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New York
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May 23, 2013
Judge Leans Toward DOJ In Apple Antitrust Suit
The U.S. Department of Justice has a shot at winning a case alleging Apple Inc. conspired with publishers to fix e-book prices, a federal judge indicated Thursday, providing an early read on her thinking ahead of a much-anticipated trial.
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May 23, 2013
Donziger Loses Bid To Delay $19B Chevron Case
A federal judge on Thursday refused to delay Chevron Corp.’s case against Steven Donziger, the lawyer accused of using fraud to win a $19 billion pollution judgment against the oil company, despite Donziger’s pleas for more time.
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May 23, 2013
Former Stockbroker Seeks Bail In 'Rebecca' Con Case
A former stockbroker accused of defrauding a real estate company and the producers of defunct Broadway musical “Rebecca” sought bail in New York federal court Thursday as negotiations for a potential plea deal continue, saying he has found temporary work and is not a flight risk.
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May 23, 2013
SIPC Moves To Wind Down NY Brokerage Accused Of Fraud
The Securities Investor Protection Corp. asked for court permission Thursday to liquidate Brooklyn, N.Y.-based brokerage firm TWS Financial LLC to protect its customers in the wake of fraud allegations against its owner and president.
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May 23, 2013
China Natural Gas Demands Toss Of Involuntary Ch. 11
China Natural Gas Inc. on Wednesday urged a New York bankruptcy judge to throw out the involuntary Chapter 11 proceedings commenced by a hedge fund owned by one of its directors, saying the filing was part of the directors' effort to gain control of the company.
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May 23, 2013
Retail Giants Sue Visa, MasterCard After Spurning $7B Deal
Target Corp., Macy's Inc. and 16 other U.S. retailers sued Visa Inc. and MasterCard Inc. on Thursday over allegedly anti-competitive credit and debit card transaction fees, two days after announcing they had opted out of a $7.25 billion settlement in related multidistrict litigation.
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May 23, 2013
States Want NRC To Expand Waste Storage Study's Scope
The states of Connecticut, Massachusetts, New York and Vermont on Wednesday urged the Nuclear Regulatory Commission to expand its court-ordered review of radioactive waste storage at nuclear power plants, including exploring the option of halting nuclear plant operations until the NRC devises an acceptable and permanent storage solution.
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May 23, 2013
Terrafina Buys $600M Mexican Portfolio From Kimco JV
Shopping center owner and operator Kimco Realty Corp. and joint venture partner American Industries have agreed to sell a Mexican industrial portfolio of properties to Mexican real estate investment trust Terrafina for approximately $600 million, the companies announced Thursday.
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May 23, 2013
Striking NYC Attys Union Hopeful As Talks Resume
A striking union of lawyers who represent low-income New York City residents in foreclosures, evictions, family court and bankruptcy court, among other places, expressed optimism Thursday that talks with Legal Services NYC executives set for Friday would bear fruit.
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May 23, 2013
Lehman To Reap Up To $2B From Pair Of REIT Stock Offerings
Lehman Brothers Holdings Inc. will unload roughly 50 percent of its stake in residential real estate investment trusts Equity Residential and AvalonBay Communities Inc. in separate offerings that could reap as much as $2 billion for the defunct investment bank, according to securities filings Wednesday.
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May 23, 2013
NYC Planning Board OKs Queens Tennis Stadium Expansion
The U.S. Tennis Association's $500 million plan to expand its tennis center in Queens moved one step closer to reality Wednesday when New York City's Planning Commission voted to approve the controversial proposal.
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May 23, 2013
NY Lawmakers Advance Bill Barring Anti-Concurrent Clauses
The New York Assembly's insurance committee on Thursday approved legislation that would outlaw anti-concurrent causation clauses — policy language that wipes out coverage when losses have both covered and excluded causes — but amendments to soften the measure are likely in store, the committee chair told Law360.
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May 23, 2013
Grant Thornton Settles With Allianz In $1B Winstar Fraud Row
Affiliates of German insurer and financial services giant Allianz SE on Thursday settled their claims accusing accounting firm Grant Thornton LLP of helping to conceal a $1 billion revenue hole at now-bankrupt Internet company Winstar Communications Inc.
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May 23, 2013
Black Diamond Co-Founder Wins $6M Carried Interest Appeal
A Black Diamond Capital Management LLC co-founder can collect the final $6 million portion of the $17.5M in carried interest he earned there before he left to start another private equity firm, Z Capital Partners LLC, a New York appeals court ruled Thursday.
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May 23, 2013
BP, Others Face Price-Fixing Claims In 1st Private Suit
BP PLC, Royal Dutch Shell PLC and Statoil ASA were accused Wednesday in New York federal court of manipulating prices for crude oil futures, the earliest known private antitrust action lodged after a European regulator raided several oil companies over similar allegations.
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May 23, 2013
Atty Says Dewey Claims Hearing Delay Would Be Abusive
A former partner of Dewey Ballantine LLP — the predecessor of bankrupt Dewey & LeBoeuf LLP — with a pending claim against the firm for outstanding debt has called a proposed hearing delay abusive and unnecessary.
