Levi & Korsinsky LLP is investigating potential missteps made by MOL Global Inc. ahead of its recent disappointing initial public offering and plans to file a putative class action suit against the company, according to a press release from the firm.
Bond insurer Ambac Assurance Corp. has sued Bank of America Corp. seeking to recover approximately $600 million it has either paid out or expects to pay out on faulty mortgage-backed securities issued by Countrywide Financial Corp.
U.S. Bank NA hit Citigroup Global Markets Realty Corp. with $528 million put-back actions in New York state court this week, alleging it failed to live up to contractual promises surrounding the sale of more than $1.2 billion in mortgage loans to three securitization trusts.
A former assistant to Mariah Carey has sued the pop star in a New York federal court, accusing Carey of failing to pay overtime for managing her domestic affairs and for services performed while traveling with the singer on tour, in violation of federal and state labor laws.
A New York court on Friday granted an order to show cause for a preliminary injunction to a property owner suing a resident for renting out her rent-controlled apartment near Central Park to short-term dwellers, allegedly in violation of the Rent Control Law, the Multiple Dwelling Law and several New York housing codes.
Convicted former Jefferies & Co. Inc. managing director Jesse C. Litvak on Thursday in New York state court sued AllianceBernstein LP and a former executive who testified against him, claiming they wrongfully caused Litvak to be fired as a condition of continuing to do business with Jefferies.
Several investors lobbed a securities fraud suit on Thursday in New York federal court against the Empire State Building's manager and asset management company Malkin Holdings LLC and its principals over allegedly fraudulently cheating the plaintiffs in last year's real estate investment trust deal and subsequent initial public offering.
A former intern for sports marketing giant IMG Worldwide LLC on Thursday filed the latest in a series of putative class actions in New York court that accuse companies of not paying their interns minimum wage for work that doesn't qualify as education or training.
The former CEO of biopharmaceutical company Retrophin Inc. handed out stock without shareholder approval and misrepresented the company's finances, according to a recent securities class action filed in New York federal court.
Grant & Eisenhofer PA has launched a suit in a New York federal court accusing another major plaintiffs’ firm, Bernstein Liebhard LLP, of not paying proceeds from a settlement the firms achieved in a multidistrict securities litigation over Fannie Mae's $6.3 billion worth of accounting mistakes.
A Manhattan attorney ran a $5 million Ponzi scheme that victimized his clients, family members and friends, before confessing to the fraud in a handwritten note and jumping into the Hudson River in a failed suicide attempt, according to a Friday complaint.
A Hispanic female Major League Baseball executive sued the league and others Thursday in New York federal court, claiming a Hall of Famer vice president stalled her career, said he prefers hiring men "because there are places women can't go," and subjected her to a drug test for speaking out.
One of the owners of commodity pool operator R2 Capital Group LLC was taken into custody Thursday on fraud charges connected to allegations he lied to investors about how roughly $1 million of their money was managed, according to federal authorities.
CohnReznick LLP was slapped Wednesday with a $14.5 million lawsuit in New York court by “Gilmore Girls” actor Edward Herrmann, who claims the firm and a partner fraudulently mismanaged his personal and business accounts and filed incomplete and inaccurate tax returns that resulted in delinquencies.
Shareholders hit Blackstone Group LP-backed renewable energy provider Vivint Solar Inc. with a class action Tuesday in New York federal court, alleging the company inflated the value of its $330 million initial public offering through misleading statements, events that preceded a plunge in stock price.
Music producer Dr. Luke on Monday filed a defamation suit in New York state court against the attorney representing singer Kesha in her rape suit against the producer, saying the lawyer disgraced “the entire legal profession” by accusing Dr. Luke of also raping Lady Gaga through a series of tweets.
Wolff & Samson PC and one of its founders, David Samson, sued the New Jersey State Ethics Commission in federal court Monday, saying it lacks the authority to investigate whether Samson violated the state’s conflict of interest law as chairman of the Port Authority of New York and New Jersey.
