New York

  • February 28, 2024

    NY Bar Assoc. Building Owner Hits Ch. 11 Amid Lender Tiff

    The company that controls the historic New York County Lawyers Association Building in Manhattan petitioned a New Jersey bankruptcy court for Chapter 11 protection Wednesday, estimating between $50 million and $100 million in debt, as it faces in New York a roughly $28 million lawsuit leveled by a mortgage lender.

  • February 28, 2024

    Brazilian Airline Approved For Ch. 11 Loan Worth $1B

    GOL Linhas Aereas Inteligentes SA received final bankruptcy court approval Wednesday for a debtor-in-possession financing package that has grown to $1 billion after achieving consensus with creditors that previously objected to the package.

  • February 28, 2024

    Amgen Seeks Dismissal Of Investor Action Over $11B Tax Bill

    Amgen had no obligation to disclose specific amounts of proposed adjustments to its taxes, the company told a New York federal court as it again demanded dismissal of a proposed class action alleging the company hid a $10.7 billion tax bill from investors.

  • February 28, 2024

    Bankrupt Coffee Co. Says Nicaraguan Asset Sale Unlikely

    Coffee supplier Mercon Coffee Corp. Wednesday told a New York bankruptcy judge it no longer believes it will be able to win government cooperation for the sale of its Nicaraguan assets before it runs out of cash to fund its Chapter 11 case.

  • February 28, 2024

    Ex-NYPD Officer Accused Of Forex Investment Fraud

    A former NYPD officer has been charged with using misrepresentations to induce people to invest in his foreign exchange fund and then paying them back with proceeds from future investors to give the appearance of legitimacy.

  • February 28, 2024

    MasterCard Loses Another Attempt To End Patent Case

    The Federal Circuit ruled Wednesday that MasterCard will have to continue litigating against a patent litigation outfit that the credit card company has been fighting for almost a decade over language in a 2005 patent licensing agreement, with one judge pointing out that the case "illustrates the importance of carefully reviewing the language in a covenant not to sue."

  • February 28, 2024

    Halkbank Immunity Gambit Doesn't Appear To Sway 2nd Circ.

    The Second Circuit did not appear keen Wednesday to dismiss criminal charges accusing Halkbank of laundering over $1 billion of Iran oil proceeds, after the U.S. Supreme Court directed arguments on the Turkish state-owned lender's assertion that common-law sovereign immunity protects it.

  • February 28, 2024

    Anderson Kill Litigator To Co-Lead GRSM50 Antitrust Group

    Gordon Rees Scully Mansukhani LLP has tapped a former Anderson Kill PC litigator with more than three decades of civil and criminal experience to co-chair its antitrust practice group, the firm announced on Wednesday.

  • February 28, 2024

    Trump Can't Freeze $465M Penalty But Can Seek Loans

    A New York state appellate judge on Wednesday refused to freeze the $465 million civil fraud judgment against Donald Trump while he appeals the award, but said the former president could take out loans to cover the cost of the judgment.  

  • February 28, 2024

    2nd Circ. Revives Asylum Bid Over Testimony Interruption

    The Second Circuit ruled that an immigration judge wrongly faulted an asylum-seeking Eritrean man for not testifying about being tied up and left outside after being interrogated by the Eritrean military, saying the judge didn't give the man a chance to.

  • February 28, 2024

    NY Judge In Trump Case Receives Suspicious White Powder

    A suspicious white powder spilled out of an envelope addressed to the judge who ruled against Donald Trump in his New York civil fraud case, prompting emergency personnel to flood the courthouse at 60 Centre St. in Manhattan on Wednesday.

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Justices Skeptical Of Workability In BofA Preemption Fight

    The U.S. Supreme Court appeared hesitant Tuesday to side with consumers who say that Bank of America and other national banks can't claim exemption from state laws in court without first proving "significant" interference from them, signaling practical concerns about what reversing a contrary Second Circuit decision could entail.

  • February 27, 2024

    Eagles Rocker Testifies His Draft Lyrics Were Stolen, Hawked

    Eagles singer and lyricist Don Henley took the stand this week in the criminal case against three men who allegedly tried to sell what prosecutors say were the rock star's stolen draft lyric sheets, telling a state judge he never wanted anyone to see his creative "detritus."

