New York

  • July 22, 2014

    Club Owner Sues Deutsche For $1M Over Broken Loan Pact

    A businessman whose endeavors include a pair of strip clubs sued Deutsche Bank Securities Inc. for $1 million in New York state court on Monday, claiming the bank unfairly reneged on a $17 million refinance loan based on his involvement in the adult entertainment business, despite the fact he disclosed that information up front.

  • July 22, 2014

    Weil, Goodwin Advise On Yahoo's $300M Deal To Buy Flurry

    Yahoo Inc. said Monday it would buy mobile analytics startup Flurry Inc. for a reported $300 million, with teams from Weil Gotshal & Manges LLP and Goodwin Proctor LLP advising on either side of the deal.

  • July 22, 2014

    US Foods Accuses Ex-Managers Of Conspiring With Rival

    US Foods Inc. on Monday sued rival Latina Boulevard Foods LLC and former employees in Illinois federal court, alleging that Latina poached US Foods managers, who shared their former employer's trade secrets and conspired to snatch away its customers.

  • July 22, 2014

    Ex-Faruqi & Faruqi Atty's Defamation Claims Stand

    Faruqi & Faruqi LLP will have to face former associate Alexandra Marchuk’s claims that it defamed her with a press release about counterclaims it filed against her in the sexual harassment lawsuit she lodged last year, a New York federal judge said Tuesday.

  • July 22, 2014

    'We Don't Compete On Price,' AmEx Exec Testifies

    An American Express executive testified Tuesday during the government’s antitrust trial against the credit card company that the company does not compete on cost and seeks a premium rate from merchants for the additional business it brings them.

  • July 22, 2014

    KPMG Beats Auditors' OT Claims In 2nd Circ.

    The Second Circuit ruled Tuesday that despite their entry-level positions, KPMG LLP audit associates have a level of specialized knowledge and professional discretion that makes them exempt from federal overtime requirements.

  • July 22, 2014

    GM's Previous Ignition Switch Disclosures Sought In MDL

    General Motors LLC should immediately produce all pre-discovery disclosures in the multidistrict litigation over its deadly ignition switches and their impact on the value of GM cars because the documents were already handed over to the federal government, according to a Monday letter to a New York federal judge.

  • July 22, 2014

    Tappan Zee Loan Fight Could Delve Into Uncharted Waters

    If a fight over a $256 million New York interagency loan for the $3.9 billion new Tappan Zee bridge lands in court, experts say the case may hinge on the novel question of whether clean-water funds must be used to affirmatively protect the environment or whether they can be used to mitigate damage done by massive projects.

  • July 22, 2014

    Judge Pleads With Argentina, Funds To Settle Bond Dispute

    The New York federal judge overseeing Argentina’s fight with investment firms holding around $1.5 billion in government bonds on Tuesday pled with both sides to reach a settlement of the dispute ahead of an end-of-the-month deadline that will cause Argentina to default on its debt.

  • July 22, 2014

    Citigroup Safe From FINRA Arbitration After $590M Settlement

    A New York federal judge ruled Tuesday that Citigroup Inc. is not subject to a Financial Industry Regulatory Authority arbitration over claims its stock plummeted after it concealed securitized-loan losses, saying the arbitration would violate an existing $590 million federal court settlement over the claims.

  • July 22, 2014

    RE Rumor Mill: AIG, Zurich, Urban Compass

    AIG affiliates have loaned $113 million against a Lower Manhattan office property, while Zurich Alternative Asset Management has to pay $87 million for a California apartment complex and Urban Compass signs for 25,000 more square feet in New York.

  • July 22, 2014

    Lehman's Swiss Arm Demands $71M Under Citi Trading Pacts

    The liquidator for Lehman Brothers Holdings Inc.'s Swiss subsidiary sued three Citigroup Inc. units on Monday to invalidate set-off provisions in derivatives trading contracts that they are allegedly using to withhold $71 million, saying that enforcing the terms would violate U.S. bankruptcy law.

  • July 22, 2014

    AT&T-Verizon Class Arbitration Appeal Called Improper

    Plaintiffs accusing AT&T Mobility LLC, Verizon Wireless and others of engaging in an anti-competitive bulk commercial text message conspiracy urged a New York federal judge on Monday to not stay the proceedings, arguing the carriers improperly appealed the applicability of class arbitration to the Second Circuit.

  • July 22, 2014

    Nomura Still On Hook Over $764M Of RMBS

    A New York state judge has refused to dismiss a suit against Nomura Credit & Capital Inc. over $764 million worth of failed mortgage-backed securities, saying a key clause in the purchase agreement supports damages claims Nomura had disputed.

  • July 22, 2014

    Rakoff Wisecracks Again Over SEC's 'No Admit' Policy

    Judge Jed Rakoff, a frequent critic of the U.S. Securities and Exchange Commission’s “no admit, no deny” settlements, used the policy to razz an agency lawyer on Tuesday after she declined to take a firm position on a key issue in an insider trading case.

  • July 22, 2014

    Brooklyn Residents Sue To Block NY Methodist Expansion

    A group of Park Slope, Brooklyn, residents have launched a suit against the city of New York and New York Methodist Hospital seeking to reverse approvals the Board of Standards and Appeals gave for the hospital's controversial 485,000-square-foot expansion.