Banquet hall servers for a DoubleTree LLC hotel in New York’s Westchester County slammed the hotel chain with a putative collective action in New York federal court on Thursday, accusing their supervisors of failing to pay overtime and properly distribute tips.
State-owned energy giant Petroleo Brasileiro SA has been hit with a proposed securities class action in New York federal court for failing to disclose a multibillion-dollar bribery and money laundering scheme, attorneys said Monday.
Shareholders of Seadrill Ltd. hit the offshore drilling company with a putative class action on Friday in New York federal court, alleging their American depositary shares plummeted because the company falsely reported it was in great financial shape.
On Friday, the U.S. Attorney’s Office for the Southern District of New York decided to seek appellate review of several aspects of the recent insider-trading decision in U.S. v. Newman and Chiasson. En banc rehearing petitions are rarely granted in any circuit, and are particularly rare in the Second Circuit, which hears the fewest number of rehearings of any circuit in the country, say Eugene Ingoglia and Gregory Morvillo of Morvillo LLP.
All stakeholders agree the Brownfield Cleanup Program has significantly driven the cleanup and redevelopment of contaminated properties in New York state. There is also broad consensus that the program should be extended, but with changes to better target tax credits to sites that need them most. A number of recommendations are now on the table, say co-chairmen of the New York State Bar Association's Brownfield Task Force.
We trust our law firms with huge amounts of data, whether in or out of discovery, investigations or litigation. All too often, we have relied on privilege, confidentiality and attorney ethics as a proxy for data protection and information security. But in fact, law firms ought to be held to a much more stringent standard — and in-house counsel would be wise to begin with a number of specific inquiries, says legal industry consultan... (continued)
As recent case law demonstrates, attempts to use the power to indemnify directors and officers as a strategic weapon against minority shareholders may backfire, causing the corporation to pay legal fees for all combatants. Meanwhile, practitioners who believe they understand the New York rules on indemnification may be startled by how much of this area is controlled by statute, say Richard Janvey and Joan Secofsky of Diamond McCarthy LLP.
While the recently enacted omnibus spending bill allows for state implementation of existing medical marijuana laws, it appears to largely be a symbolic victory for the medical marijuana industry. The ambiguity inherent in the spending bill raises more questions than it answers and may not completely divert the U.S. Department of Justice's attention away from medical marijuana, say attorneys at Nixon Peabody LLP.
A recent Southern District of New York decision in the Chapter 7 case of Weidenbenner highlights the risks that a bank takes when it freezes a debtor’s bank account, say James Barresi and Mark Salzberg of Squire Patton Boggs LLP.
While empowering attorneys to blog, host sophisticated websites and share news via social media, technology has also brought new challenges. There are six key areas where technology — or the discord between technology and state rules on attorney advertising — has created client-recruitment problems that lawyers didn’t have a decade ago, says Howard Breuer of legal industry consulting firm ONE400.
The Second Circuit’s decision in Stratte-McClure v. Morgan Stanley eliminates the ability of a company, when facing a known material trend or uncertainty, to escape liability under Rule 10b-5 by not saying anything. The dramatic consequences of the resulting split with the Ninth Circuit makes it likely that the U.S. Supreme Court will step in, says Michael Eisenkraft of Cohen Milstein Sellers & Toll PLLC.
A recent Law360 guest article suggests a number of reasons why civil authority coverage will not be implicated by local fracking bans. The article does not, however, fully address three important issues that will impact the question of whether civil authority coverage is, in fact, triggered, say attorneys with Hunton & Williams LLP.
Having weathered the cybersecurity turbulence of 2014, the financial services sector can look forward to increased regulatory attention from the federal, state and nongovernmental regulators this year. Recent developments at the New York Department of Financial Services, the Commodity Futures Trading Commission and the Conference of State Bank Supervisors will likely affect the cybersecurity policies of other regulators, say Bruce ... (continued)