Bank of America Corp. agreed Wednesday to pay $20 million to settle part of a multidistrict litigation accusing it and other financial institutions of bid-rigging in the municipal bond derivatives market.
A former SAC Capital Advisors LP analyst turned government witness said Wednesday that his best tips for portfolio manager Michael Steinberg came from an illicit source, despite defense suggestions that some information came through legitimate channels.
Nelson Levine de Luca & Hamilton LLC has snagged a former top insurance executive from Prudential Financial Inc. for its regulatory team in New York, the firm said Wednesday.
British Airways PLC asked a New York federal judge Wednesday to reconsider his refusal to dismiss a proposed class action accusing the airline of imposing impermissible fuel surcharges on rewards flights, saying the judge relied on plaintiffs' allegedly erroneous statistical analysis.
Lenders who say they lost $767 million in a complex OppenheimerFunds Inc.-backed securities deal should have their allegations revived because they already have provable damages, the lenders' attorney told a New York appeals court panel during a hearing Wednesday.
A New York federal judge on Tuesday rejected Korean technology firm Simmtech Co. Ltd.’s motion to remand to state court its $73 million fraud suit accusing Citibank NA of duping Simmtech into investing in derivatives contracts to hedge against currency fluctuations by hiding risks.
Goldman Sachs Group Inc. was sued for fraud on Wednesday by a Singaporean investor who claims he lost over $34 million after the investment bank conned him into executing two exotic currency option trades by lying about the terms, while it reaped millions of dollars in commissions and fees.
A New York City woman who claims Macy's Inc. falsely accused her of shoplifting cannot convert her case into a class action because such incidents, which have attracted the attention of state law enforcement officials, differ too widely from each other, a state judge ruled Wednesday.
New proposed rules to limit the number and scope of questions New York lawyers can pepper each other with in corporate litigation were published Tuesday as the Empire State seeks to streamline how its beleaguered Commercial Division handles its growing caseload.
Charter air service provider Global Aviation Holdings Inc. asked a Delaware bankruptcy court late Tuesday to consider a plan for a stalking horse auction to a unit of Cerberus Capital Management LP, setting the floor with an as-yet undetermined credit bid against first-lien debt.
Federal regulators have approved a $130 billion deal between Verizon Communications Inc. and joint venture partner Vodafone Group PLC that will allow Verizon to gain full control of Verizon Wireless, the company said Wednesday.
Donald Trump asked the New York State Joint Commission on Public Ethics on Monday to investigate Attorney General Eric Schneiderman, claiming he solicited campaign contributions from Trump while investigating the real estate mogul's for-profit school for allegedly misleading students.
Customers suing AMR Corp. and US Airways Group Inc. once again were stymied in their efforts to block the airlines' merger when a New York bankruptcy judge on Wednesday rejected their request to halt the implementation of the joinder pending an appeal of an earlier decision.
The Center for Public Integrity painted a bleak picture Wednesday of the way state judges disclose potential financial conflicts, giving big states like Florida, New York, New Jersey, Pennsylvania and Texas failing or near-failing grades while mustering only middling praise for California and other, more transparent states.
The Second Circuit on Wednesday denied efforts by Consolidated Edison Co. to blame the destruction of a power substation on the contractors who designed 7 World Trade Center, saying the collapse could not be blamed on negligence alone given the unprecedented havoc of the 9/11 attacks.
Abbott Laboratories Inc. has settled a false advertising case with New York state, agreeing to pay $25,000 and stop using commercials that show energized children who drink its vitamin-enhanced SideKicks beverages scoring goals against sluggish kids who do not consume the product.
General Motors Co. will shed the last of its stake in former lending unit Ally Financial Inc. in a placement worth $900 million, while Men's Wearhouse — itself on a buyout hunt — is closing in on a deal that would send its discount clothing unit to Sycamore Partners.
Chemtrade Logistics Income Fund will buy General Chemical Corp. from New York private equity firm American Securities LLC for $860 million in cash, the companies said Wednesday, in a deal that Chemtrade said boosts its business in the worlds of water treatment chemicals, sulphuric acid and specialty chemicals.
