New York

  • December 19, 2014

    NY Reaches $12M Settlement With Subprime Auto Lender

    New York’s top financial enforcement agency on Friday announced a settlement that could reach up to $12 million with a subprime auto lender and its owner over an alleged scheme to steal millions of dollars from consumers, among other unfair practices.

  • December 19, 2014

    Empire State Building Investors Launch Another Suit Over IPO

    Several investors lobbed a securities fraud suit on Thursday in New York federal court against the Empire State Building's manager and asset management company Malkin Holdings LLC and its principals over allegedly fraudulently cheating the plaintiffs in last year's real estate investment trust deal and subsequent initial public offering.

  • December 19, 2014

    Judge Says Chipotle Must Hand Over Atty Docs In OT Suit

    Chipotle Mexican Grill Inc. must turn over attorney-client communications because it did not meet a “good-faith” compliance requirement under federal labor law, a New York federal magistrate judge ruled on Thursday in a collective action brought by employees who allege the chain misclassified them as overtime-exempt executives.

  • December 19, 2014

    Judge Keeps Alive Part Of OC Water District's MTBE Suit

    A New York federal judge on Thursday kept alive part of the Orange County Water District’s suit claiming that a gasoline additive leaked by Tesoro Corp., Shell Oil Co. and others endangered the water supply, saying it was too early to determine whether an expert report established causation.

  • December 19, 2014

    MetroPCS Settles NY, Calif. Overtime Pay Claims For $1.85M

    A New York state judge has approved a $1.85 million settlement between MetroPCS Wireless Inc. and account services representatives who accused the telecom of failing to pay them overtime wages, resolving New York and California labor law claims claims remaining from a federal collective action.

  • December 19, 2014

    Nippon Shells Out $37M To Exit Air Cargo Price-Fixing MDL

    Nippon Cargo Airlines Co. Ltd. has agreed to pay $36.55 million to resolve a long-running putative class action claiming the carrier conspired with other airlines to hike air cargo rates during much of the 2000s, the plaintiffs told a Brooklyn federal court Thursday.

  • December 19, 2014

    RE Rumor Mill: Minskoff Equities, Viceroy, Steve Harvey

    The head of Edward J. Minskoff Equities reportedly scored a $200 million refinancing package for a Manhattan office property, while Viceroy Hotel Group is said to be working with a developer on a new 18-story downtown Chicago project and comedian Steve Harvey is reportedly part of a team bidding to redevelop an Atlanta convention site.

  • December 19, 2014

    BofA Fails to Shake FHFA's MBS Suit

    A New York federal judge has shot down Bank of America Corp.'s latest bid to get rid of a Federal Housing Finance Agency suit over mortgage-backed securities, saying on Thursday that the fact that the sales transaction was hatched before a final prospectus was available is not a deal breaker.

  • December 19, 2014

    Lead Counsel in Hi-Crush IPO Suit Cashes in for $1.3M

    Kirby McInerney LLP, the lead counsel for an investor class that won a $4 million payout from fracking sand producer Hi-Crush Partners LP over its fumbled initial public offering, is set to pocket a third of that sum in fees, according to a motion filed in New York federal court on Thursday.

  • December 19, 2014

    Onyx Traders Say Newman Undermines SEC Insider Case

    In the latest fallout from the Second Circuit's decision in U.S. v. Newman, two Dubai investors claim they can't be sued by the U.S. Securities and Exchange Commission over an alleged $3.7 million insider trading scheme involving Onyx Pharmaceuticals Inc. stock because they didn't know about benefits given to the alleged tipster.

  • December 19, 2014

    FERC To Hear American Airlines' NYC Jet Fuel Row

    The Federal Energy Regulatory Commission on Thursday agreed to hear a complaint filed by American Airlines Inc. against Buckeye Pipe Line Co. LP claiming the airline overpaid Buckeye $4.3 million for jet fuel transportation to the three major New York City-area airports.

  • December 18, 2014

    Harbinger Backs LightSquared's New Restructuring Plan

    With the blessing of controlling equity holder Harbinger Capital Partners LLC, LightSquared Inc. filed a new restructuring plan in New York bankruptcy court on Thursday that anticipates $1.25 billion in exit financing for the reorganized company and a big stake for Harbinger.

  • December 18, 2014

    Sports Giant IMG Latest Hit With Unpaid Intern Suit In NY

    A former intern for sports marketing giant IMG Worldwide LLC on Thursday filed the latest in a series of putative class actions in New York court that accuse companies of not paying their interns minimum wage for work that doesn't qualify as education or training.

  • December 18, 2014

    Cantor Subpoena Axed In Bank Of China Hamas Funding Case

    A New York federal judge on Wednesday quashed a subpoena that would have required former U.S. House Majority Leader Eric Cantor to testify about his alleged intervention in a lawsuit seeking to hold the Bank of China Ltd. liable for a 2008 attack by Palestinian militant group Hamas.

  • December 18, 2014

    US Bank To Pay $6M To Settle MBS Class Action

    U.S. Bank agreed Wednesday to pay $6 million to a class of investors to settle allegations in New York federal court that it didn't cure clear defects in loans bundled into mortgage-backed securities that it trusteed.

  • December 18, 2014

    Industry May Let Landowners Lead NY Fracking Ban Fight

    New York landowners blocked from cashing in on the natural gas boom by the state's just-announced fracking ban may fight back in court, but experts say energy companies are unlikely to spend their money and time challenging the state when they've already lost their investments there.

