Three former U.S. Securities and Exchange Commission officials were among a host of amici who told the Second Circuit on Wednesday that a decision certifying a class of Goldman Sachs shareholders suing over the bank's Abacus collateralized debt obligation conflicts with U.S. Supreme Court precedent.
A New York federal judge on Thursday gave teen apparel retailer Aeropostale initial approval to borrow up to $100 million from lenders over an objection from a major secured creditor, saying the new capital will give the company time to determine whether it will proceed with a standalone restructuring or sell the business.
A False Claims Act case brought against Wells Fargo & Co. by whistleblowers who say the bank defrauded the Federal Reserve by lying about following banking law so they could borrow money at lower interest rates stayed dead Thursday when the Second Circuit affirmed its dismissal by a lower court.
Taiwanese food manufacturer Kimlan Foods was hit Wednesday with a putative class action in New York federal court for allegedly mislabeling its jarred cucumbers and radishes as containing no preservatives, when in fact they contained citric acid.
The Second Circuit on Thursday acknowledged rock-solid precedent that saw a federal judge cap Global Reinsurance Corp.'s liability for Caterpillar Tractor's asbestos legal bills at $1 million, but was troubled by the fact that primary insurer Century Indemnity Co. has paid out $60 million despite splitting the premiums with its rival.
Intervest Development Corp. has sold a 487,700-square-foot portfolio of nine residential buildings — which have ground-level retail — in Manhattan's Washington Heights neighborhood for $165 million, according to an announcement Thursday from Intervest’s broker, Eastern Consolidated.
Retired Booz Allen Hamilton officers asked the Second Circuit on Wednesday to revive their suit alleging the defense contractor significantly undervalued their stock options, saying a New York federal judge wrongly denied their requests to amend their complaint with newly-discovered evidence of fraud.
A New York appellate court affirmed Thursday that a pair of insurers have no duty to defend sports management agency IMG Worldwide Inc. in arbitration proceedings over a dispute with a real estate developer, finding that policy exclusions for claims stemming from intentional conduct and breach of contract apply to bar coverage.
New York state’s highest court on Thursday adopted Delaware's defendant-friendly standard for shareholder suits challenging controlling-party buyout deals, saying in actions targeting go-private mergers, courts should apply the business judgment rule as long as certain shareholder protections are met.
Dow Jones has urged the Second Circuit to affirm a $180,000 sanction against a subscriber and his attorney for bringing claims that the company tolerated a fraudulent subscription scheme, saying the proposed class action was clearly baseless and the men lied throughout the proceedings.
New Jersey’s recent adoption of the uniform bar exam could pressure Pennsylvania to join a growing number of states that have made it easier for attorneys to practice across their borders, potentially supplying law firms with a deeper pool of talent for hiring new associates.
Rosenberg & Estis PC represented the buyer of two Manhattan apartment properties for $122.5 million, a deal Berliner & Pilson handled for the seller and Greenberg Traurig LLP steered for lender Goldman Sachs Bank USA, according to records made public in New York on Wednesday.
Pfizer Inc. said Tuesday it isn’t inclined to seek another inversion transaction after it scrapped a proposed $160 billion merger with Irish drugmaker Allergan in April in light of the U.S. Department of Treasury’s new rules aimed at curbing the tax-motivated deal structure.
Looking to escape the sprawling multidistrict litigation alleging its Mirena intrauterine contraceptive devices were defective and harmed patients, Bayer HealthCare told a New York federal judge Wednesday that because nearly all of the women’s experts have been excluded, none of them can prove their case.
The Second Circuit will hear arguments Thursday on whether Global Reinsurance is obligated to cover Century Indemnity's costs to defend Caterpillar Tractor in asbestos litigation that are in excess of the reinsurer's total liability limits, in a case that experts say could have huge financial implications for insurers seeking reinsurance coverage.
A New York bankruptcy judge on Wednesday let the Fairway supermarket chain's owner start tapping a $55 million loan as the company eyes a quick trip through the courts, but lamented Fairway's voluminous first-day filings as indicative of a now-more-common trend in such prearranged Chapter 11 cases.
