Two former leaders of bankrupt law firm Dewey & LeBoeuf LLP asked a New York bankruptcy judge Thursday to stop the liquidating trustee from testifying at a Monday hearing, saying the trustee’s counsel, Brown Rudnick LLP, has a conflict of interest in the case.
Atari Inc. on Thursday sought an extra 90 days to put together a Chapter 11 plan without the threat of rival plans being submitted, saying it needs more time to put together a sale of its well-known brands and intellectual property.
Bank of America Corp. on Tuesday pushed back against New York Attorney General Eric Schneiderman’s plan to sue it and Wells Fargo & Co. for noncompliance with last year's $25 billion mortgage settlement, saying it first must be given time to cure any alleged violations.
Hess Corp. outlined plans Friday to separate the roles of CEO and chairman and appoint a onetime General Electric Co. executive to lead its board, the oil company's latest play in a fiery fight with an activist hedge fund.
AMR Corp. on Thursday reached a settlement with the Federal Aviation Administration that provides the agency with $24.9 million in allowed general unsecured claims and resolves allegations that American Airlines Inc. violated federal regulations before it entered bankruptcy.
The Second Circuit on Friday refused to allow JDJ Marine Inc. to reinstate its appeal of a dispute with RLI Insurance Co. after being granted two extensions after Superstorm Sandy and twice warned about its delinquent filing, citing its lawyer's “persistent indifference to the court's scheduling orders.”
The Bank of New York Mellon Corp. and the 22 institutional investors who negotiated an $8.5 billion mortgage-backed securities settlement with Bank of America Corp. blasted objecting investors' demand for a jury trial Thursday, saying it was clear that only a New York state judge could evaluate the deal.
The Second Circuit on Friday revived a demolition worker’s suit seeking to hold Morton International Inc. liable for on-the-job injuries he suffered when a 2,000-pound object fell on him at Morton’s salt mine under New York’s “scaffold law,” citing the New York Court of Appeals’ 2011 Wilinski decision.
Bank of America Corp. has agreed to sell a commercial mortgage servicing portfolio worth a combined $125 billion to Ohio bank-based financial services company KeyCorp., the latest blockbuster mortgage portfolio sold off by BofA, KeyCorp said late Thursday.
A New York federal judge on Friday refused to suspend his order mandating unfettered access to Plan B and similar emergency contraception, but said he would delay requiring compliance so that the Obama administration can pursue a "frivolous" appeal at the Second Circuit.
Yahoo is considering making a bid for Hulu as part of a broader attempt to claw back some of its cachet on the Web and boost its bottom line, while Dish has nailed down financing help for its $25.5 billion Sprint buyout bid that has met with skepticism from the wireless carrier's board.
TowerBrook Capital Partners has inked a deal to take True Religion Apparel Inc. private for $835 million, ending a seven-month sales process for the trendy jeans maker and marking the latest in a string of big retail buyouts.
The Dannon Co. Inc. on Thursday escaped a putative class action alleging Activia Yogurt cut with a milk protein is adulterated and no longer actually yogurt, after a New York federal judge determined the additive has not been prohibited by federal regulators.
Lloyds Banking Group PLC has sold a portfolio of U.K. commercial real estate loans to an affiliate of New York hedge fund giant Cerberus Capital Management LP for £325 million ($503.6 million) as the bank continues to shed noncore assets, Lloyds said Friday.
A New York appeals court on Thursday affirmed a trial judge's order unsealing settlements of seven wrongful death cases arising out of a 2008 crane collapse in Manhattan, finding the information might help construction companies, insurers and other parties to make “informed decisions” about whether to settle their cases.
New York's highest court exposed the Roman Catholic Diocese of Brooklyn to paying a slew of costly deductibles when it ruled Tuesday that a priest's repeated sexual abuse of a minor counted as multiple occurrences under its insurance policies, but experts say other policyholders could actually wield the ruling to maximize coverage for a wide range of tort cases.
A New York federal judge on Thursday ordered now-indicted Paul Ceglia, who claims a disputed contract with Facebook Inc. founder Mark Zuckerberg gives him 50 percent of the social networking giant, to pay more than $3,700 Zuckerberg spent in compelling documents from the alleged fraudster.
