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New York
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May 15, 2013
JC Flowers Puts Up $1.2B For British Debt Collector
Private equity firm J.C. Flowers & Co. LLC will swallow up British debt collector Cabot Credit Management in a deal with AnaCap Financial Partners LLP reportedly worth more than $1 billion, the firm's latest move to crack deeper into the U.K., the seller said Wednesday.
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May 15, 2013
Deutsche Bank Unit Can't Duck $330M MBS Suit
A New York state judge Tuesday declined to dismiss a $330 million suit accusing a Deutsche Bank AG affiliate of making false statements about the quality of loans underlying its mortgage-backed securities, saying the suit fell within the appropriate statute of limitations.
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May 15, 2013
Monomoy Cut Auto Co. Out Of Acquisition, NY Court Told
A Cleveland auto parts manufacturer's attorney told a New York state appeals court Wednesday that private equity firm Monomoy Capital Partners LP should face allegations it went behind the company's back to cut it out of a developing deal to buy another automotive supplier.
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May 15, 2013
AMR Wins Right To Sell $215M Tulsa Bonds
A New York bankruptcy judge gave AMR Corp. the green light Friday to sell more than $215 million in debt related to the Tulsa, Okla., airport, providing the company with a potential boost as it moves forward with its Chapter 11 bankruptcy proceedings.
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May 15, 2013
NYC Ordered To Extend Sandy Hotel Aid Program
A New York state judge on Wednesday ordered New York City to extend housing assistance to certain residents rendered homeless by Superstorm Sandy past a planned end date of May 31, saying the city failed to properly inform the victims that it would soon stop paying for their hotels.
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May 15, 2013
Citi Brings In $1.4B For Brazilian Credit Card Unit
Citigroup Inc. has agreed to unload its Brazilian consumer finance operations to Brazil's largest private-sector bank, Itau Unibanco Holding SA, for roughly 2.8 billion reals ($1.38 billion) in cash, the companies said Tuesday.
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May 15, 2013
Dissident Quigley Creditors Now Support Ch. 11 Plan
Defunct Pfizer Inc. unit Quigley Co. Inc. now has a clearer path to exiting its eight-year bankruptcy after a holdout group of creditors moved Monday to reverse their votes and support the reorganization plan designed to resolve the company’s multibillion-dollar asbestos liability.
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May 15, 2013
NFL Goes To NY Appeals Court For Concussion Suit Coverage
The National Football League recently took its sprawling insurance fight over former players' head injury suits to a New York appeals court, challenging a trial court's refusal to toss claims brought by a slew of insurance carriers.
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May 15, 2013
Freddie Mac Asks 2nd Circ. To Affirm Toss Of Investor Suit
Freddie Mac on Tuesday urged the Second Circuit to affirm the dismissal of a proposed class action accusing it of misleading investors, saying a trial judge properly found the government-backed mortgage buyer did not conceal facts that, once revealed, caused investor losses.
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May 15, 2013
Top NY Officials Rapped For Secret Lopez Sleaze Settlement
Disgraced Brooklyn Assemblyman Vito Lopez has avoided criminal charges for subjecting staffers to sexual harassment, but a Staten Island prosecutor criticized a top legislative leader — and the state attorney general's office — on Wednesday for bottling up the matter and approving a secret settlement.
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May 15, 2013
Apple Blasts 'Ringmaster' Label In E-Book Price-Fixing Case
The U.S. Department of Justice described Apple Inc. in documents released Tuesday as the “ringmaster” of an alleged conspiracy with major publishers to fix e-book prices, but Apple fired back, saying it had actually acted independently, in the interest of its own business.
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May 15, 2013
Goldman Dodges Insurer's $63M MBS Suit In 2nd Circ.
The Second Circuit on Wednesday refused to revive a $62.5 million Liberty Mutual Insurance Co. suit alleging Goldman Sachs & Co. hid Fannie Mae’s exposure to toxic loans while underwriting the mortgage giant's securities deals in 2007, calling the case a "classic example of pleading fraud by hindsight."
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May 14, 2013
Aereo Fires Back At Networks' IP Claims In Streaming TV Row
Streaming Internet TV provider Aereo Inc. on Tuesday fired back against networks including NBC Studios LLC suing it in New York federal court for rebroadcasting their content without a license, citing the Second Circuit’s ruling that Aereo's service does not involve public performances of copyrighted shows.
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May 14, 2013
Fortress Says $350M Loan To Arcapita Beats Goldman's Offer
Fortress Investment Group LLC on Monday objected to a $350 million bankruptcy exit loan proposed for Arcapita Bank BSC by Goldman Sachs International, arguing the Bahraini bank had passed over Fortress' offer of similar financing for the same amount on better terms.
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May 14, 2013
US Trustee, Capstone Throw Last Punches In GSC Ethics Row
The U.S. Trustee’s Office and Capstone Advisory Group LLC on Tuesday took their final swipes at each other over the trustee’s allegations of the firm’s ethical violations in GSC Group Inc.'s bankruptcy, a case the judge said was fraught with “massive, massive inattention to detail.”
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May 14, 2013
Goldman's Blankfein Needn't Testify In $1B Toxic Assets Suit
Goldman Sachs Group Inc. CEO Lloyd Blankfein escaped having to testify in an investor class action accusing Goldman of using collateralized debt obligations to unload $1.2 billion in toxic subprime mortgage-related assets onto hapless investors, a New York federal judge ruled Tuesday.
