HSBC on Tuesday filed a summons in New York state court indicating it will be suing Bank of America, Merrill Lynch and Countrywide for $420 million over claims that the banks fed it mortgage loans to be securitized that they knew were subpar.
Showtime Networks Inc. says boxing promoter Top Rank Inc. should reimburse the $680,000 in legal costs it incurred defending itself against litigation over the disclosure Manny Pacquiao fought Floyd Mayweather Jr. with an injured shoulder, according to a lawsuit filed in New York federal court Wednesday.
The trustee of two soured pools of residential mortgage-backed securities asked a New York appeals court Wednesday to find that a Credit Suisse Group AG unit must pick up its legal tab for a pair of put-back suits alleging over $802 million in losses.
Dollar Thrifty Automotive Group Inc. asked a California federal judge to keep two new lead plaintiffs from joining a proposed class action suit accusing the car rental company of tricking drivers into purchasing unnecessary add-on insurance, arguing Tuesday the pair are inadequate class representatives.
Sabine Oil & Gas objected Wednesday to an attempt by its former midstream service provider Nordheim Eagle Ford Gathering to stay a New York bankruptcy court ruling that nixed gathering contracts between the companies, saying the dispute could disrupt Sabine’s ongoing effort to restructure its debt.
A Florida jury handed developers an almost complete defense win Wednesday, rejecting the $12 million fraud claims brought by two Middle Eastern companies that said they were fraudulently enticed to invest in a hotel project.
A Williams Cos. Inc. investor on Wednesday revived his effort to block the natural gas giant’s proposed merger with Energy Transfer Equity after an Oklahoma federal judge allowed the transaction to move forward last month, adding yet another legal battle to the long list of litigation already clouding the $37.7 billion deal.
A California attorney has hit his former partner with a trade secrets lawsuit, claiming he brought valuable client information to his new firm in violation of a contract outlining the disbanding of the attorneys’ prior partnership.
Intervention Energy LLC’s $140 million Chapter 11 took a first-day detour Wednesday in Delaware bankruptcy court into a dismissal action, sought by secured creditors who accused the company of acting without authority, ducking a foreclosure and breaching its limited liability company agreements.
The Madrid-based International Federation of Bodybuilding and Fitness urged a Virginia federal court Tuesday to toss an antitrust suit filed against it by a rival league, arguing the court lacks jurisdiction.
The former chief financial officer of a company managing a public behavioral health system in eastern North Carolina has been indicted along with a contractor on conspiracy, bribery and fraud charges, federal prosecutors said Wednesday.
A Hong Kong appeals court on Tuesday affirmed the partial setting aside of an arbitral award that ordered a Chinese real estate development company to pay 10 million Chinese yuan ($1.52 million) to other companies involved in a development project, citing an "irregularity" in the underlying proceedings.
French rail conglomerate Alstom has accused General Electric Co. of breaking the terms of an $800 million deal for GE’s rail signaling business by launching improper arbitration proceedings to figure out final pricing adjustments, according to a complaint made available Tuesday in New York federal court.
A Greek shipping company seeking arbitration in Hong Kong after months of allegedly refusing to participate in a mainland China lawsuit brought by the Bank of China over an improperly delivered iron ore shipment had its bid to halt Chinese proceedings rejected again by a Hong Kong appeals panel in a ruling published Tuesday.
Kaufman Englett & Lynd PLLC argued Wednesday that the necessary facts are lacking in a proposed class action alleging the Florida-based law firm unlawfully billed an ex-client $1,700 in retainer fees while he explored filing for bankruptcy, while also challenging a law restricting debt-relief agencies.
Sullivan & Cromwell LLP on Monday urged a New York state court to enforce a $3.25 million arbitration award against coal billionaire and West Virginia Democratic gubernatorial candidate Jim Justice stemming from a dispute over legal fees the law firm claims it was owed.
Athletic gear maker Under Armour said Tuesday that it has struck a 15-year footwear and apparel deal worth $280 million with the University of California, Los Angeles, which the company said is the largest such agreement in NCAA history.
