Attorneys for Steven Donziger, the lawyer seeking to enforce a $19 billion pollution judgment against Chevron Corp. over drilling activities in Ecuador, got the green light on Friday to withdraw from the oil giant's racketeering suit against Donziger.
SAC Capital Advisors LLC reportedly informed its investors Friday that it was reducing its cooperation with U.S. government investigators looking into allegations of insider trading at the fund.
Two recent court decisions clarify that New York property owners are responsible for crane safety, making projects in the state more costly and and building owners more open to liability, attorneys say.
JPMorgan Chase & Co. on Thursday urged shareholders to reject a proposal by activist investors that would split the CEO and chairman of the board positions, both of which are held by the embattled James Dimon, who presided over the company during its infamous $6.2 billion “London Whale” loss.
A Canadian art expert who sued Conde Nast for defamation will likely be ruled a public figure, a federal judge said Friday, a decision that would make it more difficult for him to prove claims related to a 2010 New Yorker article.
The former head of the Chicago office of Jenkens & Gilchrist PC said Friday he would continue to use his current attorney to fight tax fraud charges he faces, despite a possible conflict of interest.
An Alabama medical laboratory filed a proposed class action in New York federal court on Friday alleging Morgan Stanley & Co. Inc. encouraged the lab to use ING Life Insurance and Annuity Co. to administer its employees' 401(k) plan because ING paid the brokerage firm extra fees.
Hedge funder Philip Falcone and two other executives involved in a Vietnam resort developer were hit by a lawsuit Thursday in New York state court over claims they forced out the development company's CEO through a wrongful administrative leave.
Credit Agricole Corporate and Investment Bank on Friday urged a New York bankruptcy judge to throw out a lawsuit brought by Lehman Brothers Holdings Inc. over $34 million in terminated swap transactions, saying it doesn’t owe the fallen investment bank a cent.
A real estate-focused law firm can continue representing a developer in a dispute over a stalled Manhattan residential tower planned above a synagogue, a New York state judge ruled Friday, finding that any potential conflicts were too speculative.
After cooperating with a sweeping multistate investigation, the former CEO of a New York-based brokerage was sentenced to two years of probation Friday for his role in a municipal bond bid-rigging conspiracy.
U.S. District Judge Jed S. Rakoff on Friday vacated an earlier decision dismissing Dexia NV/SA's suit accusing JPMorgan Chase Bank NA of selling defective residential mortgage-backed securities, saying that a New York state court should handle the Belgian bank's $774 million claim.
SunTrust Banks Inc. on Friday won its bid to thwart a Financial Industry Regulatory Authority arbitration proceeding against it by Connecticut hedge fund Turnberry Capital Management LP in a dispute over soured mortgage-backed securities when a New York federal judge ruled Turnberry was not a SunTrust unit’s customer.
Embattled New York Assemblyman Vito Lopez announced Friday that he will resign from his seat to run for New York City Council in the fall, as his colleagues continue to probe the fallout from claims that he sexually harassed his female staffers.
Tessera Technologies Inc., the semiconductor maker already fending off demands from one hedge fund shareholder, has picked up another on Friday as SAC Capital Advisers LP disclosed a 5 percent stake.
A Florida pension fund can't use a special proceeding to get an upper hand in before bringing a shareholder derivative suit against McGraw-Hill Financial Inc. over the role of its affiliate Standard & Poor's in the mortgage-backed securities crisis, a New York state judge ruled Friday.
Yahoo is gunning for blogging site Tumblr in what could shake out to be another billion-dollar deal in the social networking space, while Blackstone is putting together a "super" fund that plucks the best and boldest trades from its existing third-party funds.
Apple Inc. told a New York federal court Thursday that its entry into the e-book market increased competition and that its negotiations with major publishers did not amount to a price-fixing conspiracy, as the U.S. Department of Justice has suggested.
The founder of body-armor maker DHB Industries Inc., convicted of insider trading in 2010, won a postponement Friday of his sentencing so the judge can consider a number of issues including whether an assessment that he is “seriously mentally ill" should impact his trial competency and sentencing.
A New York federal judge on Thursday granted preliminary approval of a $20 million settlement in a class action alleging that SinoTech Energy Ltd. misled shareholders ahead of its $180 million initial public offering in 2010 and that its underwriters looked the other way.
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.
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.
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.
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.
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.
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.
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.
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.
A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corporation. Dismissed by the New York Supreme Court, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions, say James Bliss and Kevin Broughel of Paul Hastings LLP.
Though many of the issues in Viacom International Inc. v. YouTube Inc. are still unsettled in light of the strong likelihood of additional appeal in the Second Circuit, the district court’s analysis provides a basic framework for the Southern District of New York’s interpretation of the Digital Millennium Copyright Act’s safe harbor provisions, say attorneys with Latham & Watkins LLP.