A New York federal judge on Wednesday awarded luxury Swiss watchmaker Audemars Piguet Holding SA $10.9 million in its trade dress infringement suit against accused knockoff manufacturer Swiss Watch International Inc., ordering a recall of Swiss Watch's products.
Standard & Poor’s Ratings Services on Wednesday pressed a New York federal judge to quash a lawsuit from German lender IKB Deutsche Industriebank AG that claims the ratings agency gave falsely positive ratings to an investment vehicle filled with residential mortgage-backed securities, calling the action untimely.
The former Aeropostale Inc. executive convicted of receiving more than $25 million in kickbacks from a clothing supplier in exchange for $350 million worth of business was sentenced Wednesday to eight years in prison by a New York federal judge.
The putative class of shareholders suing private equity-controlled Aeroflex Holding Corp. over a proposed $1.46 billion acquisition of the communication equipment supplier by British defense manufacturer Cobham PLC told the Delaware Chancery Court late Tuesday that it had hammered out an agreement to resolve two lawsuits challenging the deal.
Trustee Wilmington Trust Co. and General Motors LLC filed dueling briefs Tuesday in New York bankruptcy court in response to a former GM employee’s bid to pursue claims against GM over his wrongful conviction for rape, with Wilmington arguing GM should face the claims.
A New York bankruptcy judge on Tuesday threw out damages claims against Lehman Brothers Holdings Inc. brought by shareholders in defunct SkyPower Corp., a Canadian renewable energy developer that fell apart when Lehman, its controlling shareholder, collapsed and stopped supporting it.
Tishman Speyer has reportedly paid $59 million for a long-term leasehold at a Manhattan building, while Sterling Bay is said to be in talks to sell land beside its Evergreen Park, Illinois, mall, and Lend Lease and AXF Group are reportedly in discussions to partner on a block-long mixed-use development project in Sydney.
A group of insurers asked a New York state judge Monday to force Cleary Gottlieb Steen & Hamilton LLP and Cadwalader Wickersham & Taft LLP to hand over documents related to Bear Stearns Cos. Inc.’s market-timing settlement, in the insurers' bid to avoid JPMorgan Chase & Co.’s bid for a $200 million reimbursement.
Mylan is among several companies that have made it to the second round of bidding for a mature drug portfolio GlaxoSmithKline is offering, which could be worth as much as $3 billion, while Lear is on the verge of buying premium automotive leather supplier Eagle Ottawa for more than $800 million.
Carl Icahn has revealed an 8.48 percent stake in Florida-based Hertz Global Holdings Inc. and might seek representation on the rental car company's board of directors after it admitted to struggles with automobile recalls and accounting issues, according to a Wednesday securities filing.
A New York federal judge has appointed plaintiffs litigation firm NastLaw LLC's founder Dianne Nast as one of 10 members of the plaintiffs executive committee in the General Motors Co. ignition switch multidistrict litigation.
The Lehman Brothers Inc. liquidating trustee on Tuesday asked for the full Second Circuit to rehear his claims that Barclays PLC is not entitled to $4 billion in Lehman Brothers Inc. trading collateral, arguing that a panel’s decision could allow attorneys to negotiate bankruptcy sales in secret.
Rapper Kanye West on Wednesday won a default judgment against the operators of digital currency exchange "Coinye West" after the defendants had failed to respond to trademark allegations in New York federal court.
WG Trading Co. Ponzi schemer Stephen Walsh, who has yet to be sentenced after pleading guilty to criminal charges in April, on Wednesday agreed to a permanent ban on trading and soliciting funds, and to cooperate with investigators, to settle civil litigation brought against him by commodities regulators.
Attorneys for the state of California asked a New York bankruptcy judge on Tuesday not to halt proceedings in a suit alleging General Motors LLC concealed serious ignition switch safety defects to avoid having to issue recalls, to provide the state an opportunity to have the case sent back to state court.
Nestle SA unit Nestle Waters North America Inc. on Wednesday was hit with an antitrust suit in a New York state court by an upstate natural spring bottler who accused the beverage giant of engaging in an anti-competitive scheme to squeeze it out of the bottled water business.
