New York

  • January 30, 2015

    FINRA Bars Waiver Of UBS Adviser Class Action, 2nd Circ. Told

    An attorney for a proposed class of financial advisers for UBS AG's broker-dealer unit on Friday urged the Second Circuit to find they cannot be forced to arbitrate their overtime claims, saying waivers of class actions are void under Financial Industry Regulatory Authority rules.

  • January 30, 2015

    JPMorgan To Pay $99.5M To Escape FX Rigging Class Action

    JPMorgan Chase & Co. will pay $99.5 million to exit an antitrust class action alleging the bank was part of a conspiracy to rig the approximately $5 trillion-per-day foreign exchange market, according to court documents filed Friday.

  • January 30, 2015

    Latham’s Shake Shack IPO Grabs Spotlight Amid Busy Week

    Shake Shack Inc.’s upsized initial public offering, led by Latham & Watkins LLP, snatched the spotlight this week as a total of 10 companies, including an electricity-focused real estate investment trust and eight life sciences companies, together raised nearly $1.2 billion, suggesting 2015 is shaping up to be another record-setting year.

  • January 30, 2015

    Deals Rumor Mill: Maersk, Marquette Transportation, Dick's

    AP Moller-Maersk has opened up discussions with "Asian shipbuilders" concerning a possible $1.5 billion purchase of as many as 10 container mega-ships, while U.S. towboat operator Marquette Transportation Co. LLC is looking into a sale that could value the company at upwards of $1 billion.

  • January 30, 2015

    NY Senator Bets On Casino Licensees' Success In Court

    New York state Sen. John J. Bonacic told a room of lawyers on Friday that he believes the state's casino license winners will survive litigation attempts to block the projects and that with Albany reeling from Assembly Speaker Sheldon Silver's indictment, lawmakers’ outside employment should be banned to avoid corruption temptation.

  • January 30, 2015

    Revolving-Door Roundup: Grant & Eisenhofer, Quinn, Boies

    After a sluggish December, the door between the public and private sectors started spinning again in earnest in January, highlighted by former Delaware Attorney General Beau Biden's move to Grant & Eisenhofer PA and Boies Schiller & Flexner LLP's marquee hiring of three assistant U.S. attorneys from the Southern District of New York.

  • January 30, 2015

    Real Estate Rumor Mill: Emmes, Capital One, Times Property

    An Emmes Asset Management fund has reportedly dropped $76 million on a Brooklyn apartment property, while Capital One is said to have grabbed nearly 40,000 square feet in New York, and Times Property Holdings has reportedly paid $213 million for land parcels in the south of China.

  • January 30, 2015

    NY Appeals Court Lets TCW Duck Claim In $128M MBS Suit

    A New York appeals court upheld the dismissal of a negligent-misrepresentation claim in a $128 million suit alleging TCW Asset Management Co. lied to investors about the value of a collateralized debt obligation, ruling TCW was not in a position of trust as collateral manager for the mortgage-backed securities.

  • January 30, 2015

    Renewable Energy MLP Sol-Wind Sets Terms For $183M IPO

    New York-based master limited partnership Sol-Wind Renewable Power LP said Thursday it is eyeing an up-to-$182.7 million initial public offering as it looks to capitalize on the growing renewable energy industry, part of a string of MLPs that have tapped the public markets over the past year.

  • January 30, 2015

    2nd Circ. Skeptical Of DOL Test At Intern Wage Arguments

    The Second Circuit was openly critical of a six-factor U.S. Department of Labor test backed by both the agency and former unpaid interns pursuing closely-watched wage class actions against the Hearst Corp. and Fox Entertainment Group Inc. at oral arguments Friday morning. 

  • January 30, 2015

    TPG, Apax Shed Much Of $1.1B Hellas Clawback Suit

    A New York bankruptcy judge on Thursday trimmed a lawsuit alleging TPG Capital and Apax Partners LLP milked $1.1 billion from Hellas Telecommunications (Luxembourg) II SCA before its insolvency, limiting potential clawback liability to the firms’ U.S.-based investment funds.

  • January 30, 2015

    Shake Shack's Shares More Than Double In Trading Debut

    Shake Shack Inc's shares soared nearly 136 percent in its trading debut Friday, leaving its increased initial public offering price in the dust as investors clamored for a bite of the beloved Manhattan-born hot dog and burger joint.

  • January 30, 2015

    Liberty Reserve Tech Whiz Gets 3-Year Prison Sentence

    Liberty Reserve tech worker Maxim Chukharev received a three-year prison sentence Friday for his role in aiding the unlicensed money-transmitting business that assisted Ponzi schemers and other criminals, but received no probation, restitution or fine and will be able to return to his family home in Costa Rica upon leaving federal custody.

  • January 29, 2015

    Patent Troll Study Shouldn't Slow Reforms, FTC's Brill Says

    Even though the Federal Trade Commission is hoping to have its study of patent assertion entities done by the end of the year, neither lawmakers nor enforcers should wait to take action to improve the patent system or take on illegal behavior, FTC Commissioner Julie Brill said Thursday.

  • January 29, 2015

    Sony Coverage Denial Was Right Call, Insurance Groups Say

    A pair of insurance industry groups on Wednesday urged a New York appellate court to uphold a lower court's groundbreaking decision to free two insurers from covering the infamous PlayStation Network data breach, contending that a ruling in Sony's favor would conflict with longstanding legal precedent.

  • January 29, 2015

    Cablevision Sues Verizon Over 'Fastest Wi-Fi' Ads

    Cablevision Systems Corp. on Thursday hit rival Verizon Communications Inc. with a false advertising suit in New York federal court, alleging Verizon’s recent advertising in the New York area promising the “fastest Wi-Fi” is a deliberate falsehood meant to undercut Cablevision’s business.

