New York RSS

  • April 18, 2014

    2nd Circ. Won't Rehear $1B Antitrust Suit Against Microsoft

    The Second Circuit on Thursday refused to reconsider its decision affirming the dismissal of MiniFrame Ltd.'s $1 billion antitrust suit against Microsoft Corp. on the grounds that the Israeli PC-sharing software company failed to show that Microsoft’s Windows licensing rules constituted anti-competitive conduct.

  • April 18, 2014

    Stock Exchanges Hit With High-Frequency Trades Class Action

    The city of Providence, R.I., hit the Nasdaq Stock Market LLC and several other registered public stock exchanges, banks and brokerage firms with a proposed securities class action in New York federal court on Friday, accusing the defendants of manipulating the U.S. securities markets.

  • April 18, 2014

    Scholars Sue NYC To Stop Library Renovation

    A citizen advocacy coalition on Thursday sued the city of New York in state court, seeking to stop a proposed renovation of the main branch of the New York Public Library that was approved by ex-Mayor Michael Bloomberg, saying the plan would “mutilate” the historic building and the environmental review had been rubber-stamped.

  • April 18, 2014

    Citibank Blasted For Stalling In $3B Argentine Debt Row

    Hedge fund NML Capital Ltd. asked a New York federal court on Thursday to force several Citigroup Inc. units to hand over documents it needs in order to collect on billions of dollars owed by Argentina's government.

  • April 18, 2014

    RE Rumor Mill: Airbnb, Miami Transit, Chicago Hospital Deal

    Airbnb has now raised more than $800 million in preferred equity fundraising, the City of Miami Beach may be preparing to build a transit hub in South Beach, and a major Chicago hospital has purchased a 28-story office tower in the city for nearly $80 million.

  • April 18, 2014

    Sterling Foster Plaintiffs Fight Bear Stearns Win In Fraud Suit

    Plaintiffs accusing Bear Stearns & Co. of engaging in a scheme that led to the downfall of now-defunct securities firm Sterling Foster & Co. on Thursday appealed the dismissal the case, taking issue with the court's finding that they failed to show the company knowingly engaged in fraud.

  • April 18, 2014

    NY 'Rocket Docket' Set To Launch If Lawyers Get On Board

    The effort to speed cases in New York's overtaxed commercial courts took a big step forward Friday with the approval of rules allowing businesses to easily agree to eliminate civil litigation bugaboos like jury trials and punitive damages, but it remains to be seen if the lawyers who craft such agreements will take advantage.

  • April 18, 2014

    Insurers Not Liable For Sports Co.'s $3M Noncompete Row

    A New York appeals court on Thursday freed two insurers from footing a $3.2 million judgment against a sports equipment company accused of lifting trade secrets after luring a competitor's employee, finding the policies did not cover violations of a corporation's privacy rights.

  • April 18, 2014

    NY Times Needn't Cough Up Docs For Hospital Investor Spat

    A New York federal judge ruled Thursday that The New York Times Co. doesn't have to produce documents sought by a pension fund for an underlying investor suit accusing a health care operator of performing unnecessary, highly profitable cardiac procedures.

  • April 18, 2014

    JPMorgan Thwarts Jury Trial In Hedge Fund Revenue Row

    JP Morgan Securities Inc. beat out hedge fund Hayground Cove Asset Management LLC's bid for a jury trial, after a New York judge ruled Thursday that Hayground's claims weren't enough to undo a jury waiver in the parties' heavily disputed revenue-sharing agreement.

  • April 18, 2014

    Rajaratnam Brother Can't Nix Insider Trading Indictment

    A New York federal judge has refused to dismiss insider trading charges against Rengan Rajaratnam, the younger brother of convicted Galleon Group LLC founder Raj Rajaratnam, according to a ruling made public Friday.

  • April 18, 2014

    Car Service Agrees To Cough Up $3.5M In Driver Wage Suit

    Sunny's Limousine Service Inc. agreed to pay $3.5 million to settle a collective and putative class action brought on behalf of hundreds of drivers who said the car service stiffed them on minimum and overtime wages, the plaintiffs told a New York federal court Friday.

  • April 18, 2014

    NYC Tenants, CWCapital Nail $30M Deal In Housing Row

    The Stuyvesant Town-Peter Cooper Village Tenants Association reached a deal with CWCapital Asset Management LLC potentially worth $30 million Thursday, in a dispute over tax hikes related to recently approved improvements to the massive housing complex.

  • April 18, 2014

    2nd Circ. Could Curtail Insider Trading Prosecutions

    An impending Second Circuit ruling on whether the government should have to prove that recipients of insider trading tips knew their source stood to benefit from the disclosure could drastically limit prosecutors' ability to pursue charges against those further down the "daisy chain" from an illegal tip, experts say.

  • April 18, 2014

    Judge Trims German Bank's $160M MBS Suit Against UBS

    A New York state judge on Thursday largely trimmed a suit brought by Germany's fourth-largest bank against UBS AG and its subsidiaries over $160 million worth of mortgage-backed securities, leaving intact two fraud claims against them.

  • April 18, 2014

    EEOC Scores Settlements In 2 Pregnancy Bias Suits

    The U.S. Equal Employment Opportunity Commission announced Thursday that it had reached settlements in pregnancy discrimination suits against a New York-based office furnishing business and a Delaware trucking company, highlighting the agency's commitment to fighting bias against expectant mothers. 

  • April 18, 2014

    Lululemon Beats Investors' Too-Sheer Yoga Pants Suit

    A New York federal judge on Friday granted final dismissal to a consolidated securities class action against Lululemon Athletica Inc. and two principals over the fallout from its costly March 2013 recall of too-sheer yoga pants, finding claims of purportedly false statements by the company to be mere puffery.

