New York

  • October 30, 2014

    With Major Hurdles Cleared, LICH Barrels Toward Finish Line

    Fortis Property Group LLC and New York University's Langone Medical Center this week cleared one of the last hurdles to a controversial $240 million deal to redevelop Brooklyn's Long Island College Hospital. While the path forward is now clear, the two still face several months of negotiations over future development and must continue to woo wary stakeholders, experts say.

  • October 30, 2014

    American Realty's Accounting Woes Spark 2 NY Class Actions

    A day after American Realty Capital Properties Inc. revealed accounting irregularities in recent earnings reports, the real estate investment trust was hit with two securities class actions in New York federal court Thursday alleging it misled investors about its financial health ahead of a $1.6 billion public equity offering in May.

  • October 30, 2014

    Harbinger Fails In Attack On $1.7B LightSquared Guaranty

    The New York bankruptcy judge handling LightSquared Inc.’s knotty Chapter 11 case held Thursday that Harbinger Capital Partners LLC, the debtor’s top equity holder, cannot eliminate a guaranty on $1.7 billion in debt owed to a group of secured lenders.

  • October 30, 2014

    ACLU Blasts Gov't Attempt To Block Docs In Spying Suit

    The American Civil Liberties Union on Wednesday hit back at the federal government’s bid to shield documents in a New York federal suit that may shed light on the controversial National Security Agency bulk telephone data collection program, arguing a recent brief attempted to relitigate issues already decided.

  • October 30, 2014

    Coupons.com Ducks $6.7M Suit Over Anti-Counterfeiting Tech

    Coupons.com Inc. won’t have to fork over $6.7 million in royalties to Document Security Systems Inc. now that a New York federal judge granted the company summary judgment Tuesday in a battle over the use of counterfeit coupon detection technology.

  • October 30, 2014

    Wachtell Asks Judge To Keep Icahn Battle In State Court

    Wachtell Lipton Rosen & Katz filed a motion Thursday urging a New York federal judge to dismiss a Carl Icahn-backed merger malpractice lawsuit on grounds that a state court was considering a “virtually indistinguishable” suit, three weeks after the judge ordered briefing on the issue.

  • October 30, 2014

    RE Rumor Mill: Steinway, DTE Energy, MWH Global

    Steinway is said to be taking 40,000 square feet on Avenue of the Americas in New York, while DTE Energy is reportedly in talks with Ann Arbor over the Michigan city's potential new Amtrak station and MWH Global is said to be reducing its Chicago office footprint.

  • October 30, 2014

    Attorney Charged With Forging Bankruptcy Judge's Signature

    A Long Island attorney has been indicted on charges of forging a New York bankruptcy judge's signature in a phony 2013 order, prosecutors said Thursday.

  • October 30, 2014

    Convicted Ex-Pfizer Manager Won't Testify In Off-Label Suit

    A former Pfizer Inc. sales manager who was convicted in 2009 for illegal drug marketing can’t be forced to testify in a class action suit alleging the pharmaceutical giant concealed a broader fraud scheme from investors, a New York federal judge ruled Thursday.

  • October 30, 2014

    MF Global Reaches $27M Settlement Over Metal Manipulation

    MF Global Inc. has reached settlements in two class action lawsuits alleging price manipulation in the palladium and platinum markets that will allow plaintiffs to file $21.1 million in claims in MF Global’s bankruptcy and receive over $6 million in cash, according to Wednesday New York federal court filings.

  • October 30, 2014

    Cartica Takes CorpBanca-Itau Merger Challenge To 2nd Circ.

    Activist investor Cartica Management LLC on Wednesday sent its shareholder challenge to CorpBanca SA and Itau Unibanco Holding SA's proposed $3.7 billion merger to the Second Circuit, appealing the suit’s September dismissal in a ruling that found only purchasers or sellers can attempt such injunctions.

  • October 30, 2014

    NYC Drug Treatment Co. Hit With TRO In Medicaid Fraud Suit

    A New York City substance abuse treatment company accused of ongoing Medicaid fraud involving kickbacks from its outpatients was hit with a temporary restraining order on Wednesday that prevents the organization from evicting residents in its short-term housing facilities who refuse to take part in the alleged scheme.

  • October 30, 2014

    TerraForm Pays $250M For 39 Capital Dynamics Solar Assets

    In an effort to bolster its solar capabilities, SunEdison Inc. subsidiary TerraForm Power Inc. has agreed to buy a portfolio of solar energy assets from Swiss asset manager Capital Dynamics for about $250 million, the companies said late Wednesday evening.

  • October 30, 2014

    Ex-SAC Trader Makes Emergency Bid For Bail In 2nd Circ.

    Former SAC Capital Advisors LP manager Mathew Martoma urged the Second Circuit Wednesday to keep him free pending appeal of his $275 million insider-trading conviction, saying that the novel definition of “benefit” used to convict him was unlikely to hold up.

  • October 30, 2014

    Gordon Ramsay Has Beef With Fraud Claims In Fat Cow Fight

    Lawyers for Gordon Ramsay told a Manhattan judge Thursday that fraud claims in a $10 million suit against the chef filed by the co-owner of their ill-fated Fat Cow Restaurant in Los Angeles are defective because plaintiff Rowen Seibel couldn't reasonably rely on Ramsey's allegedly duplicitous vows to pursue a viable trademark.