  • February 27, 2024

    NY Hospital Says PE-Owned Anesthesia Co. Monopolizes Care

    A hospital based in New York state says a private equity company that manages anesthesia services is exercising monopoly power and putting the hospital at risk of facing a "crippling shortage" of anesthesia providers, according to a suit filed in federal court. 

  • February 27, 2024

    Mohawk Nation Rejects 1796 Land Agreement, Court Told

    The Mohawk Nation says it has numerous outstanding issues regarding a proposed settlement with the state of New York over 2,000 acres of land stemming from a 1796 treaty, arguing that its concerns have yet to be addressed or considered relevant by the court or its present counsel as negotiations continue.

  • February 27, 2024

    Goldman's $4.6M Exec Compensation Deal OK'd By Chancery

    A Delaware Chancery Court judge on Tuesday approved a settlement deal in a derivative suit against Goldman Sachs Group alleging excessive compensation was paid to nonemployee directors, which includes an agreement by the company to change its compensation practices and reduce executives' pay by an estimated $4.6 million.

  • February 27, 2024

    Chinese Real Estate Giant KE Holdings Gets IPO Suit Trimmed

    A New York federal judge tossed a swath of claims against Chinese real estate giant KE Holdings and its executives in an investor suit claiming they overstated the number of agents and stores on its platform, which a short seller later said was false, leading the stock price to drop.

  • February 27, 2024

    Ch. 11 Trustee Says Bank Fraud-Tied Jewelry CEO Hid Assets

    The trustee for a bankrupt jewelry company allegedly tied to a $2 billion Indian bank fraud has filed a suit in New York bankruptcy court accusing the company's CEO of trying to hide a $7 million Manhattan apartment from creditors.

  • February 27, 2024

    Trial Over Ch. 11 Trustee In Eletson Bankruptcy Set For April

    A New York bankruptcy judge scheduled an April trial to determine whether to appoint a Chapter 11 trustee in the bankruptcy of Eletson Holdings, while directing the tanker company and its unsecured creditors to continue mediation.

  • February 27, 2024

    OpenAI Says NYT Suit Not Up To Own 'Journalistic' Standards

    OpenAI slammed The New York Times Co. for not meeting "its famously rigorous journalistic standards" with its complaint accusing the artificial intelligence company and Microsoft Corp. of ripping off Times content to train ChatGPT, with OpenAI alleging the newspaper hired a hacker to generate various examples of ChatGPT reproducing near-verbatim copies of articles.

  • February 27, 2024

    Katten Can't Drop Madoff Ch. 7 Clawback Client, Court Rules

    Katten Muchin Rosenman LLP must keep representing French investment fund Access International Advisors in a $2 billion lawsuit filed by the Chapter 7 trustee for Bernard L. Madoff Investment Securities, a New York bankruptcy judge has ruled, explaining that the potential fallout from dropping AIA ahead of discovery in the case overshadows Katten's concerns that it won't be paid.

  • February 27, 2024

    Macy's To Cut Stores, Focus On Luxury Amid Proxy Fight

    Macy's announced a plan Tuesday to close 150 stores, add new luxury-focused locations and monetize at least $600 million worth of its assets as it faces a proxy fight from activist investors that offered $5.8 billion for the company last month.

  • February 27, 2024

    Chevron's $53B Hess Buy Hits Snag Over Guyana Oil Dispute

    Chevron has revealed in a regulatory filing that Exxon Mobil Corp. and the China National Offshore Oil Corp. believe they have preemptive rights to buy Hess' stake in a lucrative oil project off the coast of Guyana, a hitch Chevron said could lead to failure to close its planned $53 billion acquisition of Hess. 

  • February 27, 2024

    Sidley Adds Weil's Privacy And Cybersecurity Head In NY

    The leader of Weil Gotshal & Manges LLP's privacy and cybersecurity group has joined Sidley Austin LLP after spending nearly her entire career at her previous firm, the firm said Tuesday.

Expert Analysis

  • 5 Takeaways From SEC's First Marketing Rule Action

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    The U.S. Securities and Exchange Commission's recent settlement — the first under the amended marketing rule — with Titan Global on charges that the fintech company misled investors shows investment advisers that they should expect close scrutiny of marketing materials and that their questions will only be answered through SEC enforcement, say attorneys at Mayer Brown.

  • Previewing Big Changes To NY's Finance Cybersecurity Rules

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    With the New York State Department of Financial Services likely to significantly amp up its cybersecurity requirements for financial institutions later this year, covered entities should prepare to adapt their technical security safeguards and employee protocols to comply with the proposed amendments, say attorneys at Squire Patton.

