An electrical contractor that was working on the One57 apartment tower in Midtown Manhattan during its highly publicized tower crane collapse leveled a $27 million suit against the building’s owner on Friday, accusing the Extell Development Co. unit of delaying its work and forcing it to incur extra costs.
A New York state judge has granted a former Gersten Savage LLP partner's motion for default judgment against the defunct law firm in a $5 million suit accusing the firm's founder of misusing firm funds and denying partners their promised compensation, according to court documents filed Friday.
To hear real estate experts tell it, the next five to 10 years could see Miami transformed into a world center on par with New York, but only if it upgrades its infrastructure to keep up with development and ensure it is a desirable home for top talent.
A junior Dewey & LeBoeuf LLP staffer hit with criminal charges for his alleged role in a scheme to misstate the firm’s financial position serves as a cautionary tale for any BigLaw employees who feel shielded from liability for the actions of their lawyer bosses, experts say.
A former lawyer for the Port Authority of New York and New Jersey pled guilty Friday to charges that he lied when he told the Port Authority that Weil Gotshal & Manges LLP would give the agency a 15 percent discount, prosecutors said.
New York Attorney General Eric Schneiderman on Friday tapped antitrust expert Guy Ben-Ishai to become his new chief economist, a position in which he will help shape the attorney general's antitrust and securities enforcement efforts.
Two major deals are taking place near New York's High Line as the Port Authority of New York and New Jersey looks to sell two parcels of land and L&L Holding and Prudential Financial Inc. snag an office building from The Related Cos. In Brooklyn, the controversial Greenpoint Landing project takes a step forward.
A New York federal judge on Friday ordered the arrest of Michael Jackson’s former concert promoter after he filed at least $1.4 billion in liens against Dentons and Loeb & Loeb LLP attorneys as well as Williams Morris Endeavor Entertainment LLC in defiance of a court order.
Carmen J. Lawrence, a former director of the U.S. Securities and Exchange Commission’s Northeast region, has left Fried Frank LLP to bolster King & Spalding LLP's government investigations, white collar and securities practices as a partner in its New York office, King & Spalding announced Friday.
A New York federal court on Friday approved a deal in which a whistleblower will get $63.9 million for tips leading to a False Claims Act settlement in which JPMorgan Chase & Co. agreed to pay $614 million over allegations it defrauded the U.S. government into insuring flawed home loans
A pair of economists told the Second Circuit on Tuesday that the district court overseeing the U.S. Department of Justice's e-books price-fixing case against Apple Inc. ignored key economic evidence in a decision that threatened to thwart the use of common, pro-competitive contract clauses.
Detroit retirees on Thursday took to bankruptcy court to air their fears about the city’s proposed plan of adjustment, which could force them to swallow hefty cuts to their pensions, with many noting that such measures would force them to seek public assistance.
A shareholder suing health care giant Aetna Inc. for allegedly sending out false and misleading proxy statements in past years urged a New York federal judge on Friday morning to delay the company’s upcoming annual shareholder meeting.
Mining giant Cliffs Natural Resources Inc. said Friday that New York-based activist investor Casablanca Capital LP has rejected its offer to settle a proxy fight and is still barreling ahead with attempts to gain full control of the company's board and replace its CEO.
A New York federal judge on Friday refused to dismiss an indictment against Paul Ceglia, who is charged with falsely alleging that Facebook founder Mark Zuckerberg contractually owes him a 50 percent stake in the social media giant.
Employers that hired two of the former Dewey & LeBoeuf LLP executives charged Thursday with misrepresenting the bankrupt firm’s finances aren’t likely to face liability related to the criminal charges, experts told Law360 on Thursday, but they could very well suffer damage to their reputations despite their efforts to mitigate the harm.
A New York judge on Tuesday refused to let a concrete contractor off the hook on claims that its negligence contributed to a deadly 2008 crane collapse in Manhattan, finding that dueling theories about what caused the accident need to be tested in court.
Criminal allegations unveiled Thursday that Dewey & LeBoeuf LLP executives had systematically cooked their books over several years to hide a dire financial position will likely send some BigLaw leaders running to the ledgers to ensure their own accounting can withstand the closest scrutiny, experts told Law360.
