A German court on Monday found the ex-CEO of BayernLB guilty on criminal charges of bribing an Austrian politician to facilitate the German banking group’s €1.66 billion ($2.11 billion) acquisition of Hypo Alpe-Adria-Bank International Group AG, according to multiple media reports.
General Motors Co. did not interfere with the bankruptcy sale of Saab Automobile AB by issuing public statements signaling its disapproval of the deal between Dutch car maker Spyker NV and Chinese investors, the Sixth Circuit ruled Friday, upholding the dismissal of a $3 billion suit.
A former Bank of New York Mellon Corp. manager pled guilty on Friday to earning more than $700,000 by trading on inside tips from a business school classmate about impending acquisitions in the pharmaceutical industry.
The Eleventh Circuit asked Georgia’s high court on Tuesday for help resolving a real estate trust’s appeal claiming XL Specialty Insurance Co. must pay a $4.9 million shareholder-suit settlement, including a key question involving “consent to settle” clauses in insurance agreements.
A New Jersey bankruptcy judge on Monday formally rebuffed a motion to invalidate the auction of Atlantic City’s bankrupt Revel Casino Hotel, dismissing a losing bidder’s claims of a tainted auction days after the bidder filed notice of appeal.
A California federal judge on Friday said Bridgepoint Education Inc.'s approval of a 2013 tender offer with Warburg Pincus Private Equity VIII LP was based on "classic business judgment," tossing a shareholder derivative suit claiming the offer allowed Warburg to unfairly rake in nearly $250 million in profits via a share buyback.
A Delaware federal judge on Friday denied defunct packaging company Radnor Holdings Co.'s motion to move an adversary case out of bankruptcy court, after its former executive failed to convince judges that Skadden Arps Slate Meagher & Flom LLP conspired with a hedge fund to sell off its assets.
A Delaware judge on Tuesday dismissed a putative class action by KKR Financial Holdings LLC shareholders who claim they were shortchanged in a $2.6 billion takeover by KKR & Co. LP, finding that KKR didn't control KFN's board when it had approved the merger.
The U.S. Tax Court said Tuesday that a former officer and director of a Texas chemical storage facility is liable for over $9 million in tax deficiencies and penalties the company incurred after engaging in a series of sales that were tax shelter transactions.
A California appeals court ruled Monday that investors in the defunct software company Sesame Technologies Inc. are entitled to a remedy after a trial court found that two former Sesame executives breached their fiduciary duties to them by selling off the company's assets, rendering the investors' ownership interest worthless.
A Texas state court has ordered Ensign Services LLC and a vice principal of the energy company to pay roughly $16 million to a former employee of FE Services LLC for cutting him out of Ensign’s $52 million purchase of the Texas oil company.
JPMorgan Chase NA and the Federal Deposit Insurance Corp. told a D.C. federal court Tuesday that they will stop fighting about the FDIC's responsibility to cover some outstanding tax liabilities imposed against JPMorgan after buying Washington Mutual Inc. because some tax authorities dropped their claims.
A Pennsylvania federal judge on Wednesday sentenced the former president of an e-commerce firm acquired by eBay Inc. who pled guilty to insider trading connected to the takeover to 15 months in prison, a fraction of what the executive had faced.
The Delaware Supreme Court on Tuesday ruled a trial court should not have allowed Appriva Medical Inc. shareholders to argue a nonbinding letter of intent affected a merger agreement with ev3 Inc., which was financially backed by Warburg Pincus, reversing a jury’s $250 million judgment against ev3 for breaching the agreement.
A Massachusetts federal judge on Monday granted initial approval to $590 million in settlements with a class of shareholders who claim Goldman Sachs Group Inc., Carlyle Group LP and several other private equity firms teamed up to keep leveraged buyout prices low.
A Delaware Chancery judge on Friday allowed Cornerstone Therapeutics Inc. director defendants to appeal his ruling that kept them on the hook for breach of fiduciary duty claims related to Chiesi Farmaceutici SpA's $255 million buyout of the company, as the investor lawsuit moves forward.