  • January 29, 2015

    Shake Shack Lands $745M Valuation As IPO Beats Target

    New York-based Shake Shack Inc. cooked up a $745 million valuation Thursday, pricing its initial public offering above expectations as ravenous investors gobbled up the fast-casual hot dog and burger joint.

  • January 29, 2015

    Frustrated Judge Rakoff Quits DOJ Forensic Science Panel

    U.S. District Judge Jed Rakoff on Wednesday resigned from a federal commission charged with determining standards for forensic science in the courtroom after the Department of Justice blocked the committee from considering the subject of pretrial forensic discovery.

  • January 29, 2015

    Manatt Adds Ex-Debevoise Real Estate Pro In NY

    Manatt Phelps & Phillips LLP has recruited a Debevoise & Plimpton LLP attorney with more than 20 years of real estate experience, including advising commercial lenders, pension funds and private equity firms, to bolster its New York office.

  • January 29, 2015

    Real Estate Rumor Mill: Silverstein, Oxford, GIC

    Silverstein Properties has reportedly paid more than $100 million for a New York development site, while Oxford Properties is said to have paid roughly $227 million for a Paris office property and GIC is said to be in discussions regarding future investment in Indian commercial and residential properties.

Expert Analysis

  • Condor Capital Case May Embolden More State Regulators

    Melanie Brody

    Although several state attorneys general have leveraged Dodd-Frank’s state action provisions to enforce and seek remedies under the Consumer Financial Protection Act, Lawsky v. Condor Capital Corp. marks the first time a state regulator has used them and it will likely prompt others to do the same, say Melanie Brody and Anjali Garg of K&L Gates LLP.

  • Size-Status Lessons From JGB V. Beta

    Tammy Hopkins

    At first blush, the New York federal case JGB Enterprises Inc. v. Beta Fluid Systems Inc. presents a cautionary tale of what happens to the size status of a small business concern when it is acquired by a large business — it becomes large. However, imagine that JGB never intended to use Beta to perform work under the set-aside contract for which it was competing, say Ken Weckstein and Tammy Hopkins of Brown Rudnick LLP.

  • New Tool For Holdout Bondholders: The Trust Indenture Act

    Keith A. Simon

    By finding that Section 316(b) of the Trust Indenture Act protects a bondholder’s ability to sue in the practical sense, and not just the procedural right to sue, the Southern District of New York may have given minority bondholders significant leverage in future negotiations with distressed companies and secured lenders, say attorneys with Latham & Watkins LLP.

  • Weathering Winter Storm Juno With Roof Collapse Coverage

    Seth V. Jackson

    With more precipitation in the forecast after winter storm Juno hit the Northeast, the threat of snow load roof collapse claims has suddenly become very real and insureds should consider whether a collapse has occurred under their policy and if time element coverages apply, says Seth Jackson of Zelle Hofmann Voelbel & Mason LLP.

  • Key Questions When Selecting E-Discovery Vendors

    David Houlihan

    While e-discovery remains a critical pain point in litigation, the "solutions" supporting its processes continue to evolve. In order to help organizations navigate the sea of options, we conducted research with 21 organizations across e-discovery market segments to understand the factors involved in successful e-discovery investments, says David Houlihan of Blue Hill Research Inc.

  • 2nd Circ.'s Fairfield Decision Will Be Cited With Fervor

    Ingrid Bagby

    The Second Circuit’s opinion and subsequent denial of en banc review in the case of Fairfield Sentry Ltd. signals a paradigm shift in Chapter 15 jurisprudence. Parties seeking an independent review of a foreign order permitting a transfer or other actions affecting U.S. property may now have a powerful new basis on which to object in a U.S. court, say attorneys with Cadwalader Wickersham & Taft LLP.

  • A 1st Look At Potential Reach Of 2nd Circ. Newman Decision

    Harry Sandick

    A New York federal judge recently vacated previously accepted guilty pleas in U.S. v. Conradt, an insider trading prosecution brought under the “misappropriation” theory. There is now an increased likelihood that the Second Circuit’s decision in U.S. v. Newman will be read by other judges to apply to cases brought under both the classical and misappropriation theories, say attorneys with Patterson Belknap Webb & Tyler LLP.

  • And Now A Word From The Panel: 2014 JPML Practice Trends

    Alan E. Rothman

    At its December session, the Judicial Panel on Multidistrict Litigation considered the second attempt by a distributor of dietary supplements to create an MDL proceeding, raising the prospect of the first Hawaii MDL proceeding in nearly 20 years. But as we gear up for the panel hearing on Thursday, let's also consider how JPML trends of 2014 compare with prior years, says Alan Rothman of Kaye Scholer LLP.

  • Caesars’ Bankruptcy Plan Already Under Attack?

    Mark A. Salzberg

    The Southern District of New York’s opinion denying in large part two motions to dismiss filed by Caesars Entertainment Corp. in response to a lawsuit brought by noteholders is notable as being the first examination of Caesars’ pre-bankruptcy financial maneuvering and highlights some problems that could arise in the bankruptcy proceeding, says Mark Salzberg of Squire Patton Boggs LLP.

  • To Err Is Costly: Why 2nd Circ. Enforced Faulty UCC Filing

    Mitchell P. Portnoy

    The Second Circuit last week declined to save a secured creditor who, as part of the termination of a $300 million General Motors financing, mistakenly also permitted the filing of a UCC3 termination statement pertaining to $1.5 billion in unrelated secured debt. The Second Circuit’s decision is not surprising, given long-standing case law, nor would the doctrine of mutual mistake help the bank, say attorneys with Troutman Sanders LLP.