New York

  • September 17, 2014

    2nd Circ. Stays Goldman, Citi Win In FINRA Arbitration Bid

    The Second Circuit agreed Tuesday to hold off on issuing a mandate in two cases where it blocked arbitrations against Goldman Sachs & Co. and Citigroup Global Markets Inc. before the Financial Industry Regulatory Authority, allowing time for the public financing authorities that sought arbitration to appeal to the U.S. Supreme Court.

  • September 17, 2014

    Banks Say NY Can't Judge $25B Mortgage Deal Compliance

    Three of the largest U.S. mortgage servicers on Wednesday urged a D.C. federal court to rule that only the federal monitor overseeing the $25 billion national mortgage settlement can determine if servicers are violating its terms after New York sued Wells Fargo & Co. for noncompliance.

  • September 17, 2014

    Holder's Whistleblower Proposal Omits Key To SEC's Success

    U.S. Attorney General Eric Holder's proposal Wednesday to dramatically increase the size of monetary awards Wall Street tipsters can receive under the Financial Institutions Reform, Recovery and Enforcement Act may bring in more leads, but some experts say an amped-up rewards program should also take a cue from the U.S. Securities and Exchange Commission, which offers anonymity to those who come forward.

  • September 17, 2014

    Renewed DOJ Fraud Focus Should Worry Bank Execs

    U.S. Attorney General Eric Holder’s proposal Wednesday to raise the cap on rewards for certain financial industry whistleblowers and make a renewed effort to pursue criminal financial fraud cases should give bank executives pause as they consider the prospect of prosecutors knocking on their doors, attorneys say.

  • September 17, 2014

    Morgans Says Developer Breached NYC Boutique Hotel Deal

    New York boutique hotelier Morgans Hotel Group Management LLC hit meatpacking district developer LM Legacy Group LLC with a lawsuit in a New York state court alleging that the developer failed to build a hotel that was to be operated by Morgans under a 2008 agreement.

  • September 17, 2014

    RE Rumor Mill: Uber, Brooklyn Public Library, Lululemon

    Uber Technologies has reportedly leased 58,000 square feet in Chicago, while the Brooklyn Public Library's board of trustees is said to approve a $52 million land sale to Hudson, and Lululemon has reportedly signed two leases for space in SoHo.

  • September 17, 2014

    DLA Piper Adds Ex-Pfizer Asia Ace To NY Office

    DLA Piper has bolstered its litigation practice with the addition to its New York office of a former Pfizer Inc. assistant general counsel with expertise in Asian affairs, the firm said on Monday.

  • September 17, 2014

    DOJ To Target Individuals Over Financial Fraud, Holder Says

    The U.S. Department of Justice is building criminal cases against individuals as it continues probes into financial fraud in the foreign exchange and residential mortgage-backed securities spheres, Attorney General Eric Holder revealed Wednesday, but he said punishing individuals would be easier if U.S. laws were updated as the U.K.’s have been.

  • September 17, 2014

    8 State AGs Back CWA Rule Protecting Smaller Streams

    Attorneys general from New York, Washington., D.C., and six other states on Tuesday voiced support for a regulation that would include smaller streams and tributaries in the waters protected under the Clean Water Act, saying the rule is based on “sound science” and considers the realities of interconnected waters.

  • September 17, 2014

    'Black Car' Drivers Are Independent Contractors, Judge Says

    A New York federal judge on Tuesday threw out a class action brought by "black car" drivers alleging federal and state wage law violations on the part of companies that dispatch them to ferry corporate clients, finding the drivers are independent contractors as opposed to employees.

  • September 17, 2014

    BNY Mellon Says RMBS Suit Over Loan Docs Falls Short

    The Bank of New York Mellon Corp. on Monday pushed back against banks, insurers and other investors’ lawsuit against BNY as trustee of pools of poor-performing residential mortgage-backed securities, arguing that it is being accused of breaching duties that aren't in the pooling and servicing contracts.

  • September 17, 2014

    Dropped Appeal Should Sink Malpractice Case, NY Court Told

    Law firms Phillips Lytle LLP and Brenna Brenna & Boyce PLLC told New York's top court on Wednesday that a legal malpractice plaintiff should not be allowed to proceed against them because he dropped a viable appeal when his underlying medical malpractice case was largely dismissed.

  • September 17, 2014

    Dealmakers Q&A: Sidley Austin's Alan Weil

    The regulation most in need of reform in my area of the law is the Foreign Investment in Real Property Tax Act. This sort of protectionist legislation can stifle foreign investment, and certainly alters and complicates the manner in which foreign investors invest in U.S. real estate, says Alan Weil, head of Sidley Austin LLP’s New York real estate practice.

  • September 17, 2014

    Norway Fund To Pay $1.5B For Stakes In Boston, NYC Towers

    Norway’s sovereign wealth fund has purchased stakes in three major office buildings in New York City and Boston for $1.5 billion from Boston Properties Inc., the companies said Wednesday, as the fund continues its recent surge in real estate investment.

  • September 17, 2014

    Siga Technologies Blames Ch. 11 On Appeal Bond

    Smallpox drug manufacturer Siga Technologies Inc. won’t be able to appeal a potential $232 million judgment stemming from a failed merger and subsequent licensing litigation without Chapter 11 protection, the defense contractor’s attorneys said Wednesday in New York bankruptcy court.

  • September 17, 2014

    Marilyn Monroe Estate Seeks Sanctions Over IP Suit Fees

    The Estate of Marilyn Monroe LLC, which claims to own the rights the starlet's trademarked name and likeness, urged a New York magistrate judge to sanction movie artwork publisher AVELA Inc. for ignoring a judge's order that it pay attorneys' fees related to a discovery dispute.