The New York City Fire Department has agreed to take new measures to help disabled firefighters stay on its roster, settling a suit alleging it refused to accommodate a fire captain with health problems inflicted by 9/11, according to a court order issued Wednesday.
Paulson & Co. moved to put its real estate investment trust unit MSR Hotels & Resorts Inc. under Chapter 11 protection Wednesday in New York bankruptcy court, in an effort to avoid “continued terrorization” from a multimillion-dollar lawsuit by alternative investment fund Five Mile Capital Partners.
New York Gov. Andrew M. Cuomo on Thursday unveiled a proposal that would bring three new gaming-centered resorts to upstate New York, but ban casinos from the city area for at least five years and possibly spark territorial issues with Native American tribes.
Honorable engagement provisions play a prominent role in reinsurance agreements as they expand the discretion of arbitrators and can impact the adjudication of reinsurance disputes. The inclusion of such provision in an agreement can present additional hurdles and opens the door to arguments that would be unlikely if New York law was strictly applied, says Michael Silvestro of Robins Kaplan Miller & Ciresi LLP.
In a recent and rare court ruling regarding the Foreign Corrupt Practices Act, the Southern District of New York rejected several defenses commonly used by foreign nationals to lawsuits brought in the United States. If followed by other courts, the U.S. Securities and Exchange Commission v. Elek Straub decision clears the way for increased prosecutions of foreign nationals under the FCPA, say attorneys with Nixon Peabody LLP.
New York City employers and employees currently involved in discrimination lawsuits find themselves in a litigation limbo — conflicting interpretations of the vague, troublesome amendments to the New York City Human Rights Law that have emerged make it difficult to litigate any case involving such law. There is no doubt that the proper interpretation of the statute is ripe for the Court of Appeals' review, say attorneys with Epstein Becker Green PC.
The New Year is still in its infancy, and there is no better time to craft a list of professional resolutions. To ease into the process, consider seven easy steps for super-charging your marketing and communications efforts in 2013, says Michael Bond of Blattel Communications.
In IRB-Brasil Resseguros v. Inepar Investments, the New York Court of Appeals addressed the issue of whether a court should perform a choice-of-law analysis if the parties select New York law to govern their commercial agreement but do not expressly exclude New York's choice-of-law rules. This decision could possibly, in appropriate circumstances, create an additional issue that parties may seek to negotiate when entering into agreements, says Kevin Meade of Weil Gotshal & Manges LLP.
With New York City facing a decline in state and federal funding, increased property taxes continue to be a reliable revenue stream to fund local services. Commercial property owners should be aware that if a challenge to the city's assessment of the amount of tax to be paid on a property is not filed by March 1, the owner loses any right to challenge the assessment for the upcoming tax year, say Eric Olson and Richard Bowers of Akerman Senterfitt LLP.
The Supreme Court of New York recently conducted a hearing in a criminal case in which a software developer is accused of aiding and abetting illegal gambling. The strength of the district attorney's case remains to be seen, but prosecution of a software developer for crimes committed by its users sets a dangerous precedent and starts the country down a slippery slope of prosecuting people for others' acts, say attorneys with Perkins Coie LLP.
In some sense, the recent WorldCom decision represents just the latest manifestation of the hard-line approach the Second Circuit has traditionally adopted with regard to dates and deadlines. Nonetheless, the decision serves as a stark warning for anyone who would hope to rely on the indulgences ostensibly provided by Rule 4(a) to ameliorate the harshest consequences of even innocent attorney error, say Steven Wilamowsky and Amelia Joiner of Bingham McCutchen LLP.
As the development of shale gas and the public interest in shale gas development continue to grow in New York and elsewhere, federal involvement will also likely continue to grow. There are a number of outstanding federal issues that are likely to culminate in the months and years ahead, say attorneys with Hiscock & Barclay LLP.
The severe weather events of the last two years have called into question the use of hurricane deductibles in the Northeast states. In both Hurricane Irene and Hurricane Sandy, insurers were unable to apply such deductibles, and the insurance industry should continue to monitor this issue by involving the property and casualty insurance trade organizations and discussing the matter at the National Association of Insurance Commissioners level, say attorneys with Wilson Elser Moscowitz Edelman & Dicker LLP.