A New York state judge ruled Tuesday that restaurant and grocery supplier Jetro Holdings LLC can’t collect from MasterCard roughly $7 million the wholesaler reimbursed its “middleman” credit card processor for costs stemming from two data breaches, because Jetro was not a party to those entities’ separate contract.
Private jet seller Toptree Aviation Ltd. on Wednesday urged a New York federal court to hold off on affirming a more than $1.38 million arbitration award against a Nigerian maritime environmental solutions company in a dispute over a broken agreement to buy a Bombardier aircraft from a U.S. firm.
Stroock & Stroock & Lavan LLP on Wednesday was hit with a malpractice suit in New York state court alleging that the firm’s faulty advice caused its condo developer clients to lose more than $71 million in owner equity, just months after a New York appellate court tossed a similar malpractice suit.
Debevoise & Plimpton LLP on Tuesday announced the promotion of seven of its attorneys to partner, including two members of the firm’s international dispute resolution group based on opposite sides of the Atlantic.
Perhaps what the recent $100 million Uber settlement shows us, more than anything, is the weakness of regulating labor standards through the method of private attorneys bringing class actions. But more important than these legal maneuvers is the issue of work changing in response to technological restructuring, says Miriam Cherry, a professor at Saint Louis University School of Law.
The fact that jurors are a captive audience doesn’t mean they are any more invested in your presentation than people who walk out of a boring movie. Jurors can’t physically leave, but they can and do mentally check out. If you are a trial lawyer, you should think about whether your squirm factor is high, moderate or low — and what, if necessary, you can do to change it, says Dr. Ross Laguzza of R&D Strategic Solutions.
What happens when, following a criminal incident, an employer's attempt to beef up on-premise workplace security fails to prevent another occurrence? As one recent Missouri case demonstrates, such measures can ultimately put an organization at greater risk and employers can find themselves on the receiving end of a lawsuit they never saw coming, says Melody Rayl at Fisher & Phillips LLP.
Unfortunately, many sharing economy companies have tried to have it both ways — benefiting from the cost savings of calling workers independent contractors while at the same time treating them as employees in most other respects. Guidance from the U.S. Department of Labor suggests that many of these companies have misclassified their workers as independent contractors, say Rachel Bien and Cara Chomski of Outten & Golden LLP.
The latest poster child for corporate malfeasance is Valeant Pharmaceuticals. The perfect enforcement storm is lining up with Congress, the U.S. Securities and Exchange Commission, and two U.S. attorney’s offices getting ready to aggressively investigate and punish the company and its principal leaders. Valeant is a textbook example of how not to structure corporate incentives and should be examined in every MBA program, says Micha... (continued)
“The operation of taxicabs is a local business,” declared the U.S. Supreme Court more than 60 years ago. Hence, standards for on-demand transportation exist at the local or state level to adapt to local needs and the regulatory and political climate of the locality. The onset of ride-sharing has significantly altered this dynamic, says Peter Mazer, general counsel of the Metropolitan Taxicab Board of Trade in New York.
When counsel agree to a settlement figure in a product liability matter, a confirming letter or email is typically sent by one of the parties, though a formal settlement agreement may be drafted later. But is that initial email enough to enforce a settlement in New York? ask Theodore Ucinski and Matthew Libroia at Goldberg Segalla LLP.
Many public officials believe that the sharing economy poses novel dangers that require new government powers. This approach is mistaken. Existing regulations give regulators all the authority they need. In some cases, however, existing law needs to be updated — especially labor law, says Joseph Kennedy, a senior fellow with the Information Technology and Innovation Foundation and former chief economist for the U.S. Department of Commerce.
If implemented as written, the National Highway Traffic Safety Administration's proposed rules for electronic odometer disclosures will affect dealers, lenders, distributors and auction companies as well as ordinary consumers. While the changes are expected to result in cost savings for most they may also cause short-term uncertainty and security concerns, say Jason McCarter and Hannah Winiarski at Sutherland Asbill & Brennan LLP.
While the wage discrimination claims filed by the U.S. Women's Soccer Team against the U.S. Soccer Federation don’t present any new or novel issues of law, the case highlights a resurgence of Equal Pay Act claims, based in large part on advocacy to close the national gender pay gap by everyone from famous Hollywood actors to presidential candidates, and now, soccer stars, say Stacie Collier and Steven Nevolis at Nixon Peabody LLP.