New York

  • July 31, 2015

    Goldman To Drop $270M To Settle $6B RMBS Suit

    Goldman Sachs Group & Co. has tentatively agreed to pay $270 million to resolve a putative class action brought by a union pension fund accusing the investment banking giant of selling $6 billion in shoddy residential mortgage-backed securities, according to multiple media reports published Friday.

  • July 31, 2015

    Bacon’s $50M Defamation Case Largely Time-Barred: Judge

    A New York judge tossed the majority of claims from billionaire Louis Bacon’s $50 million defamation suit against his neighbor in the Bahamas, fashion executive Peter Nygard, holding in a ruling entered Friday that the claims were time-barred because they occurred more than a year before the suit was filed.

  • July 31, 2015

    Ex-WJB Capital CFO Admits To Fraud Scheme

    The former chief financial officer of defunct Wall Street broker-dealer WJB Capital Group Inc. on Friday admitted to falsifying documents submitted to regulators as part of a scheme to prop up the struggling company as it reeled from the effects of the Great Recession.

  • July 31, 2015

    High Court Urged To Allow Collection Of $378M Terror Award

    Families of people killed or injured in a 1972 terrorist attack have urged the U.S. Supreme Court to revisit the Second Circuit's ruling that they are barred under a federal insurance law from collecting on a $378 million judgment against North Korea using blocked electronic transfers held by JPMorgan Chase Bank NA and others.

  • July 31, 2015

    Cohen Milstein Lands $73M For MBS Settlement With Banks

    A New York federal judge signed off Friday on a $73.4 million fees and costs award to Cohen Milstein Sellers & Toll PLLC in a $235 million settlement ending a class action brought by a pension fund against three financial giants over Residential Capital LLC mortgage-backed securities.

  • July 31, 2015

    Bryan Cave Accused Of Misconduct In Fraud Probe Of Ex-Atty

    A former Bryan Cave LLP attorney has accused the firm of serious ethical violations during a criminal investigation into his alleged role in a scheme to fraudulently obtain bank financing to acquire Maxim magazine, according to New York federal court filings.

  • July 31, 2015

    Forex Suit Adds Japanese, Canadian, French, UK Banks

    Four foreign banks have been added as defendants to a class action that claims a number of banks orchestrated a conspiracy to rig the foreign exchange market, class counsel Scott & Scott LLP told a New York federal court on Friday.

  • July 31, 2015

    Legacy Wants $213M Madoff Trustee Suit Dismantled

    Legacy Capital Ltd. urged a New York bankruptcy judge Thursday to gut a trustee's suit seeking to claw back more than $213 million in transfers it received from Bernard Madoff’s fraudulent investment fund, saying it had no knowledge of his colossal Ponzi scheme.

  • July 31, 2015

    Judge Skeptical Of "Aggressive" Relativity Media Sale Plan

    A New York bankruptcy judge indicated Friday that he was not on board with Relativity Media LLC's plan to sell off its film and television production businesses in just two months, but approved $9.5 million in stop-gap funding to keep the company going.

  • July 31, 2015

    Deals Rumor Mill: Uber, Carlyle, Coca-Cola

    Uber has just closed a new funding round that values it at a whopping $51 billion, private equity giant The Carlyle Group has parted ways with the founders of its Vermillion commodity hedge fund, and three bottlers of Coca-Cola products in Europe have entered advanced talks on a merger.

  • July 31, 2015

    Forest Labs Says Sex-Bias Plaintiffs Lack Evidence

    Forest Laboratories Inc. urged a New York federal court Thursday to reject a class certification bid by employees who filed a $100 million lawsuit accusing the drugmaker of bias against female workers, saying the workers haven’t shown any evidence of bias, let alone commonality.

  • July 31, 2015

    Samson Unit Nabs $73M Mixed-Use Brooklyn Property

    A company affiliated with Samson Management LLC has purchased a Brooklyn loft-style office property for $73 million, according to city records recently made public.

  • July 31, 2015

    Deal Reached To End Deflategate Suit By NFL Season Kickoff

    The New York federal judge in the Deflategate case on Friday granted a request by the National Football League Players Association and the National Football League to fast-track the case so it wraps up before the start of the NFL’s regular season.

  • July 31, 2015

    Barclays, BofA Provide $273.5M Loan For NYC Property

    A borrower affiliated with Edward J. Minskoff Equities Inc. has scored a $273.5 million loan from Barclays Bank PLC and Bank of America NA for a recently fully leased Manhattan office property, according to city records made public Thursday.

  • July 31, 2015

    NYC Sanitation Workers Didn't Prove Prejudice: 2nd Circ.

    The Second Circuit on Friday affirmed a lower court’s dismissal of a discrimination case brought by New York City Department of Sanitation workers against their employer, holding that the employees failed to show the agency favored promoting whites over minorities.

  • July 31, 2015

    BofA, Merrill Lynch Can't Shake OT Action By Adviser Trainees

    A New York federal judge on Friday refused to dismiss a suit accusing Bank of America Inc. and subsidiary Merrill Lynch & Co. Inc. of stiffing financial adviser trainees on overtime pay and agreed to conditionally certify the case as a class action.

