An attorney for a proposed class of financial advisers for UBS AG's broker-dealer unit on Friday urged the Second Circuit to find they cannot be forced to arbitrate their overtime claims, saying waivers of class actions are void under Financial Industry Regulatory Authority rules.
JPMorgan Chase & Co. will pay $99.5 million to exit an antitrust class action alleging the bank was part of a conspiracy to rig the approximately $5 trillion-per-day foreign exchange market, according to court documents filed Friday.
Shake Shack Inc.’s upsized initial public offering, led by Latham & Watkins LLP, snatched the spotlight this week as a total of 10 companies, including an electricity-focused real estate investment trust and eight life sciences companies, together raised nearly $1.2 billion, suggesting 2015 is shaping up to be another record-setting year.
AP Moller-Maersk has opened up discussions with "Asian shipbuilders" concerning a possible $1.5 billion purchase of as many as 10 container mega-ships, while U.S. towboat operator Marquette Transportation Co. LLC is looking into a sale that could value the company at upwards of $1 billion.
New York state Sen. John J. Bonacic told a room of lawyers on Friday that he believes the state's casino license winners will survive litigation attempts to block the projects and that with Albany reeling from Assembly Speaker Sheldon Silver's indictment, lawmakers’ outside employment should be banned to avoid corruption temptation.
After a sluggish December, the door between the public and private sectors started spinning again in earnest in January, highlighted by former Delaware Attorney General Beau Biden's move to Grant & Eisenhofer PA and Boies Schiller & Flexner LLP's marquee hiring of three assistant U.S. attorneys from the Southern District of New York.
An Emmes Asset Management fund has reportedly dropped $76 million on a Brooklyn apartment property, while Capital One is said to have grabbed nearly 40,000 square feet in New York, and Times Property Holdings has reportedly paid $213 million for land parcels in the south of China.
A New York appeals court upheld the dismissal of a negligent-misrepresentation claim in a $128 million suit alleging TCW Asset Management Co. lied to investors about the value of a collateralized debt obligation, ruling TCW was not in a position of trust as collateral manager for the mortgage-backed securities.
New York-based master limited partnership Sol-Wind Renewable Power LP said Thursday it is eyeing an up-to-$182.7 million initial public offering as it looks to capitalize on the growing renewable energy industry, part of a string of MLPs that have tapped the public markets over the past year.
The Second Circuit was openly critical of a six-factor U.S. Department of Labor test backed by both the agency and former unpaid interns pursuing closely-watched wage class actions against the Hearst Corp. and Fox Entertainment Group Inc. at oral arguments Friday morning.
A New York bankruptcy judge on Thursday trimmed a lawsuit alleging TPG Capital and Apax Partners LLP milked $1.1 billion from Hellas Telecommunications (Luxembourg) II SCA before its insolvency, limiting potential clawback liability to the firms’ U.S.-based investment funds.
Shake Shack Inc's shares soared nearly 136 percent in its trading debut Friday, leaving its increased initial public offering price in the dust as investors clamored for a bite of the beloved Manhattan-born hot dog and burger joint.
Liberty Reserve tech worker Maxim Chukharev received a three-year prison sentence Friday for his role in aiding the unlicensed money-transmitting business that assisted Ponzi schemers and other criminals, but received no probation, restitution or fine and will be able to return to his family home in Costa Rica upon leaving federal custody.
Even though the Federal Trade Commission is hoping to have its study of patent assertion entities done by the end of the year, neither lawmakers nor enforcers should wait to take action to improve the patent system or take on illegal behavior, FTC Commissioner Julie Brill said Thursday.
A pair of insurance industry groups on Wednesday urged a New York appellate court to uphold a lower court's groundbreaking decision to free two insurers from covering the infamous PlayStation Network data breach, contending that a ruling in Sony's favor would conflict with longstanding legal precedent.
Cablevision Systems Corp. on Thursday hit rival Verizon Communications Inc. with a false advertising suit in New York federal court, alleging Verizon’s recent advertising in the New York area promising the “fastest Wi-Fi” is a deliberate falsehood meant to undercut Cablevision’s business.