  • September 17, 2014

    Deloitte Exploring Settlement In Auditors' OT Action

    An attorney for Deloitte & Touche LLP said in New York federal court on Wednesday that the company is exploring a settlement with a group of auditor employees who claim they were wrongly denied overtime pay, but cautioned that he was "not optimistic" a deal would be reached.

  • September 17, 2014

    HFT Co. Latour Fined $16M For Mismanaging Capital Buffer

    The SEC registered a landmark $16 million fine Wednesday against high-frequency trading giant Latour Trading LLC for failures connected to its capital cushion, which the agency says Latour repeatedly miscalculated by as much as $37 million for two years — a mistake facilitated by high volume, according to a top official.

  • September 17, 2014

    RE Deals Getting More Complex, Ex-NYC Official Tells Law360

    New York is sure to see increasingly complex developments as demand for “work, live, play” settings and housing needs grow, according to Patrick O’Sullivan, former head of real estate at the NYC Economic Development Corp. and current senior attorney at Cleary Gottlieb Steen & Hamilton LLP.

  • September 17, 2014

    Cadwalader-Nomura Malpractice Fight Stayed By Top NY Court

    New York's top court on Tuesday halted trial court proceedings in Nomura Asset Capital Corp.'s suit against Cadwalader Wickersham & Taft LLP alleging malpractice related to the firm's work on a securitized real estate loan portfolio amid dueling appeals from a ruling that winnowed the case.

Expert Analysis

  • Tolling Provision Is Only Worth The Language That's Written

    Daniel Wenner

    In its recent decision in U.S. v. Mergen, the Second Circuit essentially gave the government carte blanche to style tolling provisions as it sees fit, but — and this “but” is the import of Mergen — what the government drafts is what the government gets, say Daniel Wenner and Elizabeth Latif, attorneys with Day Pitney LLP and former federal prosecutors.

  • Momentous Ruling In Momentive Part 2: The Cramdown Rate

    David N. Griffiths

    Ultimately, the appropriate methodology for a cramdown interest rate is a value allocation tug-of-war between debtors, secured creditors and more junior creditors, and Judge Robert Drain’s decision in the Chapter 11 case of Momentive Performance Materials affords additional weight to debtors in that battle, says David Griffiths of Weil Gotshal & Manges LLP.

  • Texas High Court Stays Course On Restrictive Covenants

    David M. Gregory

    The Supreme Court of Texas' decision in Drennen v. Exxon Mobil Corp. approved an alternative approach for employers to garner periods of noncompetition from prior employees and continues the court’s recent trend toward broader enforcement of restrictive covenants, says David Gregory of Locke Lord LLP.

  • Momentous Ruling In Momentive Part 1: Primer On Cramdown

    David N. Griffiths

    Judge Robert Drain’s bench ruling in Momentive Performance Materials is unambiguous when it comes to its support for the “formula” approach in determining a cramdown interest rate for a secured creditor and in elucidating the guiding first principles that dictate how to calculate the applicable cramdown interest rate for a secured creditor’s allowed claim in a Chapter 11 case, says David Griffiths of Weil Gotshal & Manges LLP.

  • 2nd Circ. Ruling Clears FINRA Arbitration Confusion

    Jeff Kern

    The Second Circuit’s decision in Citigroup Global Markets Inc. v. Abbar provides an efficient framework for determining whether the Financial Industry Regulatory Authority’s mandatory arbitration rule is applicable to investor-initiated claims, and should serve to diminish the sort of “sprawling litigation” that transpired there, say Jeff Kern and Manuel Gomez of Sheppard Mullin Richter & Hampton LLP.

  • 2nd Circ. Limits Monopolist Duty To Deal With Competitors

    John Elliott

    In the recent Adderall XR case, a Second Circuit panel ruled that an alleged monopolist patent-holding drug manufacturer’s alleged breach of an agreement to supply a patented drug to competing manufacturers did not violate the Sherman Act. This decision provides yet another illustration of the limits of the U.S. Supreme Court's decision in Aspen Skiing, say John Elliott and Irving Scher of Greenberg Traurig LLP.

  • More State Courts Upholding Forum Selection Bylaws

    Melissa L. Nunez

    The recent case of Groen v. Safeway represents a clear move by California to join the growing list of states going on record to endorse the enforceability of forum selection provisions in corporate bylaws, say Robert Friedel and Melissa Nunez of Pepper Hamilton LLP.

  • MF Global Highlights D&O Insurance Issues In Bankruptcy

    Kevin M. LaCroix

    It would be helpful if bankruptcy courts were to conclude that there is no basis for the courts to oversee the process of payment of individual insureds’ defense fees — as Southern District of New York Bankruptcy Judge Martin Glenn did in the case of MF Global, says Kevin LaCroix of RT ProExec.

  • Not So Duty Free: Importing And Exporting Fashion Products

    With Fashion Week in full swing in New York, now is a good time to consider the hottest issues in fashion product imports and exports. In this short video from Arent Fox LLP, partner Anthony Lupo talks with international trade counsel David Salkeld about customs valuations, trade agreements and rules of origin for textile and apparel goods.

  • 2nd Circ. Ruling May Spark More Lanham Act Cases

    Harold P. Weinberger

    The Second Circuit's decision in Merck Eprova AG v. Gnosis SPA may ease some plaintiffs’ evidentiary burdens with respect to proving liability and recovering damages and auger an increase in Lanham Act false advertising suits, say attorneys at Kramer Levin Naftalis & Frankel LLP.