New York City Mayor Bill de Blasio's affordable housing deal with the developer of the Domino Sugar factory, despite being for a unique project, may be a harbinger of how the mayor will implement his affordable housing goals without hampering the market, experts say.
Apple Inc. has asked the judge overseeing the e-books price-fixing litigation to recuse herself from handling a summary judgment request from consumers seeking hundreds of millions in damages from Apple, accusing her of prejudging the question of whether and how much the iPad maker owes.
A group of New York landowners recently filed a petition seeking to compel the state government to issue its final impact statement on the effects of fracking, after more than five years of waiting. Despite the lawsuit, the wait for an answer on fracking in New York will likely continue, and for those outside New York waiting to hear about the environmental and health effects of fracking, the wait may prove to be even longer, says Emily Pincow of Weil Gotshal & Manges LLP.
As more and more Superstorm Sandy-related cases are filed, parties will be looking to a five-year-old New York Appeals Court case, Bi-Economy Market Inc. v. Harleysville Insurance Co. of New York — which permits insureds to recover consequential damages arising from an insurer’s bad faith breach of the policy if those damages were reasonably foreseeable and even if those damages exceed policy limits — for guidance, says Michael Richter of Joseph Hage Aaronson LLC.
The main takeaway from the Second Circuit's recent decision in U.S. v. DHL Express (USA) Inc. is that potential False Claims Act liability attaches long after a transaction closes, regardless of the contract protections bargained for. Contractual or statutory notice requirements cannot be relied on to shift risk onto counterparties, say attorneys with Weil Gotshal & Manges LLP.
The U.S. Supreme Court’s denial of certiorari in the Ninth Circuit case Tamer Salameh v. Tarsadia Hotel effectively offers hotel-condominium developers a safe pathway to publicly offering hotel-condo units out of the purview of federal and state securities laws. And with the current upswing in the real estate market, such developments are slowly beginning to pop up again in states like Florida and New York, say attorneys with Paul Hastings LLP.
A recent New York appellate court decision in Cabrera v. Collazo presents several new practice management issues for both attorneys and insurers in the state, including liability imposed upon an attorney for negligence that occurred after an attorney-client relationship had ended. The major area of concern, however, is the new emphasis that Cabrera places on an attorney’s duty to disclose life-threatening or terminal illnesses to his or her clients, say Brett Scher and Amanda Griner of Kaufman Dolowich & Voluck LLP.
A New York trial judge recently let Sony Corp.’s insurers, Zurich American Insurance Co. and Mitsui Sumitomo Insurance Co., off the coverage hook for Sony’s massive 2011 PlayStation data breach. Among the reasons Sony appears to have excellent grounds for appeal is a well-established rule of insurance contract construction that “ambiguities in an insurance policy are to be construed against the insurer,” says Roberta Anderson of K&L Gates LLP.
In its recent decision in U.S. Securities and Exchange Commission v. Contorinis, the Second Circuit continued its expansive reading of civil liability for insider trading, which will facilitate the SEC’s pursuit of large civil recoveries beyond the tippee’s personal benefit from any insider trading, say Joel Haims and Kayvan Sadeghi of Morrison & Foerster LLP.
Multijurisdictional employers often compare the relevant states’ restrictive covenant laws and then select the state whose laws are most employer-friendly in a choice-of-law provision. But this practice may not always be advisable considering a recent New York state court ruling that Florida’s restrictive covenant law is “truly obnoxious,” say Vincent Polsinelli and Jena Rotheim of Nixon Peabody LLP.
Last year, the Second Circuit affirmed a district court ruling in Gold v. New York Life Insurance Co. dismissing a putative class action under the Class Action Fairness Act’s home state exception, even though the exception was raised three years after the complaint was filed. The decision adds to a growing number of federal circuit courts holding the exception not to be a jurisdictional prerequisite, say Mark Deethardt and Michael Ferachi of McGlinchy Stafford PLLC.
Since the issuance of a U.S. Securities and Exchange Commission no-action letter that allows mergers and acquisitions brokers to receive transaction-based compensation without registering as brokers, a number of questions have been raised — including applicability of the relief in the private equity and venture capital context. Meanwhile, state regulators are currently considering the ramifications of the letter, say attorneys with Crowell & Moring LLP.