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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
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 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)
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 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.
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.
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.
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.
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.
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.
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.