  • December 18, 2014

    Accused Facebook Scammer Claims Immunity In Criminal Suit

    A man facing criminal charges for allegedly bringing a sham lawsuit claiming he owned half of Facebook Inc. asked a New York federal judge on Wednesday to grant him immunity because the merits of his civil case never saw the light of day.

  • December 18, 2014

    2nd Circ. Invites Insiders To Save The Tips For Friends

    In its recent landmark decision to overturn the insider trading convictions of two former hedge fund managers, the Second Circuit significantly raised the bar for government prosecutors to prove what benefit a tipper received from disclosing material nonpublic information, causing some to fear that potential criminals might be able to get away with leaking secrets to bolster a business-related friendship.

  • December 18, 2014

    SAC Won't Oppose Victims Fund For $602M Settlement

    SAC Capital Advisors LP has told a New York federal judge it doesn't object to the U.S. Securities and Exchange Commission setting up a fair fund to distribute a $602 million insider trading settlement to victims of the alleged scheme, according to a court filing made public Thursday.

  • December 18, 2014

    RE Rumor Mill: Blackstone, GGP, BuzzFeed

    Blackstone has reportedly spent roughly $123 million to buy two Ireland office properties, while GGP is said to be buying New York's Crown Building for $1.75 billion and BuzzFeed has reportedly inked a lease for 200,000 square feet in New York.

Expert Analysis

  • Tracking State Data Protection Enforcement In 2014

    Heather Egan Sussman

    In 2014, state attorneys general continued to play the important parallel roles they have developed in recent years by expanding their use of joint, multistate investigations into data breaches and state legislatures introduced bills on issues such as revenge porn and students' personal and social media information, say attorneys at McDermott Will & Emery LLP.

  • Inside NY Commercial Mortgage Loan Opinion Practice

    Lawrence J. Wolk

    As a frequent deliverer and recipient of commercial mortgage loan legal opinion letters, I am often asked, “What is the norm?” or “Is this standard or customary practice in New York these days?” Customary practice is, by definition, continuously evolving, but consider these 13 legal opinion practices that appear to be the norm in New York, says Lawrence Wolk of Rosenberg & Estis PC.

  • NY's Fracking Ban: Politics Under The Veil Of 'Science'

    Yvonne Hennessey

    The losers from New York Gov. Andrew Cuomo's recent decision to ban hydraulic fracturing are countless in the state's Southern Tier, however the 2,359-day process culminating in this decision is replete with potential arguments challenging its propriety — a challenge based on this record could ultimately clarify whether the decision was based on science or politics, says Yvonne Hennessey of Hiscock & Barclay LLP.

  • The 'Transformation' Of The Copyright Fair Use Test

    Rollin Ransom

    Lawyers are frequently asked to clear copyright issues for new works, and when a new work is based on an existing work, the different approaches that the courts have adopted in analyzing fair use can significantly complicate the analysis. Assuming the lawyer concludes the work is "transformative," she must also decide the significance to afford to such conclusion, says Rollin Ransom of Sidley Austin LLP.

  • A Murky Trade Secret Landscape: What Employers Can Do

    Robert Hanna

    The Arizona Supreme Court’s recent decision in Orca Communications Unlimited LLC v. Noder permitting common law tort claims for misappropriation of confidential information that do not fall under the definition of trade secret may indicate a trend toward state courts reconsidering their positions on this issue, say Robert Hanna and Stephanie Rzepka of Tucker Ellis LLP.

  • NY Lessees Are Not Liable Under CERCLA As Owners

    Marc Brainich

    Next Millennium Realty LLC v. Adchem Corp. confirms the general rule that New York lessees who sublet property will continue to not be subject to liability under the Comprehensive Environmental Response, Compensation, and Liability Act as an owner, absent unusual circumstances in the relationship between the lessee and the property owner, says Marc Brainich of Sedgwick LLP.

  • SDNY Widens Split On Dodd-Frank Whistleblower Protection

    Michael Filoromo III

    The U.S. District Court for the Southern District of New York's decision in Berman v. Neo@Ogilvy LLC makes it the latest court to hold that Dodd-Frank only covers employees who report suspected violations of securities laws to the U.S. Securities and Exchange Commission — the ruling reflects a deepening split on the issue among federal courts, say David Marshall and Michael Filoromo III of Katz Marshall & Banks LLP.

  • Pressure Is On For Israeli Banks

    Robert Henoch

    Israeli financial institutions and U.S. holders of Israeli accounts have much to fear as the U.S. government accelerates its enforcement push against alleged U.S. tax evaders and their putative facilitators. However, those who fight back are likely to find that it is significantly easier for U.S. authorities to threaten complex financial prosecutions than to win them at trial, says Robert Henoch, a former assistant U.S. attorney no... (continued)

  • Annual Bankruptcy And Restructuring Roundup

    David N. Griffiths

    Despite the relative paucity of mega cases, 2014 was not a year to forget. With every passing month, new and interesting special situations arose. In case you missed them, here’s a look back at the bankruptcy and restructuring highlights of the year, as well as a look ahead to 2015, say David Griffiths and Doron Kenter of Weil Gotshal & Manges LLP.

  • Exchange Act Does Not Prohibit Big Boy Letters

    Susan F. DiCicco

    Companies weighing the value of no-reliance clauses in agreements have good reason to include them, as federal courts continue to enforce disclaimers of reliance in contracts between sophisticated parties, including in so-called “Big Boy” letters, say Susan DiCicco and Matthew Ladd of Morgan Lewis & Bockius LLP.