  • April 18, 2014

    JPMorgan To Pay Madoff Victims $218M After Judge's OK

    A New York federal judge on Thursday finalized a $218 million settlement between JPMorgan Chase & Co. and victims of Bernard Madoff, ending a class action suit that accused the bank of turning a blind eye to the decadeslong Ponzi scheme.

  • April 18, 2014

    FTC Wants Closer Look At $25B Actavis-Forest Labs Deal

    The Federal Trade Commission is seeking more details on generic-drug maker Actavis PLC's proposed $25 billion acquisition of Forest Laboratories Inc., the companies said Thursday, adding scrutiny on a deal that is already under assault in New York court.

  • April 18, 2014

    AMR Can't Terminate Retiree Benefits, Judge Says

    The bankruptcy judge who oversaw AMR Corp.’s Chapter 11 case on Friday rejected the airline’s contention that it has the right to dump the cost of pension benefits onto retirees themselves, saying the benefits are protected in relevant documents.

Expert Analysis

  • EEOC Investigations Bear Growing Court Scrutiny

    Basil C. Sitaras

    Following a pattern of decisions over the past year, the U.S. Equal Employment Opportunity Commission recently suffered another significant defeat due to its investigation process. Given the implications of the EEOC's defeat against Sterling Jewelers Inc., we anticipate the commission will appeal on matters concerning its conciliation efforts with employers, and, because of a clear circuit split, the U.S. Supreme Court may be the final arbiter on this issue, says Basil Sitaras of Day Pitney LLP.

  • Roadblocks To D&O Coverage For Subpoena Response Costs

    Benjamin D. Tievsky

    While it must be emphasized that a policyholder’s entitlement to coverage is dependent upon the precise language of the policy at issue and the specific facts of each case, the recognition by many courts that a subpoena is a “claim” under D&O policies opens the door for potential recovery in a variety of circumstances, says Benjamin Tievsky of Orrick Herrington & Sutcliffe LLP.

  • Light On The Horizon For 'Bad Boy' Guarantors

    Janice Mac Avoy

    In keeping with commercial real estate guarantors’ expectations of what it means to sign a “bad boy” guaranty, the Southern District of New York’s ruling in CP III Rincon Towers v. Cohen has turned the tide against recent decisions that purport to apply “plain language” in a way that causes commercially unreasonable and absurd results, say Janice Mac Avoy and Gregg Weiner of Fried Frank Harris Shriver & Jacobson LLP.

  • ALI Principles Of Insurance Should Concern Industry

    Randy J. Maniloff

    Far from being some secret Skull and Bones-like project, the American Law Institute's Principles of Liability Insurance are presently the most talked-about subject among liability insurance professionals. As for their possible significance for liability coverage issues, there wouldn’t be all this talk if there were nothing to see, says Randy Maniloff of White and Williams LLP.

  • Stop And Read Your Slowdown Insurance Policy

    Allen R. Wolff

    Insurance should cover income loss not only when operations are completely shuttered, but also when your business is partially suspended — a distinction important to hotel owners and operators, with services more likely to operate on a reduced level after a loss. Today, some policies affirmatively state the extent of business slowdown coverage to avoid court decisions that narrowly interpret coverage extended under older policy forms, say Allen Wolff and Vianny Pichardo of Anderson Kill PC.

  • What Will Gov't Seek To Prove In Rajaratnam Brother Case?

    Michele Adelman

    More courts than not have found that the government bears the burden of proving that a remote tippee knew that the tipper received some form of personal benefit, so the inevitable question is whether the government will reverse course and seek to prove that Rajarengan Rajaratnam knew that his brother Raj's tippers received a personal benefit, rather than running the risk of having a reversal of any conviction of Rajarengan, says Michele Adelman of Foley Hoag LLP.

  • Baidu Ruling Reinforces Search Engine Immunity

    Joshua Fowkes

    The ruling by the Southern District of New York in Zhang v. Baidu strongly supports the principle that search engines and e-commerce sites are immune from legal claims based on how they retrieve, present and rank information and products. This result is particularly important because high rankings on Google, Amazon and other powerful search engines are critical for companies conducting e-commerce, says Joshua Fowkes of Arent Fox LLP.

  • Beware 'Jewel' Risks In Lateral Partner Hiring

    Pamela Phillips

    Jewel litigation has been filed after every major law firm bankruptcy in the past 10 years, including Lyon & Lyon, Brobeck, Coudert, Thelen, Heller and Howrey. These lawsuits have produced years of litigation, with similar suits expected in the Dewey bankruptcy. Despite the legal uncertainties surrounding such claims, hiring firms can take steps now to minimize their Jewel risk for any lateral hire, say attorneys with Arnold & Porter LLP.

  • Consequential Damages Clause At Heart Of $100M Dispute

    Rick Robinson

    In Biotronik AG v. Conor Medsystems Ireland Ltd., the New York Court of Appeals ruled that a no consequential damages clause in a distribution agreement did not preclude the distributor from proceeding with a claim for lost profit damages. A manufacturer must recognize that, if it breaches an agreement, the clause may not protect it from claims on the sale of a product had the agreement not been breached, say Rick Robinson and Glen Banks of Norton Rose Fulbright.

  • Lawful Firings In NY May Hinge On 'Interactive Process'

    Courtney Stieber

    William Jacobsen v. New York City Health and Hospitals Corp. makes clear that, in order to escape trial and prevail on summary judgment, an employer generally must present evidence that it engaged in the "interactive process" regarding employee-requested accommodations. The decision solidifies a line of recent appellate decisions on an employer’s obligations toward disabled employees, say Robert Whitman and Courtney Stieber of Seyfarth Shaw LLP.