A Manhattan trial judge on Wednesday dismissed a challenge brought by city community groups to a $3 billion plan to develop a blighted area bounded by Citi Field, Flushing Meadows and Corona Park in Queens, New York, finding city and state law contemplate the project as part of the public interest.
Gatehouse Bank PLC and Arch Street Capital Advisors LLC have paid $89.6 million to purchase the Residence Inn New York Marriott at 144 East 48th St. in Manhattan from AEW Capital Management, according to records filed with the city Tuesday.
A New York federal judge on Monday trimmed racketeering and conspiracy claims from a former U.S. ambassador's civil lawsuit against three energy executives accused of bribing their way into Venezuelan energy construction contracts worth $1 billion.
The Second Circuit on Wednesday affirmed the denial of a $6 million fee request from plaintiffs’ attorneys in a shareholder derivative lawsuit accusing Citigroup of issuing excessive compensation in 2011, agreeing with a district court that the plaintiffs failed to show their suit caused two of the bank’s executives to resign.
While New York plaintiff attorneys will likely continue to fit cases where a plaintiff does not fall or no object falls on him under Labor Law Section 240(1), Diaz v. Globalfoundries U.S. Inc. may serve as a basis to move for summary judgment in the event the evidence shows that an object neither fell nor was on a descent when injury occurred, says David Cost of Hiscock & Barclay LLP.
The Second Circuit ruling that Bernard L. Madoff bankruptcy trustee Irving Picard may not block two large settlements involving Madoff feeder funds is welcome news for institutions that invested in “intermediate” funds that are still solvent. Commentators, however, fully expect that Picard will continue to appeal adverse decisions, including this most recent ruling, say Jonathan Sablone and Danielle McLaughlin of Nixon Peabody LLP.
New York’s proposed virtual currency rules intended to prevent money laundering and bolster cybersecurity have been met with mixed reactions and will likely trigger a lot of discussion about issues such as rooting out illegal activity without stifling innovation, say attorneys with Arnold & Porter LLP.
The Chapter 11 case of Genco Shipping & Trading Ltd. presented the Southern District of New York with a complex question of value. Unfortunately for the official committee of equity holders, the only valuation that put equity in the money was a rejected discounted cash flow, say Daniel Glosband and Thomas Good of Goodwin Procter LLP.
To this day, I have yet to see a litigation hold letter that was written by someone who understands the realities of how a business is actually run. In-house counsel cannot issue decrees to business units that read like they are issued by the king to his subjects, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.
As the securities class action continues to experience death by a thousand cuts, we may soon see increasing numbers of the "disaggregated class" — a new tactic some plaintiff attorneys have begun to deploy to work around the Securities Litigation Uniform Standards Act by filing duplicative state court cases, says Benjamin Edwards of Michigan State University College of Law.
When a company is on a trajectory toward an initial public offering, there is a natural tendency to focus on the liability exposures the company will face after it goes public, but the process leading up to the IPO often involves circumstances that can create their own set of risks and exposures, as seen in a recent investor suit against Westergaard.com, says Kevin LaCroix of RT ProExec.
It seems fairly evident that former Mister Softee ice cream truck franchisee Dimitrios Tsirkos’ Master Softee trucks were a blatant rip-off of the Mister Softee brand, which made noncompete breach claims against him easy. But remove the trademark infringement from the equation and it’s a totally different ballgame, says Jonathan Pollard of Jonathan Pollard LLC.
The New York Court of Appeals' joint opinion in Hamilton v. Miller and Giles v. A. Gi Yi suggests the state is taking a pragmatic approach to disclosure of medical reports and causation and is striking a balance between the interests of plaintiffs and defendants, says Rachel Reynolds of Sedgwick LLP.
Given the expedited nature of the 2008 sale of Lehman Brothers’ brokerage business to Barclays Capital, it is not entirely surprising that ambiguities existed, but market participants can take comfort in a Second Circuit examination of the “commercial reality” of the transaction in a ruling that may affect future payouts to Lehman creditors, say Adam Friedman and Jonathan Koevary of Olshan Frome Wolosky LLP.