New York

  • 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 Battle 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.

  • September 17, 2014

    Policyholders Say Defense Is Delaying Sandy Mediation

    A firm representing policyholders in Superstorm Sandy insurance litigation in New York federal court on Monday blasted attempts by the insurers' counsel to cease mediations to conduct more site inspections, saying the attempts amount to "erecting another road block" for the plaintiffs at taxpayers' expense.

  • September 17, 2014

    Holder Calls For Higher Awards For Wall St. Whistleblowers

    U.S. Attorney General Eric Holder on Wednesday called for bigger awards to Wall Street whistleblowers than what currently are available under the 1989 law that’s helped the federal government extract multibillion-dollar penalties from banks over their role in the mortgage crisis.

  • September 16, 2014

    Stilwell Ordered To Comply With SEC Fraud Investigation

    Activist investor Joseph Stilwell will have to comply with a probe into whether he illegally hid loans among his funds despite heated accusations that the U.S. Securities and Exchange Commission is only seeking testimony to boost its case against him after settlement talks broke down, according to a New York federal judge.

  • September 16, 2014

    BP, Shell Shake Orange County's MTBE Pollution Claims

    A New York federal judge on Tuesday ended the Orange County Water District’s claims that BP Products North America Inc., Shell Oil Co. and others had endangered its water supply with controversial gasoline additive methyl tertiary-butyl ether, ruling they were barred by prosecutors’ settlements with the companies.

  • September 16, 2014

    Lehman Slams JPMorgan's $7B Precollapse 'Cash Grab'

    Lehman Brothers Holdings Inc. urged a New York federal judge on Monday to order the return of a $6.9 billion “slush fund” of collateral that JPMorgan Chase Bank NA allegedly seized days before Lehman’s 2008 collapse, saying it belongs to the general unsecured creditor body.

  • September 16, 2014

    Lockheed, MTA Can't Nix Dueling Claims Over $300M Project

    A New York federal judge on Tuesday denied most attempts by Lockheed Martin and the Metropolitan Transportation Authority to dismiss each other’s claims in their long-running breach of contract suit over who is at fault for Lockheed’s never-finished, $300 million transportation security project, saying material facts remain in dispute.

  • September 16, 2014

    NY AG Attacks Barclays’ Bid To Kick Dark Pool Suit

    New York’s attorney general on Tuesday defended against Barclays PLC’s efforts to dismiss his securities fraud lawsuit accusing the firm of misleading clients and investors in order to dramatically increase the market share of its so-called dark pool, arguing Barclays’ alleged misstatements ran afoul of a state law.

  • September 16, 2014

    Bankrupt NII Clears First-Day Motions As Creditors Dig In

    NII Holdings Inc. cleared a series of first-day motions in New York bankruptcy court Tuesday as attorneys for the Nextel-brand wireless service provider and two competing bondholder groups pledged to continue negotiating a consensual restructuring of its $4.6 billion debt.

  • September 16, 2014

    NY Antitrust Suit Tests Key Tactic Of Brand-Name Drugmakers

    New York’s lawsuit this week accusing Actavis PLC and Forest Laboratories LLC of discontinuing a popular dementia drug’s original version in order to switch patients to a newer version with extended patent protection will be a major test of whether that strategy of "product hopping” is anti-competitive, attorneys say.

  • September 16, 2014

    Ex-Dewey Controller Reaches Partial Deal With SEC

    Former Dewey & LeBoeuf LLP controller Thomas Mullikin has reached a partial settlement with the U.S. Securities and Exchange Commission that would resolve his liability in the agency's suit over the firm's collapse while leaving open the issue of a potential disgorgement order or fine, according to Tuesday court filings.

  • September 16, 2014

    DLA Piper Snags Ex-Kirkland & Ellis Atty For NYC Practice

    DLA Piper has announced that it added a former Kirkland & Ellis partner with experience in complex commercial disputes and corporate fraud, including the False Claims Act and the Foreign Corrupt Practices Act, to bolster its litigation practice in New York.

  • September 16, 2014

    Kaplan, Pomerantz Among Firms Sought To Lead Libor Cases

    Four putative classes of lenders, students, homeowners and mortgage holders accusing a slew of major banks in multidistrict litigation of rigging the London Interbank Offered Rate each urged a New York federal judge on Monday to appoint firms such as Pomerantz LLP and Kaplan Fox & Kilsheimer LLP as class counsel.

  • September 16, 2014

    Affiliated Off Hook For $30M Sandy Coverage Due To Mistake

    A New York federal judge ruled Monday that Affiliated FM Insurance Co. sufficiently proved it mistakenly set a $30 million coverage limit instead of $10 million in Cammeby's Management Co. LLC’s suit claiming it had been stiffed on coverage it was owed for Superstorm Sandy damage to a commercial complex it owns in Brooklyn.

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.