130 million as a result of a botched joint venture to develop a 54,000-acre oil and gas prospect.

  • October 1, 2012

    Chicago Condo Buyers Can't Rescind Purchase Pacts

    An Illinois appeals court reversed a ruling Wednesday that early buyers of condominiums in Chicago luxury building The Aqua were entitled to rescind their purchase agreements because the developer failed to provide them with a recorded declaration of the condo association bylaws and other information.

  • October 1, 2012

    Calif. Court Slashes $52M 'Nash Bridges' Award To $15M

    A California appeals court on Monday slashed a roughly $52 million award to “Nash Bridges” actor Don Johnson's company to $15 million after reversing a roughly $29 million interest award from 2010 in the actor's dispute over profits with his co-producer of the CBS cop drama.

  • October 1, 2012

    Blue Cross, Hospitals Told To Yield Docs In Antitrust Case

    A Michigan federal judge on Monday ordered Blue Cross Blue Shield of Michigan and two hospitals to conditionally comply with U.S. Department of Justice document requests in an antitrust suit over most-favored-nation clauses in the insurer's contracts with hospitals.

  • October 1, 2012

    Shell's $8B Transocean Deal Reveals Growing Rig Squeeze

    Royal Dutch Shell PLC agreed Friday to pay a record $7.6 billion to lease four ultra-deepwater drillships from Transocean Ltd. for 10 years, reflecting an industry push lock down access to rigs as availability tightens and daily rates rise, driven mostly by heavy demand in the Gulf of Mexico and Africa.

  • October 1, 2012

    Dish Doomed High-Def Channels, Cablevision Head Tells Jury

    Charles Dolan, the chairman of Cablevision Systems Corp. and AMC Networks Inc., told a New York state jury Monday that Dish Network Corp. improperly canceled an agreement with Cablevision to develop high-definition television programming because it had to pay more as the new channels became popular.