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New York
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May 20, 2013
GrubHub, Seamless Merge To Form Online Food-Delivery Giant
GrubHub Inc. and Seamless North America LLC are joining forces to create a new powerhouse in the online food-ordering market that will hold a combined presence in more than 500 U.S. cities, according to a deal announced by the companies Monday.
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May 20, 2013
Yahoo Posts $1.1B Acquisition Of Blog Site Tumblr
Yahoo Inc. will acquire social media and personal blog platform Tumblr for $1.1 billion in cash, the search giant announced Monday, promising not to "screw up" the popular blog site that will give Yahoo access to hundreds of millions of new customers.
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May 17, 2013
Donziger Attys Free To Exit Chevron Racketeering Suit
Attorneys for Steven Donziger, the lawyer seeking to enforce a $19 billion pollution judgment against Chevron Corp. over drilling activities in Ecuador, got the green light on Friday to withdraw from the oil giant's racketeering suit against Donziger.
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May 17, 2013
SAC To Scale Back Cooperation With Insider Trading Probe
SAC Capital Advisors LLC reportedly informed its investors Friday that it was reducing its cooperation with U.S. government investigators looking into allegations of insider trading at the fund.
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May 17, 2013
NY Crane Rulings Affirm Building Owners' Liability Worries
Two recent court decisions clarify that New York property owners are responsible for crane safety, making projects in the state more costly and and building owners more open to liability, attorneys say.
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May 17, 2013
JPMorgan Backs Dimon Before Shareholder Vote On Split Role
JPMorgan Chase & Co. on Thursday urged shareholders to reject a proposal by activist investors that would split the CEO and chairman of the board positions, both of which are held by the embattled James Dimon, who presided over the company during its infamous $6.2 billion “London Whale” loss.
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May 17, 2013
Conde Nast Libel Suit Likely To Face Tough Road
A Canadian art expert who sued Conde Nast for defamation will likely be ruled a public figure, a federal judge said Friday, a decision that would make it more difficult for him to prove claims related to a 2010 New Yorker article.
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May 17, 2013
Ex-Jenkens Head Keeps Atty In Tax Fraud Row Despite Conflict
The former head of the Chicago office of Jenkens & Gilchrist PC said Friday he would continue to use his current attorney to fight tax fraud charges he faces, despite a possible conflict of interest.
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May 17, 2013
ING Gave Morgan Stanley Kickbacks For 401(k) Biz, Suit Says
An Alabama medical laboratory filed a proposed class action in New York federal court on Friday alleging Morgan Stanley & Co. Inc. encouraged the lab to use ING Life Insurance and Annuity Co. to administer its employees' 401(k) plan because ING paid the brokerage firm extra fees.
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May 17, 2013
Falcone, Execs Wrongly Forced Out Casino Co. CEO, Suit Says
Hedge funder Philip Falcone and two other executives involved in a Vietnam resort developer were hit by a lawsuit Thursday in New York state court over claims they forced out the development company's CEO through a wrongful administrative leave.
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May 17, 2013
Credit Agricole Slams Lehman's $34M Terminated-Swaps Suit
Credit Agricole Corporate and Investment Bank on Friday urged a New York bankruptcy judge to throw out a lawsuit brought by Lehman Brothers Holdings Inc. over $34 million in terminated swap transactions, saying it doesn’t owe the fallen investment bank a cent.
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May 17, 2013
No Conflict For RE Law Firm In NYC Tower Suit, Judge Says
A real estate-focused law firm can continue representing a developer in a dispute over a stalled Manhattan residential tower planned above a synagogue, a New York state judge ruled Friday, finding that any potential conflicts were too speculative.
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May 17, 2013
Ex-Broker Gets Probation For Muni Bond Bid-Rigging
After cooperating with a sweeping multistate investigation, the former CEO of a New York-based brokerage was sentenced to two years of probation Friday for his role in a municipal bond bid-rigging conspiracy.
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May 17, 2013
Rakoff Gives Dexia's $774M JPMorgan MBS Suit 2nd Life
U.S. District Judge Jed S. Rakoff on Friday vacated an earlier decision dismissing Dexia NV/SA's suit accusing JPMorgan Chase Bank NA of selling defective residential mortgage-backed securities, saying that a New York state court should handle the Belgian bank's $774 million claim.
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May 17, 2013
SunTrust Blocks FINRA Arbitration In MBS Row
SunTrust Banks Inc. on Friday won its bid to thwart a Financial Industry Regulatory Authority arbitration proceeding against it by Connecticut hedge fund Turnberry Capital Management LP in a dispute over soured mortgage-backed securities when a New York federal judge ruled Turnberry was not a SunTrust unit’s customer.
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May 17, 2013
NY Lawmaker Snared In Sex Scandal To Step Down
Embattled New York Assemblyman Vito Lopez announced Friday that he will resign from his seat to run for New York City Council in the fall, as his colleagues continue to probe the fallout from claims that he sexually harassed his female staffers.
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May 17, 2013
Tessera, Under Siege, Attracts Another Hedge Fund
Tessera Technologies Inc., the semiconductor maker already fending off demands from one hedge fund shareholder, picked up another on Friday as SAC Capital Advisers LP disclosed a 5 percent stake.
