New York

  • October 1, 2014

    Steven Cohen Says Ex-Wife's 'Extortion' Suit Is Time-Barred

    SAC Capital Advisors LP founder Steven Cohen urged a New York federal judge on Wednesday to toss his ex-wife's fraud suit alleging he hid assets during their divorce, while Patricia Cohen again demanded he produce documents detailing a stock-trading investigation by federal regulators.

  • October 1, 2014

    Banking Giants Manipulated Swaps Benchmark, Suit Says

    A slew of major banks, including Bank of America Corp. and BNP Paribas SA, were accused in a new class action Wednesday in New York federal court of conspiring to fix a leading benchmark for interest-rate derivatives, as an investigation by the U.S. Commodity Futures Trading Commission into possible abuses continues.

  • October 1, 2014

    Judge OKs $295M MF Global Payout To Unsecured Creditors

    A New York federal judge on Wednesday approved MF Global Inc.’s bid to pay about $295 million to unsecured creditors, three years after the failed brokerage’s parent filed for bankruptcy protection. 

  • October 1, 2014

    2nd Circ. Asked To Deny AIG $306M Tax Refund Appeal

    American International Group Inc. is not entitled to a refund of $306 million resulting from foreign tax credits disallowed by the Internal Revenue Service because the underlying transactions lacked economic substance, the federal government told the Second Circuit in a brief filed Monday.

  • October 1, 2014

    EEOC’s Laundry Worker Sex Harassment Case Left Intact

    A New York federal judge refused Wednesday to toss hostile work environment claims from Suffolk Laundry Services Inc. workers who said they were repeatedly sexually harassed, leaving intact a case being pursued by several women and the U.S. Equal Employment Opportunity Commission.

  • October 1, 2014

    RE Rumor Mill: US Sugar, Ashkenazy, Cornerstone

    U.S. Sugar has bought more than 9,000 acres in Florida for $128.5 million, while Ashkenazy Acquisition and a German venture partner are said to have paid $170 million for Manhattan retail space and Cornerstone has spent $190 million on a Downtown Los Angeles office tower.

  • October 1, 2014

    NYC Living Wage Order Looms Over Restaurant, Retail Deals

    A mayoral executive order signed on Tuesday raising the minimum wage for certain subsidized building projects in New York City is expected to chill restaurant, bar and retail lease deals for those properties and raises new liability issues for those businesses, attorneys say.

  • October 1, 2014

    JPMorgan Escapes Auction Rate Securities Class Action

    A New York federal judge on Tuesday dismissed a suit against a JPMorgan Chase & Co. unit in a multidistrict litigation over its sale of auction rate securities, saying mobile communications company Cellular South Inc.'s claims suffered from the same deficiencies that earlier doomed another action in the group.

  • October 1, 2014

    NYMEX Can't Shake CFTC Suit Over Leaked Trade Info

    A New York federal judge said Tuesday that the New York Mercantile Exchange Inc. must face a regulator’s lawsuit that claims two former employees passed confidential trading information to a broker, finding the derivative exchange operator can be held liable under the Commodities Exchange Act.

  • October 1, 2014

    New York Power Co. Zapped With $7M Asbestos Verdict

    A New York state jury has blasted National Grid Generation LLC, the successor to Long Island Lighting Co., with a $7 million verdict in a lawsuit claiming a contractor developed terminal cancer as a result of being exposed to asbestos during construction of a power station.

  • October 1, 2014

    Tishman Speyer Spends $185M For Madison Avenue Tower

    Tishman Speyer Properties has agreed to buy 183 Madison Ave. from Argentinian real estate development firm IRSA for $185 million, a source close to the matter confirmed Wednesday.

  • October 1, 2014

    Triaxx Funds End Objections To BofA's $8.5B MBS Deal

    A group of investors known as the Triaxx entities on Tuesday withdrew their objections to Bank of America Corp.'s $8.5 billion mortgage-backed securities settlement with institutional investors, clearing another obstacle to the deal's final approval.

  • October 1, 2014

    SEC Admin Proceedings Are Unconstitutional, Suit Claims

    An activist investor facing an “imminent” U.S. Securities and Exchange Commission fraud suit filed his own complaint in New York federal court alleging SEC administrative actions are unconstitutional because the agency’s administrative law judges have too many layers of tenure protection.

  • October 1, 2014

    Insurer Defeats Mariah’s $100M 'False' Storm Report Suit

    A New York federal judge threw out a suit Tuesday brought by liquidators of reinsurer Mariah Re Ltd. to reel back $100 million American Family Mutual Insurance Co. had paid to cover storm losses, saying the severe weather event terms of Mariah’s contract with the insurer are unambiguous.

  • October 1, 2014

    2nd Circ. Snuffs Tribes' Bid To Block Payday Loan Crackdown

    The Second Circuit on Wednesday backed a New York federal judge who refused to stop state bank regulators from targeting lenders based on Native American reservations as part of a crackdown on high-interest online payday loans, finding his conclusion that the state likely has authority was reasonable.

