Kasowitz Benson

1. Duane Reade Denies Owing Kasowitz Benson $7M Fee

Friday, Mar 19, 2010

Pharmacy chain Duane Reade Inc. has denied owing Kasowitz Benson Torres & Friedman LLP a $7.1 million success fee in connection with a $40 million contract suit settlement, and said that the contingency fee agreement the law firm accused it of breaking cannot stand under New York law.

2. Fla. Court Affirms $24.9M Verdict For Smoker's Estate

Friday, Mar 19, 2010

A Florida appeals court has upheld a $24.86 million award to the estate of an ex-smoker who died of cancer, in one of thousands of suits in the Sunshine State accusing Big Tobacco of concealing the side effects of smoking.

3. Funds Accused Of Vote Manipulation In Fremont Case

Friday, Mar 19, 2010

New World Acquisition LLC, a Fremont General Corp. creditor that has proposed a reorganization plan for the company, has asked a bankruptcy judge to block a group of funds from changing its vote on a rival plan proposed by Fremont's equity holders from “reject” to “accept.”

4. Law Debenture, JPMorgan Spar Over Tribune LBO Fees

Tuesday, Mar 16, 2010

A trustee for Tribune Co. bondholders has asked a court to bar Tribune's nondebtor subsidiaries from continuing to pay millions in bank fees related to a highly contentious 2007 leveraged buyout, saying lenders, including JPMorgan Chase Bank NA, concealed the payments to avoid court oversight.

5. CFIP Spars With Citi, US Bank Over Swap Agreement

Monday, Mar 15, 2010

CFIP Master Fund Ltd. has asked a judge to hold three Citigroup Inc. arms and US Bank NA responsible for allegedly misappropriating $15 million in a breach of contract action over a credit default swap gone sour, while Citi has squared off in opposition to CFIP's bid.

6. $6M Oneida Ch. 11 Claim Spat Heads To 2nd Circ.

Tuesday, Mar 02, 2010

Investment banking firm Peter J. Solomon Co. LP is challenging in a federal appeals court a ruling expunging its claim for more than $6 million it says it was owed because Oneida Ltd. didn't send written notice before retaining another financial adviser ahead of its March 2006 Chapter 11 filing.

7. Court OKs Ex-McKesson HBOC GC's Deal With SEC

Monday, Mar 01, 2010

The judge overseeing the U.S. Securities and Exchange Commission's case against former McKesson HBOC Inc. general counsel Jay Lapine — who found himself in authorities' cross-hairs in the wake of a $9 billion accounting scandal — has signed off on a settlement that calls for Lapine to cough up a $60,000 civil penalty.

8. Fraudster's Wife Agrees To Release $20M In Assets

Monday, Mar 01, 2010

The wife of Mark Bloom, a relief defendant in litigation stemming from her husband's $20 million investment and tax fraud scheme, has agreed to a consent judgment that will free her from further claims against her property by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

9. Thermax To Pay $38M To Settle Purolite Secrets Case

Wednesday, Feb 24, 2010

India-based energy and environmental engineering company Thermax Ltd. has agreed to pay U.S. rival The Purolite Co. $38 million to settle a suit in which Purolite accused Thermax of hiring away four employees and stealing trade secrets related to water treatment processes.

10. Tronox Says $5M Deal Paves Way For Ch. 11 Exit

Tuesday, Feb 23, 2010

Bankrupt Tronox Inc. has freed up $5 million being held in escrow by its lenders following approval of a settlement among the chemical company, its unsecured creditors and Credit Suisse AG, the lenders' agent.

11. Ashland ARS Suit Against Oppenheimer Thrown Out

Tuesday, Feb 23, 2010

A federal judge has pulled the plug on Ashland Inc.'s suit alleging Oppenheimer & Co. misled it about the nature and risk of auction rate securities and then left the firm hanging with nearly $200 million in ARS after the bottom fell out of the market in 2008.

12. Beal Bank, Icahn Fight Trump-Backed Plan

Monday, Feb 22, 2010

The reorganization plan proffered by Trump Entertainment Resorts Inc. and its ad hoc committee of noteholders has come under fire from Beal Bank SSB and Icahn Partners, which claim their competing plan represents the best and only chance the debtor has for exiting bankruptcy.

13. US Atty Wants 1st Crack At Hilton Over IP Theft

Monday, Feb 22, 2010

The U.S. government has asked a federal court to stay a civil lawsuit in which Starwood Hotels & Resorts Worldwide Inc. accuses rival hotel chain Hilton Hotels Corp. of stealing its trade secrets while federal prosecutors pursue a criminal case against Hilton.

14. Freescale Deal Clears Way For $750M Bond Sale

Friday, Feb 19, 2010

Freescale Semiconductor Inc. reportedly has reached a settlement with a group of secured creditors who claimed the chip maker diluted the value of their holdings during a refinancing, freeing the way for the company to complete a $750 million bond offering.

15. NY Court Keeps Banks' Fraud Suit V. MBIA Alive

Thursday, Feb 18, 2010

A New York court has refused to dismiss a lawsuit in which some of the world's largest financial institutions, including ABN Amro Bank NV and Citibank NA, accuse MBIA Inc. of devising a fraudulent restructuring in order to avoid paying out insurance policies the company offered on financial products.

16. Bereskin & Parr Loses Bid To Toss Malpractice Suit

Wednesday, Feb 17, 2010

A federal judge has refused to dismiss security system company Touchcom Inc.’s malpractice suit against Canadian intellectual property firm Bereskin & Parr LLP, rejecting the law firm's argument that the suit is barred by the statute of limitations.

17. Southern Union Says $18M Enviro Penalty Too High

Wednesday, Feb 17, 2010

Southern Union Co. has kick-started its appeal of a recent judgment ordering the natural gas provider to pay $18 million for illegally storing liquid mercury at a facility in Rhode Island, arguing that the penalty is excessive.

18. Kasowitz Benson Hits Up Duane Reade For $7M Fee

Thursday, Feb 11, 2010

Kasowitz Benson Torres & Friedman LLP has sued Duane Reade Inc. seeking at least $7.1 million, accusing the New York drugstore chain of breaking a fee arrangement that allegedly directed a piece of a $40 million contract suit settlement between Duane Reade and Cardtronics LP to the firm.

19. Farms, Egg Trade Groups Try To Thin Antitrust MDL

Monday, Feb 08, 2010

Land O' Lakes Inc., United Egg Producers Inc. and a host of other defendants have asked the court to drop much of the direct purchasers' complaint in litigation accusing a slew of egg trade groups and agricultural companies of a long-running conspiracy to limit production and drive up prices.

20. Fontainebleau Loses Appeal Attempt In Lender Fight

Friday, Feb 05, 2010

A federal judge has rejected bankrupt Fontainebleau Las Vegas Holdings LLC’s attempts to appeal one ruling moving a dispute with its lenders out of bankruptcy court and another finding that lenders' decisions to cut off financing to the company's casino resort project might have been reasonable.