The National Labor Relations Board on Tuesday upheld an administrative law judge's finding that Jack in the Box Inc.'s nationwide arbitration agreement should be scrapped or revised, ruling the agreement illegally prevents employees from pursuing class claims in either the courts or arbitration.
Verizon on Wednesday said that it has settled its $28 million breach of contract case against XO Communications LLC after the $1.8 billion purchase of its former courtroom adversary’s fiber optic business in February.
A Nigerian energy developer accused Chevron of fraud for derailing a $1.6 billion offer it made to the oil giant for three oil mining leases, in a lawsuit that was removed from a state court in Houston to federal court on Tuesday.
Courts often require parties to develop a joint e-discovery plan. But even when they are not court-imposed, parties should consider using joint e-discovery plans to promote efficiency and transparency and streamline the discovery process, say Anthony Rospert and Jake Evans of Thompson Hine LLP.
The Defend Trade Secrets Act offers many benefits to businesses, including federal question jurisdiction for trade secrets and the ability to recover compensatory damages, punitive damages and attorneys’ fees. However, to obtain the full array of remedies available under the statute, employers must comply with a specific notice requirement, says Jeff Barnes, a partner at Fisher & Phillips LLP.
It's important to review the basic means and manner through which liabilities otherwise created by portfolio companies and acquisition vehicles can be asserted against a private equity firm or its deal professionals. Knowing why the provisions mitigating these risks were originally developed will hopefully encourage continued vigilance, says Glenn West of Weil Gotshal & Manges LLP.
While the California Court of Appeal's holding in Davis v. Honeywell can and should be limited to the specific facts and expert testimony in that case, the decision serves as a warning that courts may not always vigorously enforce their responsibility to screen expert opinions, which could open the door for plaintiffs in asbestos cases to depend on testimony that may not be entirely reliable, say attorneys at Gibson Dunn & Crutcher LLP.
Nowhere is the attractiveness of law firms as cybercrime targets more evident than the recent Mossack Fonseca hack, believed to be the most significant data theft event in history. Firms represent a treasure trove of information and historically have had dreadful cybersecurity practices. There has been some progress, but firms can also commit to better defending their information by taking a simple, three-step approach, says Sean D... (continued)
In calling for mandatory pro bono service, U.S. Supreme Court Justice Sonia Sotomayor is effectively using her bully pulpit to advance the cause of access to justice for the poor. Her courageous leadership is a clarion call to action that must be heeded. But bold as it may be, the pronouncement is incomplete, says David Lash, managing counsel for pro bono at O’Melveny & Myers LLP and a member of the Association of Pro Bono Counsel.
Joining two firms with long histories meant not only combining cultures, philosophies and deeply rooted ways of doing business, but also combining two IT systems, two accounting systems, and two ways of handling many other administrative functions. It didn't help that the firms had different fiscal year ends, says John Langan, managing partner of Barclay Damon LLP.
The standard responses for why mediations fail are “wrong people, wrong time, no joint session,” but in interviews with colleagues and fellow mediators, Cecilia Morgan at JAMS ADR takes a look at other common reasons why mediation are unsuccessful, and the best ways to guide a mediation to a satisfactory conclusion.
On May 20, 1996, the U.S. Supreme Court held that a $2 million punitive damages award imposed for a tort that caused $4,000 in economic harm was unconstitutionally excessive. In the ensuing 20 years, BMW v. Gore has proved to be a foundational case in punitive damages jurisprudence. We were fortunate enough to have played a role in this historic decision, say Mayer Brown LLP partners Andrew Frey and Evan Tager and Maserati North Am... (continued)
Last week, we discussed why corporate legal departments are taking on so much more work themselves instead of outsourcing it to law firms. This is, of course, an ominous sign for law firms and the traditional partnership structure. So too is disaggregation and the emergence of legal service providers as well as others — notably the Big Four — poised to enter the gargantuan legal services market, says Mark A. Cohen of Legal Mosaic LLC.