New York

  • October 22, 2014

    Feds Seek Leniency For Cooperator In SAC Capital Probe

    New York federal prosecutors are seeking leniency for a former mutual fund manager who pled guilty to trading on insider information from a Yahoo Inc. executive, citing her cooperation in an investigation that led to a $1.8 billion settlement with SAC Capital Advisors LP, according to a recent filing by her attorney.

  • October 22, 2014

    Schiff Hardin Snags Arent Fox Construction Group Head

    Schiff Hardin LLP earlier this week picked up a former leader of Arent Fox LLP’s construction practice, who will bring with him experience working on high-profile projects including New York’s Grand Central Station and Yankee Stadium, the firm said.

  • October 22, 2014

    Goldman Attacks Commonality Of Putative Gender Bias Class

    Goldman Sachs Group Inc. on Wednesday rejected the notion that women claiming a sexualized culture of discrimination damaged their pay and promotion prospects could band together in court, arguing the individual situations of more than 1,000 potential plaintiffs don't share common traits required for class certification.

  • October 22, 2014

    Credit Suisse Can't Duck $1B RMBS Suit, Appeals Court Says

    A New York appeals court on Tuesday rebuffed a Credit Suisse Group AG subsidiary’s bid to escape a residential mortgage-backed securities lawsuit that claims the bank failed to repurchase toxic loans that cost investors $1 billion, finding the case is not time-barred.

  • October 22, 2014

    3 Forms S Corporations Must File For Overseas Entities

    Owners of S corporations and closely held businesses that expand overseas need to be well aware of forms they must file with the Internal Revenue Service to avoid facing severe penalties, tax practitioners said Wednesday at a conference in New York. Here are three forms they should know about.

  • October 22, 2014

    NY Calls On ND Gov. To Regulate Crude Oil Shipments

    New York state environmental and transportation officials urged North Dakota Gov. Jack Dalrymple on Tuesday to adopt regulations requiring oil producers to remove volatile gases from crude oil before shipping it cross-country by rail in an effort to protect residents near rail lines.

  • October 22, 2014

    Lawsky Wants Banks To Share Details On 3rd-Party Security

    New York’s superintendent of financial services on Tuesday pushed dozens of banks to detail how data they share with third-party service providers such as law firms and accounting firms is being safeguarded, in the wake of high-profile security breaches at institutions such as JPMorgan Chase & Co.

  • October 22, 2014

    Highland's RE Loan Suit Against Credit Suisse Gets Axed

    A New York judge on Wednesday dismissed a lawsuit brought by affiliates of Highland Capital Management LP that claimed hundreds of millions of dollars in losses due to a Credit Suisse Group AG unit’s deceptive marketing of loans for resorts and high-end residential communities, including the troubled Yellowstone Mountain Club.

  • October 22, 2014

    Sutherland Snags Ex-AXA Equitable In-House Insurance Pro

    Sutherland Asbill & Brennan LLP has added a former associate general counsel of AXA Equitable Life Insurance Co. with more than 20 years of experience working in-house as part of the firm’s expansion of its insurance and financial services practice in New York.

  • October 22, 2014

    Sifco Noteholders Fail To Stymie Ch. 15 Recognition

    Brazilian auto parts manufacturer Sifco SA won recognition of its foreign bankruptcy proceeding under Chapter 15 on Wednesday, over the objection of a group of noteholders that contended the debtor couldn't be trusted to treat them fairly.

  • October 22, 2014

    Schulte Roth Adds Patterson Belknap Trusts And Estates Chair

    Schulte Roth & Zabel LLP has lured over a partner and chair of the trusts and estates group from Patterson Belknap Webb & Tyler LLP to serve as a partner in the individual client services group at the firm’s New York office.

  • October 22, 2014

    2nd Circ. Tosses Argentina's Appeal Of $539M Payment Block

    The Second Circuit on Wednesday dismissed Argentina's appeal of a New York federal judge's order blocking a $539 million payment to bondholders via Bank of New York Mellon, finding that it doesn't have jurisidiction because the order appealed from was a clarification rather than a modification of prior rulings.

  • October 22, 2014

    Ex-SEC General Counsel Joins Sidley Austin

    The U.S. Securities and Exchange Commission's general counsel and international affairs chief counsel has left the regulator for a partner position at Sidley Austin LLP.

  • October 22, 2014

    Nonprofit Execs Indicted On Insurance Fraud, Bribery Charges

    The top two executives at a New York City substance abuse treatment nonprofit were indicted Wednesday over alleged insurance fraud and kickback schemes that prosecutors say lined the pockets of the father-and-son duo and allowed them to fuel a lavish lifestyle.