  • October 30, 2014

    Antonelli Hit With Spending Limits After Patent Filing Blunder

    A New York federal judge on Wednesday hit Antonelli Terry Stout & Kraus LLP with temporary spending restrictions and accountability measures following a nearly $8 million judgment levied against the law firm in Protostorm LLC’s malpractice suit accusing the firm of botching a patent application.

  • October 29, 2014

    Triaxx Funds Object To JPMorgan's $4.5B RMBS Deal

    A group of funds known as the Triaxx entities will object to JPMorgan Chase & Co.'s proposed $4.5 billion settlement with 21 major institutional investors in residential mortgage-backed securities, Triaxx's lawyer said Wednesday, several weeks after the funds dropped their objections to Bank of America Corp.'s $8.5 billion RMBS deal.

  • October 29, 2014

    Wyly Bankruptcy Atty Says Case Proceeding 'By The Book'

    Counsel representing Sam Wyly in his bankruptcy told a New York federal judge in a letter made public Wednesday that the Texas tycoon hasn’t been liquidating assets unbeknownst to them, firing back against the U.S. Securities and Exchange Commission’s bid for an extended asset freeze that would apply to Wyly’s family members and third parties.

  • October 29, 2014

    Software Co. Says Rival Raided Staff, Stole Trade Secrets

    Risk management software company Reval.com Inc. slapped rival Kyriba Corp. with a $3.7 million suit in New York state court alleging it improperly sought to obtain an unfair competitive advantage by poaching employees and seeking out confidential trade secrets.

  • October 29, 2014

    2nd Circ. Says $211M In Borders Gift Cards Still Worthless

    The Second Circuit on Wednesday upheld a dismissal of appeals by customers seeking refunds for unredeemed gift cards they hold from bankrupt book retailer Borders Group Inc., saying the $210.5 million in claims were moot because they were filed after the liquidation plan was "substantially consummated."

Expert Analysis

  • The Legal Professions’ Curious Under-Use Of 2nd Opinions

    Judge Wayne D. Brazil

    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.

  • The Significance Of 2nd Circ.’s Indian Harbor Decision

    Robert W. DiUbaldo

    The Second Circuit’s decision in Indian Harbor Insurance Co. v. The City of San Diego involving a pollution and remediation legal liability insurance policy reinforces that the mandates imposed on insurers by Section 3420 of the New York Insurance Law do not apply unless all of the various elements of the statute are implicated. This is not only relevant to a liability insurer’s ability to disclaim coverage based upon late notice, ... (continued)

  • Use Social Media For Legal Service Only As A Last Resort

    Steven Richard

    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.

  • Aereo Bid To Avoid Injunction Gets Poor Reception

    Robert Kenney

    Aereo Inc. is now barred from retransmitting broadcast television programming at any time while that programming is being broadcast. The New York federal judge's ruling emphatically answers at least one question that may not have been clear — any time delay in retransmission that is less than the entire length of the broadcast to its conclusion is impermissible, says Robert Kenney of Birch Stewart Kolasch & Birch LLP.

  • NY Water Withdrawal Just Got Easier For Power Generators

    Yvonne E. Hennessey

    The New York State Supreme Court's precedent-setting decision in Sierra Club v. Martens confirms that electric generating facilities in New York seeking an initial water withdrawal permit under the Water Resources Protection Act will not be subject to the State Environmental Quality Review Act, thus saving time and effort, say attorneys at Hiscock & Barclay LLP.

  • NY Court Limits Rights Of Assignees, Indenture Trustees

    David M. Zensky

    A New York state court decision in Cortlandt St. Recovery Corp. v Hellas Telecommunications will complicate the ability of noteholders to pursue a fraudulent conveyance action — one of several reasons the decision is concerning, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    The Nevada federal court's recent ruling in Agincourt Gaming LLC v. Zynga Inc. is an important reminder that a nonparty wanting to challenge a civil subpoena should consider carefully the appropriate jurisdiction in which to file a motion to quash under recently enacted Rule 45, say Steven Luxton and Brad Nes of Morgan Lewis & Bockius LLP.

  • Novel Theory In Wyly Case Could Change SEC Disgorgement

    Bruce M. Bettigole

    The Southern District of New York ruling that Dallas billionaire Sam Wyly and the estate of his late brother are liable for the disgorgement of unpaid taxes in connection with securities fraud violations has set an important precedent in determining the monetary remedies the U.S. Securities and Exchange Commission may seek, say attorneys with Sutherland Asbill & Brennan LLP.

  • 2nd Circ. Fails To See The Comity In Chapter 15

    Daniel M. Glosband

    The Second Circuit in the case of Fairfield Sentry Ltd. missed the point that applying Section 363 to the sale of a Securities Investor Protection Act claim — in the context of a Chapter 15 ancillary proceeding — to the same extent that it would apply to property of an estate does not eliminate the principles of comity that infuse Chapter 15, say Daniel Glosband and Kizzy Jarashow of Goodwin Procter LLP.

  • FLSA Case Is A Guide To Using Independent Contractors

    Larry S. Perlman

    Saleem v. Corporate Transportation Group Ltd., the "black car" driver case brought under the Fair Labor Standards Act and the New York Labor Law, provides excellent examples for employers to better navigate the legal landscape of independent contractor status given the case's examination of contracts and control over contractors, say Larry Perlman and Tamar Dolcourt of Foley & Lardner LLP.