New York

  • October 28, 2014

    Enviros Sue To Stop $256M Tappan Zee Bridge Loan

    Environmentalists sued New York agencies and officials Monday in state court, seeking to block a plan to use clean water funds in a $256 million loan to help pay for the new Tappan Zee Bridge north of New York City.

  • October 27, 2014

    US Intervenes In Medicaid FCA Suit Against NYC, CSC

    The federal government on Monday intervened in a False Claims Act suit accusing the city of New York and Computer Services Corp. of fraudulently billing Medicaid millions of dollars for services for children with developmental delays by using computer programs that automatically altered billing data.

  • October 27, 2014

    Bankrate Facing Securities Class Action Over SEC Probe

    Personal finance information service Bankrate Inc. was slapped with a putative shareholder class action last week claiming that the company misrepresented its financial condition and that its stock price "fell precipitously" when news surfaced that the U.S. Securities and Exchange Commission was investigating its 2012 financial statements.

  • October 24, 2014

    Tesco Hit With NY Class Action Over $421M Overstatement

    A Texas pension fund on Thursday filed a securities class action in New York federal court against Tesco PLC over the beleaguered U.K. retailer's omission that it has overstated its profits by £263 million ($421.4 million), a revelation that sent the company's stock tumbling.

  • October 23, 2014

    HSBC Faces New Retaliation Suit Over Alleged Harassment

    HSBC Securities (USA) Inc. was hit with yet another suit in New York federal court Tuesday alleging it fired an employee who reported a colleague's alleged sexual harassment.

  • October 22, 2014

    Nonprofit Execs Indicted On Insurance Fraud, Bribery Charges

    The top two executives at a New York City substance abuse treatment nonprofit were indicted Wednesday over alleged insurance fraud and kickback schemes that prosecutors say lined the pockets of the father-and-son duo and allowed them to fuel a lavish lifestyle.

  • October 22, 2014

    Calvin Klein, PVH Facing Newest Unpaid Intern Class Action

    Calvin Klein Inc. and parent company PVH Corp. are the latest targets of allegations that they didn't pay interns for work that didn't qualify as education or training, according to a proposed statewide class action filed Monday in Manhattan.

  • October 22, 2014

    Ex-NYPD Officer, Private Eye Charged In Bribery Scam

    A former New York City Police Department sergeant accepted bribes from a private investigator in exchange for confidential information about potential witnesses in federal criminal cases, U.S. prosecutors alleged in a Wednesday complaint.

  • October 20, 2014

    SEC Again Sued Over 'Unconstitutional' Adminstrative Cases

    The U.S. Securities and Exchange Commission on Monday was hit with another lawsuit challenging the constitutionality of its administrative proceedings, by an investor accused of trading on nonpublic information about activist investor Bill Ackman’s $1 billion bet against Herbalife Ltd.

  • October 17, 2014

    Investment Fund Hits Gilbride Tusa With $85M Negligence Suit

    Genesis Merchant Partners LP, a fund seeking security interests on a mortgage and in a portfolio of 23 life insurance policies, hit Gilbride Tusa Last & Spellane LLC with a negligence and breach of contract suit in Manhattan on Wednesday, claiming the firm was "completely oblivious" to the process and cost the fund some $85 million.

  • October 16, 2014

    2 More Rabobank Traders Charged With Libor Rigging

    A federal grand jury in New York on Thursday indicted two more former traders from Dutch lender Rabobank for their roles in an alleged scheme to rig the London Interbank Offered Rate.

  • October 16, 2014

    NY AG Slaps Papa John's Franchisee With $2M Wage Suit

    New York Attorney General Eric Schneiderman slammed a Papa John's International Inc. franchisee with a $2.1 million suit on Thursday, claiming it significantly underpaid its delivery workers at its Harlem locations for six years.

  • October 15, 2014

    Ex-CEO Hits 'Birdman' Producer With Sweeping $55M Suit

    The ousted CEO of the company that produced “Birdman,” a movie hitting theaters on Friday, sued his former company for $55 million Wednesday, accusing it of ruining his reputation by accusing him of stealing company money, according to the complaint filed in New York state court.

  • October 15, 2014

    Marc Jacobs Hit With Class Action Over Intern Pay

    A former Marc Jacobs International LLC intern accused the high-end clothing company in New York court of failing to pay interns in a putative class action, part of a wave of employment suits brought by former fashion and entertainment industry interns.

  • October 14, 2014

    BNY Mellon Nails JPMorgan With $475M Mortgage Loan Suit

    The Bank of New York Mellon Corp., acting as a trustee for a pool of home loans, has hit JPMorgan Chase Bank NA and others with a New York suit seeking $475 million over alleged misrepresentations made in the sale of $959 million in residential mortgage loans.

  • October 9, 2014

    Lord & Taylor Manager Crashed Gay Worker’s Wedding: Suit

    Lord & Taylor LLC is facing allegations by a former employee that it stood by while her boss’ “demeaning fascination” with her sexual orientation intensified into his crashing her same-sex wedding, according to a suit filed in New York federal court on Wednesday.