The liquidating trustee for bankrupt Getty Petroleum Marketing Inc. launched a slew of adversary complaints Tuesday against Greenberg Traurig LLP and other creditors seeking to recover more than $7.7 million in debt the fuel company paid out in the months leading up to its insolvency.
Former Tyco International Ltd. CEO Dennis L. Kozlowski will be released on parole next month, after losing an earlier bid to get out of prison before the end of his 25-year sentence, according to his attorney.
A recent Federal Energy Regulatory Commission order will permit Rockies Express Pipeline to enter into transactions to transport shale gas east to west within its easternmost zone without triggering a rate reduction for its foundation and anchor shippers. Rockies Express’ ability to enter into such transactions will provide a new source of gas supply for Midwestern markets and an attractive outlet for Marcellus and Utica production, say attorneys with Van Ness Feldman LLP.
What is the thinking as to whether leaky air conditioner cases warrant multidistrict litigation treatment? On Dec. 5, the Judicial Panel on Multidistrict Litigation heads to Vegas to find out. This will bring a temperature shift in more ways than one from the September hearing, where the panel considered a potential MDL proceeding arising from allegedly defective clothes dryers, says Alan Rothman of Kaye Scholer LLP.
Five years ago, the Federal Trade Commission waded into the debate regarding the competition issues posed by “follow-on biologics.” Some three years after Congress provided a pathway for approval of such products, no follow-on biologic has been approved by the U.S. Food and Drug Administration. Now the FTC is revisiting the issue — particularly state restrictions, say attorneys with Wilson Sonsini Goodrich & Rosati.
The New York State Department of Financial Services is “requiring” about 200 banks “to answer questions in real time on Dec. 12 to assess their cybersecurity policies and processes.” But the DFS will not necessarily learn anything new from the Web-based, real-time surveys, nor is that the stated intent, say Ronald Sarachan and Zoe Wilhelm of Drinker Biddle & Reath LLP.
Three recent cases applied the economic substance doctrine, with quite different results, to the "structured trust advantaged repackaged securities" transaction, one of several foreign tax credit generators the IRS is aggressively challenging. These decisions likely foreshadow a fight in the circuit courts over STARS and the economic substance doctrine, say Robert Probasco and Lee Meyercord of Thompson & Knight LLP.
A new avenue of recovery has just been opened to Madoff victims. The U.S. Attorney for the Southern District of New York recently announced that the Madoff Victim Fund would begin accepting claims. Those who lost money invested with Madoff — indirectly or directly — should be aware of several aspects of the MVF so they can maximize their recovery, say James Masella and Jeremy Weinberg of Patterson Belknap Webb & Tyler LLP.
Organizations that handle personal information have an overwhelming need to screen out untrustworthy job applicants. However, a legislative trend aimed at reintegrating millions of ex-offenders into the workforce has picked up so much steam that this practice is now illegal in some jurisdictions, forcing employers to rethink whether they should ask the question at all, says Philip Gordon of Littler Mendelson PC.
Mandated law student pro bono programs have not worked in championing the causes of social justice for those unable to afford counsel. States would be far better off using their resources to insist on a legislative solution to a very troubling and persistent deficiency in the allocation of legal resources, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.
In Romanello v. Intesa Sanpaolo, the New York Court of Appeals found that under the city's Human Rights Law, there is no requested employee disability accommodation that is per se unreasonable, including a request for indefinite leave. At a minimum, an employer should carefully document its efforts to reach an accommodation, and its reasons for determining that a requested accommodation will be ineffective, say Terri Solomon and Jennie Woltz of Littler Mendelson PC.
Voters in Ohio and Colorado decided on Nov. 5, 2013, to prohibit certain oil and gas operations within several of their cities' limits. However, these new restrictions may end up being unenforceable, in whole or in part, due to the clashes they create between state and local regulatory authority, says Barclay Nicholson of Norton Rose Fulbright.