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May 17, 2013
Shareholder Can't Get Head Start In S&P Suit, Judge Says
A Florida pension fund can't use a special proceeding to get an upper hand in before bringing a shareholder derivative suit against McGraw-Hill Financial Inc. over the role of its affiliate Standard & Poor's in the mortgage-backed securities crisis, a New York state judge ruled Friday.
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May 17, 2013
Deals Rumor Mill: Yahoo, Advent, Blackstone
Yahoo is gunning for blogging site Tumblr in what could shake out to be another billion-dollar deal in the social networking space, while Blackstone is putting together a "super" fund that plucks the best and boldest trades from its existing third-party funds.
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May 17, 2013
Apple Says It Sparked E-Book Competition With Market Entry
Apple Inc. told a New York federal court Thursday that its entry into the e-book market increased competition and that its negotiations with major publishers did not amount to a price-fixing conspiracy, as the U.S. Department of Justice has suggested.
Expert Analysis
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The Latest On Lehman
The takeaway from the most recent Lehman Bros. holding by the U.S. Bankruptcy Court for the Southern District of New York is that in the context of the true mega-case, where an endless number of issues need to be resolved in an extremely short period of time, provisions that authorize the payment of professional fees for individual committee members, as well as ad-hoc committees and individual creditors, are likely to become more common, says Kenneth Enos of Young Conaway Stargatt & Taylor LLP.
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Debtor's Counsel, Be Careful Who You Help
While in most cases it may be useful and acceptable for debtor’s counsel to assist debtor-retained professionals with bankruptcy filings, in lieu of such professionals retaining their own counsel at a greater cost to the estate, debtor’s counsel must be aware of the pitfalls of such actions — as demonstrated by In re GSC Group Inc. in the Bankruptcy Court for the Southern District of New York, say attorneys with Choate Hall & Stewart LLP.
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Don't Miss The Boat On Rescission Claims
While it is important for Superstorm Sandy insurers seeking relief from misrepresentations made by insureds to remember that rescission may be an appropriate remedy, insurers should note that under New York law, their time to bring a claim for rescission is limited, and they will not be permitted to sit on their rights, says Kristin Suga Heres of Zelle Hofmann Voelbel & Mason LLP.
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A Victory For State-Action Doctrine Critics
On Feb. 19, 2013, the U.S. Supreme Court visited a corner of the antitrust map that it last glimpsed during the Reagan administration — the state-action doctrine. The ruling in FTC v. Phoebe Putney Health System Inc. will almost certainly be hailed as a major victory for critics of the state-action doctrine, say attorneys with Paul Hastings LLP.
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Klein Conspiracies In The Wake Of US V. Coplan
For decades, the statute criminalizing "conspiracies to defraud the United States" has been understood to prohibit so-called Klein conspiracies. Although the U.S. Supreme Court has interpreted the statute broadly in the past, the Second Circuit’s recent opinion in U.S. v. Coplan invites the Supreme Court to reconsider that interpretation and, should the court do so, its decision could significantly cut back on the scope of one of prosecutors’ favorite tools, say attorneys with Winston & Strawn LLP.
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Recession-Era Loss Causation: Disentangling Under Dura
The Second Circuit recently hinted that loss causation principles could result in the elimination of any recovery for losses that cannot be distinguished from “the global financial crisis” and related factors. Several courts have entertained this kind of disaggregation analysis at the pleading stage, say attorneys with Cahill Gordon & Reindel LLP.
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NY Cedents Enjoy More Protection And Authority
While some have stated that the New York Court of Appeals ruling in United States Fidelity & Guaranty Co. v. American Re-Insurance Co. was favorable to reinsurers, the decision actually provides further support for expanding the protections of the follow-the-settlement doctrine to post-settlement allocation decisions, say attorneys with Hunton & Williams LLP.
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The Most Unlikely Financial Crisis Fall Guy
Abacus Federal Savings Bank — a small family-owned bank in New York City's Chinatown — is the only bank in the U.S. to be criminally indicted as an institution for mortgage fraud in the wake of the financial crisis. The mere indictment builds political capital, regardless of whether there’s any factual basis for the claims, says Rosalie Valentino of Goetz Fitzpatrick LLP.
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Rare Guidance On FCPA’s Reach Over Foreign Nationals
Two recent district court decisions — U.S. Securities and Exchange Commission v. Straub and SEC v. Sharef — have shed light on the reach and scope of the U.S. Foreign Corrupt Practices Act over foreign nationals. For companies and individuals operating abroad, these cases provide rare judicial guidance on the reach of the FCPA’s anti-bribery and record-keeping provisions, say James Dowden and Nick Berg of Ropes & Gray LLP.
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Fashion Designers Face Uncertainty After Louboutin V. YSL
After receiving a directive from the Second Circuit to rewrite Christian Louboutin SA’s trademark for red-soled footwear, the U.S. Patent and Trademark Office recently narrowed the scope of Louboutin’s red sole mark. While this trademark battle may have finally come to an end and both parties have claimed victory, fashion designers must remain wary of litigation in the future, for the law remains unsettled, says Daniel Englander of Robins Kaplan Miller & Ciresi LLP.