  • July 31, 2015

    $400M Pfizer Class Action Deal Gets OK From Judge

    A New York federal judge on Thursday granted final approval of a $400 million settlement that ends a class action accusing Pfizer Inc. of misleading investors about illegal off-label drug marketing, though some investors may not get much with a recovery rate of 15 cents per share.

  • July 31, 2015

    NY Ethics Panel Explains Confidentiality Of Consultations

    Lawyers owe a duty of confidentiality to prospective clients who consult with them about possible representation, and any information a lawyer learns during a consultation that could potentially be embarrassing or detrimental to a prospective client should not be disclosed, according to the New York State Bar Association’s ethics committee.

  • July 31, 2015

    GE Mortgage Can't Escape BNY Mellon's $900M RMBS Suit

    A Manhattan federal judge on Thursday denied General Electric Mortgage Holding LLC’s bid to exit Bank of New York Mellon’s suit accusing it and another mortgage company of falsely representing a $900 million mortgage-backed security trust with poor performance.

  • July 31, 2015

    Simpson Thacher, JPMorgan Sued Over $1.5 Billion GM Loan

    JPMorgan Chase Bank NA and Simpson Thacher & Bartlett LLP were slapped with a pair of suits Thursday by putative classes of more than 400 lenders in New York federal court, claiming they negligently authorized the termination of security interest in a $1.5 billion bankruptcy loan to General Motors LLC.

Expert Analysis

  • A Closer Look At Deflategate's Venue Battle

    Gregg Clifton

    As you can see from the separate filings made by the National Football League and the National Football League Players Association, the judicial forum where the Deflategate dispute will be decided is crucial. The NFL effectively utilized the first-to-file rule and gained a perceived early advantage at this phase of the litigation, says Gregg Clifton, co-leader of Jackson Lewis PC's collegiate and professional sports practice group.

  • Redaction In Discovery: The State Of Affairs In NY

    Rena Andoh

    The question of whether redacting for nonresponsiveness is permissible has been raised with increasing frequency given the demands of modern discovery. The Federal Rules of Civil Procedure are silent on this issue, and the case law arising out of New York federal courts provides no definitive guidance. Perhaps the largest divide rests in the chasm between decisions that implicitly endorse the practice and those that prohibit it, sa... (continued)

  • Craft Beer's Growth Is Causing Congress To Brew Reforms

    Matthew P. McLaughlin

    In response to the craft beer industry's explosive growth, national policy surrounding alcohol regulatory reform has been one of modernization, not the elimination of three-tier distribution systems and state franchise laws. However, while some states have embraced this trend in a positive manner, others have been extremely resistant to change, says Matthew McLaughlin of Baker Donelson PC.

  • Betting On NY Gaming Commission's Casino Vendor Rules

    Laura McAllister-Cox

    Companies providing goods and services to casinos may find themselves in a New York state of mind this summer thanks to recently proposed rules governing vendor licensing for the nascent commercial casino industry in the Empire State, say attorneys at Greenberg Traurig LLP.

  • Putting The Brakes On Newman: 3 Recent Rakoff Decisions

    David I. Miller

    Judge Jed Rakoff’s recent instructive decisions have set the stage for a closer analysis of Newman’s potential effect on future insider trading cases. Indeed, in its petition for a writ of certiorari, the government uses Judge Rakoff’s decisions to support its arguments to the U.S. Supreme Court, say attorneys with Morgan Lewis & Bockius LLP.

  • Prosecution Of Off-Label Speech In A Post-Caronia World

    Emily L. Pincow

    At the heart of the dispute in Amarin Pharma Inc. v. U.S. Food and Drug Administration before the Southern District of New York is the complaint that the federal government cannot prosecute the simple promotion of a drug’s off-label use because such an interpretation raises First Amendment concerns, says Emily Pincow of Weil Gotshal & Manges LLP.

  • UPenn Fracking Study Can't Give Plaintiffs Causation

    Harry Weiss

    Despite the media attention surrounding a recent University of Pennsylvania study linking increased hospital visits for cardiac and neurological complaints with hydraulic fracturing, it is unlikely to significantly help plaintiffs looking to establish causation, say Harry Weiss and Philip Yannella of Ballard Spahr LLP.

  • OPINION: On Porous Borders

    Judge Eliza Klein

    Since 2008, funding of the border patrol has doubled. Meanwhile, funding of the immigration courts has stagnated. The case load has grown from slightly less than 263,000 cases nationwide to slightly more than 450,000 — over 2,000 cases per judge. We must do better, says Judge Eliza Klein, of counsel to Gil Law Group and a former immigration court judge for more than 20 years.

  • FIFA Avoids Concussions — For Now

    Ronald S. Katz

    Amid its well-publicized legal woes, FIFA recently dodged a legal bullet when it was dismissed with prejudice from a concussion class action filed by soccer players and parents. However, it is not likely that this speck of good fortune will last, for at least three reasons, says Ronald Katz, head of Manatt Phelps & Phillips LLP's sports law practice.

  • And Now A Word From The Panel: The Rocket Docket!

    Alan Rothman

    As we celebrate the 46th anniversary of mankind’s first walk on the moon, this month’s column tracking the Judicial Panel on Multidistrict Litigation appropriately explores the impact of the “rocket docket” on the selection of an MDL venue. We have discussed various venue selection factors, but is the perceived speed with which a district handles cases relevant? asks Alan Rothman of Kaye Scholer LLP.