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May 23, 2013
Bankrupt REIT Gets $50M In Deal With BlackRock, Lenders
A New York bankruptcy judge on Thursday approved a settlement that BlackRock Inc.'s bankrupt real estate investment trust Anthracite Capital Inc. reached with BlackRock and two banks, allowing Anthracite to bring in $50 million and begin winding down the estate.
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May 23, 2013
DOT Distributes $3.7B For Sandy Repairs To Transit Agencies
The U.S. Department of Transportation said Thursday that it has allocated $3.7 billion to the four New York and New Jersey transit agencies hit the hardest by Superstorm Sandy, in the latest round of funding from a $10.9 billion transit repair package.
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May 23, 2013
NY Appeals Court Won't Cut BofA Faulty Underwriting Claims
A New York state appeals court refused Wednesday to dismiss claims against several Bank of America Corp. units in a putative class action over allegedly loose mortgage underwriting standards, saying the plaintiff had sufficiently alleged she had signed a release of claims under duress.
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May 23, 2013
FDNY Union Can't Contest Driver Selection Change, Court Says
New York City's decision to de-emphasize seniority when choosing who could drive fire trucks isn't subject to collective bargaining, a New York state appeals court panel ruled Thursday, finding that the change was a management decision that the firefighters' union couldn't challenge.
Expert Analysis
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NY Creates Tax Uncertainty For Unauthorized Life Insurers
In the past, surprisingly favorable tax treatment was afforded to life insurers that were not licensed to conduct business in New York but that owned real estate investments in the state. But following recent reinterpretation of New York Tax Law, some uncertainty has arisen with respect to how unauthorized life insurers should allocate income for franchise tax purposes, say attorneys with Duane Morris LLP.
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Answers To Your Compensation Committee Rules Questions
Recent changes to the U.S. Securities and Exchange Commission's listing standards for national securities exchanges — including the New York Stock Exchange and NASDAQ — impose specific requirements related to compensation committee members. These rules have generated a number of frequently asked questions among public companies, say Kevin Douglas and Michael Carr of Bass Berry & Sims PLC.
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Rise Of The Machines — Predictive Coding Goes Mainstream
The pros of using predictive coding far outweigh the cons. Given the heavy pressure on law firms and in-house counsel to reduce discovery costs, as well as the Justice Department's recent stance on the subject, it appears predictive coding will continue to emerge from the obscure world of legal technology to the mainstream of legal practice, say Michael Moscato and Myles Bartley of Curtis Mallet-Prevost Colt & Mosle LLP.
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Unprecedented FCPA Wake-Up Call For US Broker-Dealers
The extraordinary criminal bribery charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official highlight that a broker-dealer’s anti-money laundering procedures, as well as oversight of their registered people, should have a Foreign Corrupt Practices Act component if the firm is doing international business, say attorneys with Duane Morris LLP.
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Libor Litigation Must Overcome Significant Obstacles
When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested plaintiffs seeking to recover from banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims. But those plaintiffs will need to be lucky indeed. Two recent developments show that obstacles are inherent and, perhaps, insurmountable, say attorneys with Choate Hall & Stewart LLP.
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NY Jumps On Domestic Violence Protection Bandwagon
In the last few years, there have been significant legal developments to increase protections for victims of domestic or sexual violence, including New York state's recently approved bill that provides 90 days of job protection to victim-employees. If the bill passes, New York legislation, along with that of Illinois and California, would provide arguably the most expansive state protection in the country, say attorneys with Proskauer Rose LLP.
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Tips For Your Rule 10b5-1 Trading Plan Policy
Now that investigations have been initiated by U.S. Attorney’s Offices and the SEC into possible abuses by corporate executives of Rule 10b5-1 trading plans, the private securities bar inevitably will follow suit and file litigation. Nevertheless, these plans continue to be an effective defense against allegations of insider trading, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
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4 Takeaways From 2nd Highest FCPA Penalty
A New York federal court recently entered a final judgment against a former Siemens AG executive for his alleged role in a purported $100 million bribery scheme for Siemens to obtain a $1 billion contract from Argentina. Third-party sham contracts continue to be a prevalent theme in the alleged facts contained in corruption enforcement filings and resolutions, say attorneys with Fulbright & Jaworski LLP.
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A Tale Of 2 Burdens Of Proof In Ch. 11
As a matter of strategy, it can be vital to understand the differing burdens of proof under various provisions of the Bankruptcy Code and when those burdens shift. For example, the Southern District of New York recently clarified the distinction between section 362(d) and 363(e) burdens of proof in In re AMR Corp., say attorneys with Duane Morris LLP.
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Calif. Chemical Safety Rules Push Constitutional Envelope
Impatience with the pace of Toxic Substances Control Act reform at the federal level is understandable, but substituting individual state action for a perceived lack of federal action may be the classic example of a cure which is worse than the disease. Many think California’s Safer Consumer Product Regulations now prove that, says Ward Benshoof of Alston & Bird LLP.