  • What Upholding Of Short-Term Rental Law Means For NYC

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    A New York state judge's dismissal of Airbnb's challenge against the Short-Term Rental Registration Law will benefit the city's hospitality industry and exert downward pressure on apartment rents, and potentially provide a model for other local governments around the U.S. to curb short-term apartment rentals, says Alexander Lycoyannis at Holland & Knight.

  • Lessons From High-Profile Witness Tampering Allegations

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    As demonstrated by recent developments in the cases against former President Donald Trump and FTX founder Sam Bankman-Fried, allegations of witness tampering can carry serious consequences — but attorneys can employ certain strategies to mitigate the risk that accusations arise, says Kenneth Notter at MoloLamken.

  • Ruling Clarifies Bankruptcy Courts' Class Action Jurisdiction

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    The Second Circuit’s recent ruling in Bruce v. Citigroup shines a light on the limits of bankruptcy court jurisdiction over class actions and provides leverage for defendants to enforce the idea that courts should grant motions to dismiss and strike class allegations, say attorneys at McGuireWoods.

  • If Binance Criminally Charged, Crypto Exchanges May Exit US

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    Unlike recent government enforcement actions against Ripple Labs and Terraform, which were isolated to those companies, should the U.S. Department of Justice pursue criminal charges against industry go-to crypto exchange Binance, it could mean exchanges deciding to stop servicing the U.S., says Andrew St. Laurent at Harris St. Laurent.

  • Opinion

    A New Strategy For Defending Spine Injury Claims

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    With spinal injury claims proliferating — often with verdicts in the seven-figure range — defense counsel can expand their current trial playbook by retaining experts to prepare and publish peer-reviewed scientific studies that can then be used in the courtroom to help juries understand the issues, says Nicholas Hurzeler at Lewis Brisbois.

  • 2nd Circ. Ruling Is Good For Syndicated Lending Stability

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    The Second Circuit’s recent Kirschner v. J.P. Morgan Chase decision reaffirms the long-held market practice that syndicated loans are not securities, representing a positive development for the continued strength of the syndicated lending market, and demonstrating the importance of structuring loan terms to avoid mischaracterization, say attorneys at Latham.

  • Fair Lending Activity: Calm On The Surface, Churning Below

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    The Consumer Financial Protection Bureau's recently released annual fair lending report to Congress confirms that despite the paucity of public fair lending enforcement actions in 2022, the CFPB and prudential banking agencies are engaged in significant nonpublic oversight, examination and enforcement activities, say attorneys at Cooley.

  • The Basics Of Being A Knowledge Management Attorney

    Excerpt from Practical Guidance
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    Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.

  • Gauging The Scope Of NYC's New AI Employment Law

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    Although employers have received some guidance on the requirements of New York City's new restriction on the use of automated employment decision tools, there are many open questions to grapple with as Local Law 144 attempts to regulate new and evolving technology, say attorneys at Gibson Dunn.

  • The 7 Most Notable FCRA Cases Of 2023 So Far

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    Both consumer reporting agencies and furnishers should take note of Fair Credit Reporting Act decisions by federal district and appellate courts so far this year, especially those concerning dispute processing and the distinction between legal and factual inaccuracies, say attorneys at Troutman Pepper.

  • Opinion

    Purdue Ch. 11 Case Exemplifies Need For 3rd-Party Releases

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    In the Purdue Pharma Chapter 11 case, the U.S. Supreme Court will eventually decide whether the Bankruptcy Code authorizes a court to approve third-party releases, but removing this powerful tool would be a significant blow to the likelihood of future victims being made whole, says Isaac Marcushamer at DGIM Law.

  • Mont. Kids' Climate Decision Reflects 3 Enviro Trends

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    A Montana district court's recent ruling in Held v. Montana represents a rare win for activist plaintiffs seeking to use rights-based theories to address climate change concerns — and calls attention to three environmental trends that are increasingly influencing climate litigation and policy, says J. Michael Showalter at ArentFox Schiff.

  • 3 Factors That May Complicate Jury Selection In Trump Trials

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    As former President Donald Trump prepares to face four trials in Georgia, Florida, New York and Washington, D.C., judges and attorneys in these venues may find it challenging to seat fair and impartial juries for several key reasons, says Richard Gabriel at Decision Analysis.

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