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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.