New York-based Shake Shack Inc. cooked up a $745 million valuation Thursday, pricing its initial public offering above expectations as ravenous investors gobbled up the fast-casual hot dog and burger joint.
U.S. District Judge Jed Rakoff on Wednesday resigned from a federal commission charged with determining standards for forensic science in the courtroom after the Department of Justice blocked the committee from considering the subject of pretrial forensic discovery.
Manatt Phelps & Phillips LLP has recruited a Debevoise & Plimpton LLP attorney with more than 20 years of real estate experience, including advising commercial lenders, pension funds and private equity firms, to bolster its New York office.
Silverstein Properties has reportedly paid more than $100 million for a New York development site, while Oxford Properties is said to have paid roughly $227 million for a Paris office property and GIC is said to be in discussions regarding future investment in Indian commercial and residential properties.
Although several state attorneys general have leveraged Dodd-Frank’s state action provisions to enforce and seek remedies under the Consumer Financial Protection Act, Lawsky v. Condor Capital Corp. marks the first time a state regulator has used them and it will likely prompt others to do the same, say Melanie Brody and Anjali Garg of K&L Gates LLP.
At first blush, the New York federal case JGB Enterprises Inc. v. Beta Fluid Systems Inc. presents a cautionary tale of what happens to the size status of a small business concern when it is acquired by a large business — it becomes large. However, imagine that JGB never intended to use Beta to perform work under the set-aside contract for which it was competing, say Ken Weckstein and Tammy Hopkins of Brown Rudnick LLP.
By finding that Section 316(b) of the Trust Indenture Act protects a bondholder’s ability to sue in the practical sense, and not just the procedural right to sue, the Southern District of New York may have given minority bondholders significant leverage in future negotiations with distressed companies and secured lenders, say attorneys with Latham & Watkins LLP.
With more precipitation in the forecast after winter storm Juno hit the Northeast, the threat of snow load roof collapse claims has suddenly become very real and insureds should consider whether a collapse has occurred under their policy and if time element coverages apply, says Seth Jackson of Zelle Hofmann Voelbel & Mason LLP.
While e-discovery remains a critical pain point in litigation, the "solutions" supporting its processes continue to evolve. In order to help organizations navigate the sea of options, we conducted research with 21 organizations across e-discovery market segments to understand the factors involved in successful e-discovery investments, says David Houlihan of Blue Hill Research Inc.
The Second Circuit’s opinion and subsequent denial of en banc review in the case of Fairfield Sentry Ltd. signals a paradigm shift in Chapter 15 jurisprudence. Parties seeking an independent review of a foreign order permitting a transfer or other actions affecting U.S. property may now have a powerful new basis on which to object in a U.S. court, say attorneys with Cadwalader Wickersham & Taft LLP.
A New York federal judge recently vacated previously accepted guilty pleas in U.S. v. Conradt, an insider trading prosecution brought under the “misappropriation” theory. There is now an increased likelihood that the Second Circuit’s decision in U.S. v. Newman will be read by other judges to apply to cases brought under both the classical and misappropriation theories, say attorneys with Patterson Belknap Webb & Tyler LLP.
At its December session, the Judicial Panel on Multidistrict Litigation considered the second attempt by a distributor of dietary supplements to create an MDL proceeding, raising the prospect of the first Hawaii MDL proceeding in nearly 20 years. But as we gear up for the panel hearing on Thursday, let's also consider how JPML trends of 2014 compare with prior years, says Alan Rothman of Kaye Scholer LLP.
The Southern District of New York’s opinion denying in large part two motions to dismiss filed by Caesars Entertainment Corp. in response to a lawsuit brought by noteholders is notable as being the first examination of Caesars’ pre-bankruptcy financial maneuvering and highlights some problems that could arise in the bankruptcy proceeding, says Mark Salzberg of Squire Patton Boggs LLP.
The Second Circuit last week declined to save a secured creditor who, as part of the termination of a $300 million General Motors financing, mistakenly also permitted the filing of a UCC3 termination statement pertaining to $1.5 billion in unrelated secured debt. The Second Circuit’s decision is not surprising, given long-standing case law, nor would the doctrine of mutual mistake help the bank, say attorneys with Troutman Sanders LLP.