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May 14, 2013
Nomura Escapes Suit Over $99M in MBS Trust Losses
A New York state judge on Friday threw out a $99 million lawsuit over allegedly defective mortgage-backed securities issued by Nomura Credit & Capital Inc., finding the majority investor in a loan trust waited too long to sue the bank for failing to repurchase securities.
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May 14, 2013
EMI Wins Bid For Review In MP3Tunes Copyright Row
A New York federal judge on Tuesday partially granted EMI record labels' motion to reconsider a 2011 ruling that found that defunct music storage service MP3TunesLLC was protected by safe harbor laws, saying the decision relied on another ruling that was later reversed.
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May 14, 2013
Chevron Brass Must Testify In RICO Suit Over $19B Judgment
The New York federal judge overseeing a racketeering suit related to a $19.2 billion Ecuadorean pollution judgment against Chevron Corp. on Tuesday upheld a magistrate's ruling that the company’s CEO and general counsel must give depositions, saying there was no legal reason to overturn the decision.
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May 14, 2013
Smaller Sandy Buyout Sparks Fears Over Future Storm Costs
While buyouts for some New York homeowners smacked by Superstorm Sandy are still in the offing, the relocation program's scale has shrunk from the size initially envisioned by Gov. Andrew Cuomo, leading some environmentalists to lament the potential for a costly repeat of the hurricane's damage.
Expert Analysis
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Sound The Alarm: Uninjured Plaintiffs Now Have Standing
The recent Second Circuit decision in National Resources Defense Council v. U.S. Food and Drug Administration sets a concrete example of the potential of Administrative Procedure Act actions involving products that are not yet proven harmful, sounding a warning alarm for regulatory agencies and manufacturers, says Jesse Morris of Weil Gotshal & Manges LLP.
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Summa V. Hofstra — A Cautionary Tale For Employers
The Second Circuit's recent decision in Summa v. Hofstra University provides a clear lesson to employers: When employers learn that their employee is being harassed, they need to not only quickly stop the harassment but also ensure that the harassed employee does not face retribution for raising the issue in the first place, say attorneys with Katz Marshall & Banks LLP.
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UMG Ruling Brings More Consistent Approach To DMCA
Although the Ninth Circuit in UMG Recordings Inc. v. Shelter Capital Partners LLC has moved toward the Second Circuit’s more plaintiff-friendly interpretation of the Digital Millennium Copyright Act’s “right and ability to control” provision, both circuits have set a high evidentiary bar for plaintiffs to surmount in order to deprive a service provider of safe-harbor protection, say attorneys with Weil Gotshal & Manges LLP.
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What The Future Holds For Fracking In NY
Two major decisions — one from a New York state appeals court on a municipality's ability to regulate natural gas exploration through home rule powers and another from a state agency on whether health effects of high-volume hydraulic fracturing have been sufficiently addressed — are expected in the spring of 2013 and will largely determine the extent to which fracking will occur in New York state, say attorneys with Nixon Peabody LLP.
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More Corporate Crime Victims Recovering Investigation Fees
Goldman Sachs Group Inc.’s fee recovery in the Gupta case adds to a growing line of cases allowing corporate crime victims to recover legal fees spent on internal investigations launched to uncover criminal activity. As white collar criminal defense lawyers evaluate whether to plead out their solvent white collar clients or roll the dice at trial, they need to be aware that their clients could be on the hook for these attorneys' fees, say attorneys with Orrick Herrington & Sutcliffe LLP.
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Broadcasters Strike Out In Aereo Ruling
The Second Circuit recently held that Aereo Inc., which provides a service that streams local broadcast TV programming to subscribers, does not violate any copyrights of the broadcasters because the service does not constitute a transmission to the public. The broadcast industry now has three outs, with the Aereo case, the Cablevision case and the recent “Hopper” case, says Andrew Goldstein of Freeborn & Peters LLP.
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What Does Cooperation Buy You?
Does cooperating really provide insider trading defendants with tangible benefits? Based on our analysis of cases in the past three years, cooperation with the U.S. Attorney’s Office for the Southern District of New York yields significant benefit — cooperators on average received lower overall sentences than noncooperators, say attorneys with Morrison & Foerster LLP.
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How Lawyers Benefit From Early Neutral Evaluation
Early neutral evaluation usually asks a retired judge to consider one party’s case, as if preparing to rule on summary judgment or presiding over a bench trial. Effective evaluation can supply a reality check on a case — it gives the lawyer the gift of seeing the case as others see it, says James Rosenbaum, a panelist with JAMS and former U.S. district judge for the District of Minnesota.
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New Facebook Notification: 'You've Been Served'
While the facts of FTC v. PCCare247 Inc. in the Southern District of New York are unique, this case and recently proposed Texas legislation may signal a U.S. trend toward considering, in appropriate circumstances, the use of social media to reach foreign litigants, says Jason Gonder of Haynes and Boone LLP.
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Inside EPA's Plan For Startups, Shutdowns And Malfunctions
The U.S. Environmental Protection Agency recently proposed a state implementation plan requiring 36 states to revise their provisions governing excess emissions associated with emission unit or control device startups, shutdowns and malfunction events. The agency has effectively offered to split the difference between the goals of environmental groups and industry, says Stacie Fletcher of Gibson Dunn & Crutcher LLP.