A New York federal judge has dismissed a shareholder challenge to CorpBanca SA and Itau Unibanco Holding SA's proposed $3.7 billion merger, ruling that only purchasers or sellers can attempt such injunctions — a question the judge said many appeals courts have declined to touch.
A Texas appeals court on Thursday declined to revive Dresser-Rand Group Inc.’s bid to stop a Spanish energy investor from selling off $32 million in stock amid an ongoing merger dispute, saying that the state’s courts have no authority to hear the case.
An Ohio federal judge on Monday tossed a proposed shareholder class action against Robbins & Myers Inc. alleging the energy and pharmaceutical equipment manufacturer undervalued itself in a $2.5 billion merger with National OilWell Varco, ruling the plaintiff had sold his shares and had no standing to pursue the claims.
A U.S. tax judge on Wednesday ruled a Massachusetts couple had failed to report a $29.6 million gift to their sons when their company and their sons’ business merged, but they were not liable for penalties because they relied on their lawyer's advice.
Not every private equity investment is a home run. However, there are a variety of methods that can be employed to exit some of these investments gracefully and, in the process, perhaps stretch a single to a double, say Kenneth Koch and Stephen Gulotta Jr. of Mintz Levin Cohn Ferris Glovsky and Popeo PC.
The California legal market is experiencing a disruptive transformation as in-house counsel look for ways to trim their budgets by disaggregating services. Business growth in certain sectors of the state's economy has spurred the development of new ways to manage escalating legal costs — for example a new service delivery model that “right-sources” work, says Michael Pontrelli of Huron Legal.
The somewhat problematic issue in a bankruptcy sale is determining what rights or obligations, if any, do the parties have under the agreement between the date of execution and the date the court enters an order approving the sale. This is precisely the issue the parties encountered in the Chapter 11 case of Hot Dog on a Stick, says Jeffrey Krieger of Greenberg Glusker Fields Claman & Machtinger LLP.
As conscientious professionals who are required to address problems with notoriously elusive dimensions, lawyers should consider securing second opinions in a much wider array of circumstances than has been the norm, says Judge Wayne Brazil, a neutrual with JAMS and former magistrate judge in the U.S. District Court for the Northern District of California.
Margrethe Vestager inherits the European Commission's competition portfolio from outgoing Spanish Commissioner Joaquin Almunia, whose tenure, while marked with enforcement victories, will leave a bitter pill in the mouths of a number of companies — and their lawyers, say attorneys with Shearman & Sterling LLP.
No consensus has formed regarding which metrics are best to compare, manage and communicate about mission-critical patent programs. We tested a variety of metrics and selected a new system derived entirely from publicly available raw data for all publicly traded companies, even though the raw IP data may be esoteric, awkward and unappreciated generally by management and investors, says Stephen Glazier of Akerman LLP.
All of the press declaring the “Double Irish Dutch Sandwich” structure a thing of the past as a result of recent Irish finance proposals seems to be a bit overstated. The only thing that has truly changed is the scope of permissible jurisdictions to which management and control may be moved to achieve the desired tax benefits, say Jeffrey Rubinger and Summer Ayers LePree of Bilzin Sumberg Baena Price & Axelrod LLP.
Courts remain largely skeptical about allowing litigants to serve and notify evasive parties of legal proceedings through their social media accounts. A recent split ruling by the Oklahoma Supreme Court shows the competing considerations, say Steven Richard and Britt Killian of Nixon Peabody LLP.
The dispute between Donald and Shelly Sterling — resolution of which determined the control of the trust that owned the Los Angeles Clippers and whether it could be sold for a reported $2 billion — highlights the steps required for trustee removal, and raised other interesting issues as to the relevant degree of capacity required for certain actions and the time at which the measure of capacity was taken, say Shari Levitan and Stac... (continued)
Let’s face it: Taking friends or acquaintances to Justin Timberlake concerts or golf at the Ocean Course is not how we as law firm associates are going to develop business. Our primary value comes not from out-of-office networking jaunts but from bearing a laboring oar for our partners. Which is why our best approach to business development is more likely from the inside out, says Jason Idilbi of Moore & Van Allen PLLC.