  • October 3, 2014

    Millennial Media Inflated Stock Prior To $152M IPO, Fund Says

    Mississippi’s public pension fund has launched a shareholder class action against Millennial Media Inc., claiming the mobile ad purveyor deceived investors about the viability of its technology platform prior to its $152 million initial public offering and a subsequent $162 million stock sale.

  • October 1, 2014

    Banking Giants Manipulated Swaps Benchmark, Suit Says

    A slew of major banks, including Bank of America Corp. and BNP Paribas SA, were accused in a new class action Wednesday in New York federal court of conspiring to fix a leading benchmark for interest-rate derivatives, as an investigation by the U.S. Commodity Futures Trading Commission into possible abuses continues.

  • October 1, 2014

    SEC Admin Proceedings Are Unconstitutional, Suit Claims

    An activist investor facing an “imminent” U.S. Securities and Exchange Commission fraud suit filed his own complaint in New York federal court alleging SEC administrative actions are unconstitutional because the agency’s administrative law judges have too many layers of tenure protection.

  • October 1, 2014

    NY Lawmaker Charged With Theft Of Campaign, Travel Funds

    Queens-based New York Democratic Assemblyman William Scarborough was arrested and indicted Wednesday on charges that he stole campaign funds and filed 174 false travel reimbursement requests, according to the state's attorney general.

Expert Analysis

  • The Meaningful Return Of Shareholder Access

    J. Robert Brown

    Directors are not chosen by shareholders. In the case of most public companies, shareholders can only vote for a single slate of directors in something that resembles an old-style Soviet election. This may change, however, with the advent of the Board Accountability Project spearheaded by the New York City comptroller, says J. Robert Brown Jr. of Sturm College of Law at the University of Denver.

  • FCPA In 2014: A Review Of Q3 Enforcement — Part 2

    John Davis

    There was only one new corporate Foreign Corrupt Practices Act disposition during the third quarter of 2014 — between the U.S. Securities and Exchange Commission and Smith & Wesson Holding Corporation. But, continuing a rising trend in recent years, several executives pled guilty to or otherwise settled cases related to FCPA or related violations, say attorneys with Miller & Chevalier Chtd.

  • Ambac Ruling Raises New Questions For RMBS Litigators

    R. James De Rose III

    A New York court’s decision in Ambac Assurance Corp. v. EMC Mortgage LLC clarifies the way courts will treat certain direct claims under repurchase provisions in contracts that govern residential mortgage-backed securities, but raises questions about whether they will entertain similar claims directed by an insurer at parties with standing to exercise these same provisions, say attorneys with Locke Lord LLP.

  • The Importance Of Unambiguous Intercreditor Agreements

    Isaac Pachulski

    A recent opinion by a New York bankruptcy court dismissing two largely identical proceedings in the case of MPM Silicones LLC highlights the leeway junior secured creditors may have in opposing senior secured creditors under a loosely drafted intercreditor agreement, says Isaac Pachulski of Pachulski Stang Ziehl & Jones LLP.

  • NY Court Puts The Brakes On Overreaching Creditors

    Jeffrey Daichman

    A pair of decisions recently issued by the Commercial Division of the New York County Supreme Court — American Media Inc. v. Bainbridge & Knight Laboratories LLC and Oorah Inc. v. Covista Communications Inc. — illustrate the difficulties a creditor faces when it seeks to extend liability beyond the contracting party, says Jeffrey Daichman of Kane Kessler PC.

  • 5 Ways To Uncover Bias During Jury Selection

    Joshua Dubin

    Failing to identify and elicit suppressed biases hinders practitioners’ ability to de-select prospective jurors during jury selection. Five strategies can help mitigate the effects of prospective jurors’ tendency to “self-enhance,” says Joshua Dubin, principal of Dubin Research & Consulting.

  • What Momentive Teaches Us About Rule 3018 Vote Changing

    David N. Griffiths

    The popular proverb, “you can’t have your cake and eat it too,” might need to be slightly tweaked to sum up vote changes in the context of Bankruptcy Rule 3018 and Judge Robert Drain’s decision on the matter in the Momentive Performance Materials case, says David Griffiths of Weil Gotshal & Manges LLP.

  • How Senate Without Filibuster-Proof Majority Avoids Gridlock

    William R. Nordwind

    Even without a filibuster-proof majority in the Senate, it is likely to be a very active session for the Republican Congress next year — especially if they take advantage of some key legislative tools available to a congressional majority, say former congressional counsel now with Venable LLP.

  • NY's Separate Entity Rule Is Alive, But Questions Remain

    David DiBari

    The New York Court of Appeals decision in Motorola Credit Corp. v. Standard Chartered Bank firmly establishes the separate entity rule’s limits on banks' obligations in judgment enforcement proceedings. The reach of the separate entity rule, however, remains uncertain, say attorneys with Clifford Chance LLP.

  • Waldorf Astoria Deal Is Likely Headed For CFIUS Review

    Daniel Pickard

    Although not an obvious national security risk, a Chinese insurance company's $1.95 billion purchase of Hilton Worldwide Holdings Inc.’s Waldorf Astoria New York hotel does raise issues that would merit Committee on Foreign Investment in the United States review of the transaction, say attorneys with Wiley Rein LLP.