  • October 22, 2014

    SAC Founder Eyes Ex-Wife's Emails With Kasowitz Atty

    SAC Capital Advisors LP founder Steven Cohen is seeking purportedly confidential emails between his ex-wife and a Kasowitz Benson Torres & Friedman LLP attorney as part of a legal dispute over Cohen’s 1990 divorce, according to a Wednesday New York federal court filing.

  • October 22, 2014

    2nd Circ. Upholds Ex-Union Leaders' Extortion Convictions

    The Second Circuit upheld the convictions Wednesday of three related ex-union leaders accused of taking part in a scheme to extort money from business owners, ruling the trial court didn't err by admitting evidence about reputed connections to the mafia.

  • October 22, 2014

    Calvin Klein, PVH Facing Newest Unpaid Intern Class Action

    Calvin Klein Inc. and parent company PVH Corp. are the latest targets of allegations that they didn't pay interns for work that didn't qualify as education or training, according to a proposed statewide class action filed Monday in Manhattan.

  • October 22, 2014

    Nomura Says FHFA Can't Back Up Timeline In MBS Suit

    Nomura Holding America Inc. told a New York federal court Tuesday that the Federal Housing Finance Agency can’t back up its contention that it was oblivious before 2008 that Fannie Mae and Freddie Mac were sold toxic residential mortgage-backed securities — a claim that would sink the bank's statute of limitations defense.

  • October 22, 2014

    Market Rumors: Wingstop, Yodle, ECB

    Private equity-backed chicken wing chain Wingstop is cooking up a potentially $100 million initial public offering, while marketing software maker Yodle is reconsidering its plans for a public debut.

  • October 22, 2014

    Amid $1B IPO, REIT Founder Accuses Ex-Partner Of Fraud

    The founder of a New York real estate investment trust gearing up to go public for $1 billion again sued his former business partner in New York federal court earlier this month for allegedly conspiring to ruin him through unauthorized access to the REIT's network, extortion and misrepresentation of the REIT to other parties.

Expert Analysis

  • New Jurisdictional Issues When Moving To Quash A Subpoena

    Steven Luxton

    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.

  • Novel Theory In Wyly Case Could Change SEC Disgorgement

    Bruce M. Bettigole

    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.

  • 2nd Circ. Fails To See The Comity In Chapter 15

    Daniel M. Glosband

    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.

  • FLSA Case Is A Guide To Using Independent Contractors

    Larry S. Perlman

    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.

  • In Zoning Due Diligence, Creative Interpretation Is Key

    Frank E. Chaney

    It is a given that zoning should be a part of every developer’s due diligence. The question is, though, how much zoning analysis is enough and who should provide it, says Frank Chaney of Rosenberg & Estis PC.

  • 2nd Circ. Expands US Court Role In Ch. 15 Cases

    George W. Shuster Jr.

    In a recent Madoff-related decision, the Second Circuit took a relatively aggressive stance on U.S. court review of asset sales in Chapter 15 cases, and the ruling may have effects in bankruptcy cases outside Chapter 15, say George Shuster and Benjamin Loveland of WilmerHale.

  • OPINION: Don't Mess With... Arizona?

    Michael Li

    Fifty years ago, Justice Felix Frankfurter cautioned courts about getting mired in the “political thicket” of redistricting. In agreeing to hear Arizona State Legislature v. Arizona Independent Redistricting Commission, the U.S. Supreme Court could be about to take a big step further into that thicket, says Michael Li, counsel at the Brennan Center for Justice, NYU School of Law.

  • Tug-Of-War: Attorney-Client Privilege Vs. Deposition

    There is an inherent tension between the process of preparing a corporate representative to testify and the protections usually afforded by attorney-client privilege. Judicial decisions addressing these tensions are limited and, as of yet, the Federal Circuit Courts of Appeals do not appear to have weighed in on these issues in any meaningful way, say Vanessa Miller and Nicholas Ellis of Foley & Lardner LLP.

  • Take Extra Steps When Social Media Page Is Evidence

    Steven Richard

    The Second Circuit recently vacated a conviction in U.S. v. Zhyltsou because the trial court improperly admitted social media evidence that the government tied to the defendant without sufficient proof of its authenticity. The foundational prerequisites to authenticate and admit website evidence must be carefully considered and developed before presentation at trial, say attorneys with Nixon Peabody LLP.

  • Clarity Over Insurance Broker Liability Comes To NY, NJ

    Robert D. Chesler

    Both Huggins v. Liberty Mutual Insurance Co. and Duffy v. Certain Underwriters at Lloyds of London offer lessons for policyholders — they should seek the broadest coverage possible and look to hold their brokers liable when failing to provide the coverage originally promised, say attorneys at Anderson Kill PC.