  • July 22, 2014

    NY Judge Tosses $600M Empire State Building Class Action

    A New York state judge has tossed a $600 million class action alleging the Empire State Building's managers cheated investors by rolling up the building into a real estate investment trust, saying the suit is barred by a previous settlement agreement.

  • July 22, 2014

    Midtown CRE Values Near '07 Peak, But Boom May Not Last

    Commercial real estate values in Midtown Manhattan are close to their 2007 precrash peak and could soon pass it, according to new data released this month, but some experts say macroeconomic changes like rising interests rates could reverse the trend in the coming months.

  • July 22, 2014

    Zuckerberg To Testify Against Alleged Facebook Scammer

    The government plans to call Facebook Inc. founder Mark Zuckerberg as a witness in the November trial of Paul Ceglia, a businessman charged with filing sham litigation seeking a 50 percent stake in the company, a federal prosecutor said in New York court on Tuesday.

  • July 22, 2014

    Ballard Spahr Snags Ally Financial Auto Finance Pro In NY

    Ballard Spahr LLP has lured a former Ally Financial Inc. in-house counsel with years of experience in auto financing and leasing, to join its consumer financial services group in New York, the firm said Tuesday.

Expert Analysis

  • Lines Drawn In Tesla Direct Sales Battle

    Robert A. Zinn

    Given Tesla’s current tiny share of the U.S. auto market, the debate over Tesla’s direct sales to consumers may seem like much ado about nothing. But the direct sales model is also being studied by both new Chinese automakers and mainstream U.S. and global manufacturers as they plan their future U.S. marketing strategies, says Robert Zinn of Carlton Fields Jorden Burt LLP.

  • Handling Hurricane Insurance Claims Post-Sandy

    Christopher C. Loeber

    With the second anniversary of Superstorm Sandy approaching, if a company has not resolved all of its Sandy-related claims by October the opportunity could be lost forever, say Christopher Loeber and Michael DiCanio of Lowenstein Sandler LLP.

  • VIDEO: Lacoste North America CEO Discusses US Market

    Anthony Lupo

    Shedding light on the lifestyle brand’s strategic initiatives in the U.S., as well as real estate law and the importance of Fifth Avenue, Lacoste North America president and CEO Francis Pierrel sat down for a video interview with Anthony Lupo, co-chairman of Arent Fox's IP practice and chairman of the firm's fashion, luxury goods and retail group.

  • An Inventive Way To Remove Pure State Court Claims

    Michael E. Blumenfeld

    Nondiverse state court defendants facing purely state law claims that seek to secure federal jurisdiction should determine whether a good faith basis exists to pursue a third-party action against a federal actor in order to trigger the representative U.S. Attorney’s certification and remove such claims under the Westfall Act, say Michael Blumenfeld and Jonathan Singer of Miles & Stockbridge PC.

  • Beyond Citigroup: A Look At Corporate Settlements

    Kirsten Mayer

    A decision in Better Markets Inc. v. United States Department of Justice may provide more clarity on the scope of Executive Branch discretion in resolving corporate cases and whether there is any role for “public interest” litigation in such matters, say attorneys with Ropes & Gray LLP.

  • BDO Seidman Continues To Rule NY Restrictive Covenants

    Richard I. Janvey

    When drafting restrictive covenants in New York, employers and their counsel need to keep in mind the seminal appellate case BDO Seidman v. Hirshberg, which lays out what constitutes a reasonable covenant while setting the terms for what will be judicially enforced in the state, say Richard Janvey and Joan Secofsky of Diamond McCarthy LLP.

  • Madoff Foreign Entanglement Ruling Unsurprising

    Michael L. Cook

    U.S. District Judge Jed Rakoff’s recent decision to block the Madoff Securities trustee's ability to recover customer funds transferred abroad by foreign feeder funds is hardly novel in view of U.S. Supreme Court and Second Circuit precedent, says Michael Cook of Schulte Roth & Zabel LLP.

  • NY Insurers May Benefit From Lower Disclaimer Standard

    Joanna M. Roberto

    The New York Court of Appeals' recent decision in KeySpan Gas East Corp. v. Munich Reinsurance America Inc. affirmed the limited application of the statutory standard to only bodily injury and death claims, thereby recognizing that the heightened standard was not appropriate for environmental and property damage claims, say Joanna Roberto and Paul Steck of Goldberg Segalla.

  • 2nd Circ.'s Not-So-Subtle Wink To District Court Judge

    Jed M. Silversmith

    In United States v. Park, the Second Circuit handed the government a rare victory by vacating a district court's probationary — rather than prison — sentence for tax fraud, but the government’s victory may be pyrrhic, says Jed Silversmith, of counsel at Blank Rome LLP and a former federal prosecutor.

  • Minimum Wage Mania Among Cities And States

    James S. McNeill

    The trend of indexing minimum wage increases to the Consumer Price Index will have significant, long-term implications for states and municipalities, telling us two things: minimum wage rates will likely continue to rise annually and will bring with them an increase in potential wage liability exposure for employers, say James McNeill and Peter Stockburger of McKenna Long & Aldridge LLP.