  • October 1, 2014

    NY Lawmaker Charged With Theft Of Campaign, Travel Funds

    Queens-based New York Democratic Assemblyman William Scarborough was arrested and indicted Wednesday on charges that he stole campaign funds and filed 174 false travel reimbursement requests, according to the state's attorney general.

  • October 1, 2014

    New Energy Escapes Shareholder Class Action

    A New York federal judge has dismissed a securities class action against battery maker New Energy Systems Group, saying the plaintiffs didn't show a causal connection between alleged revenue misstatements and a drop in the company's stock price.

  • October 1, 2014

    NY Biz Court Looks To Tweak Compliance Meeting Model

    New York's business litigation-oriented Commercial Division on Wednesday floated a new model for getting judges and counsel on the same page at compliance conferences, which a veteran state judge said will further the all-important emphasis on pushing for settlements.

  • October 1, 2014

    2nd Circ. Asked To Revive Facebook Insider Trading Suit

    A Facebook Inc. shareholder on Wednesday said he was appealing to the Second Circuit a New York federal judge's May decision to dismiss an insider trading suit against Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley & Co. over Facebook's initial public offering.

  • October 1, 2014

    IBM, Lenovo Shave $200M Off Server Deal Price Tag

    New York-based IBM Corp. completed the sale of its low-end server unit to Chinese computer maker Lenovo Group Ltd. on Wednesday, but got less than it planned after weaker-than-expected inventories dragged the price from $2.3 billion to $2.1 billion.

Expert Analysis

  • NYC Council Looks To Restrict Pre-Employment Inquiries

    Mark S. Goldstein

    Although the New York City Council is not the first to propose a law limiting employers' use of credit histories during the hiring process, the Stop Credit Discrimination in Employment Act appears to be the most restrictive, says Mark Goldstein of Reed Smith LLP.

  • And Now A Word From The Panel: ABCs Of JPML Practice

    Alan E. Rothman

    This week, as the Judicial Panel on Multidistrict Litigation embarks on a rare October hearing, we cannot resist mentioning an intriguing MDL petition that involves local rules governing attorney admission and several lawsuits naming members of the federal judiciary — including a JPML member who is also a D.C. district court judge, says Alan Rothman of Kaye Scholer LLP.

  • Are NY Practitioners, Pharmacies Ready For E-Prescribing?

    Brooke A. Lane

    New York health practitioners will be required to issue all prescriptions — including prescriptions for controlled substances — in electronic format by 2015, and it is unclear under what circumstances the New York State Department of Health will grant a waiver, say Laurie Cohen and Brooke Lane of Nixon Peabody LLP.

  • Should FIRREA Whistleblower Bounties Be Higher?

    Andrew W. Schilling

    The Financial Institutions Reform, Recovery, and Enforcement Act’s whistleblower bounties at False Claims Act levels could lead to absurdly high and wastefully excessive awards. At the same time, U.S. Attorney General Eric Holder may be right when he suggests that awards capped below annual bonuses may not be enough to encourage confidential reporting by well-placed Wall Street insiders, says Andrew Schilling of BuckleySandler LLP.

  • Riley Cellphone Search Rule Is Slowly Sweeping The Nation

    Carrie Sarhangi

    Commentators opined that the U.S. Supreme Court's landmark Riley v. California opinion would clear up the murky waters created by courts less decisive or intrepid, and, just three months later, the patience of our nation’s courts in tolerating warrantless cellphone searches has already waned, says Carrie Sarhangi of Montgomery McCracken Walker & Rhoads LLP.

  • Bonus Dispute Makes DOL Seem Like 'Department Of Languor'

    Allen S. Kinzer

    A federal court split has emerged over the same bonus compensation plan for RadioShack Corp.'s nonexempt store managers due to the U.S. Department of Labor's lack of definitive guidance on the Fair Labor Standards Act's fluctuating workweek method, says Allen Kinzer of Vorys Sater Seymour and Pease LLP.

  • New 'Buy American' Rules May Be On The Horizon

    Kristen Ittig

    Recent developments on both the federal and state levels, combined with the potential for future Transatlantic Trade and Investment Partnership and Trans-Pacific Partnership agreements, show that the landscape of U.S. domestic preferences may be undergoing a significant change, say attorneys with Arnold & Porter LLP.

  • Opportunities And Pitfalls In The Legal Cloud

    David Houlihan

    Like "big data" and other effective software marketing buzzwords, “cloud” makes something that is very complex sound simple — and even friendly. Most attorneys are not prepared to dig into the distinctions between public, private and hybrid cloud models, or the niceties of how or where their data is transmitted and stored, says David Houlihan of Blue Hill Research Inc.

  • Lacoste North America CEO Talks US Retail Market: Part 2

    "The biggest opportunity for growth is to be where the customer is spending his leisure time," says Francis Pierrel, president and CEO of Lacoste North America. "For example I speak with my partners in shopping malls. They are reinventing the shopping mall. It used to be a destination for shopping, now it is a destination for entertainment."

  • A General Counsel's Top 10 Billing Tips

    Francis M. Drelling

    Nothing makes an in-house counsel feel like they are being nickeled-and-dimed more than receiving a $3.50, stand-alone invoice. Forcing anyone to spend time on a $3.50 invoice is, quite frankly, just not cool, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.