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New York
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May 21, 2013
NFP Directors Sued Over $1.3B Madison Dearborn Deal
The directors and executives of brokerage services firm National Financial Partners Corp. were hit with a proposed shareholder class action Tuesday over its April deal to be acquired by private equity investment firm Madison Dearborn Partners LLC for $1.3 billion.
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May 21, 2013
Developers That Razed Historic Beastie Boy Home Sued For $6M
Mortgage brokerage Silo Capital LLC on Tuesday sued the developers of two Manhattan buildings in New York court, arguing they violated the terms of a $6.2 million mortgage by demolishing one of the buildings, a historic gay rights site and the former home of Beastie Boy Adam Horovitz.
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May 21, 2013
Ill. Pension Fund Slaps AIG With Securities Fraud Suit
An Illinois pension fund on Friday sued American International Group Inc. and current and former executives in New York federal court, saying the insurer schemed to artificially inflate the value of its securities while concealing a risky portfolio that led to a 97 percent drop in AIG's stock price.
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May 21, 2013
Ex-Digital Domain CEO, Directors Hit With Investor Suit
Two investment funds on Friday sued the former CEO and several executives of Digital Domain Media Group in New York state court, accusing them of withholding key information about the company’s rocky financial position before its initial public offering in 2011 and subsequent bankruptcy last year.
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May 21, 2013
Insurers Dispute Liability For NYC Tower's Sandy Flood Losses
Aspen Specialty Insurance Co. and Landmark American Insurance Co. on Friday sued the HSBC Alternative Investments Ltd. and Edge Fund Advisors joint venture that bought a Manhattan office building last year, alleging that a $19.2 million deductible applies for any coverage they may owe for losses from Superstorm Sandy.
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May 20, 2013
NYU Researchers Charged In Chinese Bribes-For-Secrets Plot
Three New York University researchers have been charged with accepting bribes in exchange for secretly providing medical research to Chinese companies, sharing work that was funded by the National Institutes of Health with the university's competitors, authorities said Monday.
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May 20, 2013
NYC Sued Over Seniority Changes In School Bus Contracts
Two New York City school bus companies on Thursday hit the city with a lawsuit alleging its Department of Education illegally changed contract bid requirements, allowing newer companies to avoid a mandate that certain senior drivers be hired.
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May 20, 2013
Bankrupt Norse Holding Land Hostage, Suit Says
Dozens of New York landowners hit oil and gas producer Norse Energy USA with an adversary suit Friday, claiming the bankrupt company is holding their land hostage with expired leases while it waits for a hydraulic fracturing moratorium to lift.
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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 16, 2013
EEOC's 1st Genetic Bias Class Action Targets Nursing Home
The U.S. Equal Employment Opportunity Commission launched its first class action under the Genetic Information Nondiscrimination Act on Thursday, accusing a New York nursing home of wrongly requesting family medical histories as part of health exams before and after workers accept jobs.
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May 15, 2013
Businessman Denies Blocking FCPA Probe Into Mining Co.
A French businessman linked to BSG Resources Ltd. pled not guilty Wednesday to charges that he obstructed a U.S. investigation into bribes the mining company allegedly paid to secure mining rights in Guinea.
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May 15, 2013
Indian Harbor Wants No Part Of San Diego Gas Leak Suits
The city of San Diego's primary insurer Indian Harbor Insurance Co. lodged a complaint against the municipality’s excess insurer in New York federal court Tuesday, arguing that it has no obligation to defend the city against a trio of underlying sewer pipe gas leak suits.
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May 14, 2013
Realty Co. Demands $16M In Fees From Midtown Lease Deal
A New York City realty group claimed on Tuesday that it is owed more than $16 million in commission fees after being shouldered out of a lease transaction at a Midtown South office building in violation of a 25-year-old brokerage agreement.
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May 14, 2013
Accused Insider Traders In Brocade Deal Plead Not Guilty
A former hedge fund professional and a corporate insider accused of sharing then-confidential details of a $3 billion acquisition by networking company Brocade Communications Systems Inc. pled not guilty Tuesday to insider trading charges.
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May 14, 2013
Dick Wolf's Ex Wants $5M From Troubled Accounting Firm
The former wife of "Law & Order" creator Dick Wolf launched a $5 million suit in New York on Friday claiming that a management firm recently forced to cough up $51 million to writer Patricia Cornwell also overbilled her and disastrously fumbled the arrangement of a lease.
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May 14, 2013
Reader's Digest Says Ex-Workers Misused Business Info
The Reader's Digest Association Inc. on Monday launched a suit in New York bankruptcy court, alleging that three former employees have unfairly diverted business from the bankrupt media company and improperly exercised control over its estate assets, including proprietary business information.
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May 13, 2013
Firms, Trump Targeted In $1B Row Over Investment Losses
Real estate magnate Donald Trump and big law firms including Nixon Peabody LLP and Morgan Lewis & Bockius LLP were targeted Monday in a $1 billion battle by Holocaust survivors and others over an investment scheme by the former promoter of a failed Trump hotel in Florida.
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May 13, 2013
Ex-Gersten Savage Bankruptcy Atty Sues Over Unpaid Wages
A former Gersten Savage LLP bankruptcy partner sued the defunct law firm and its founder Jay M. Kaplowitz in New York state court Friday alleging they owe him about $360,000 in unpaid wages and damages.
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May 13, 2013
Kaplan Faces FCA Suit Over Playground Construction Wages
A qui tam complaint unsealed Friday accuses Kaplan Early Learning Co. of defrauding the government by failing to pay federally mandated employee wages on more than 200 playground construction contracts funded by Head Start programs.
Expert Analysis
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Rise Of The Machines — Predictive Coding Goes Mainstream
The pros of using predictive coding far outweigh the cons. Given the heavy pressure on law firms and in-house counsel to reduce discovery costs, as well as the Justice Department's recent stance on the subject, it appears predictive coding will continue to emerge from the obscure world of legal technology to the mainstream of legal practice, say Michael Moscato and Myles Bartley of Curtis Mallet-Prevost Colt & Mosle LLP.
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Unprecedented FCPA Wake-Up Call For US Broker-Dealers
The extraordinary criminal bribery charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official highlight that a broker-dealer’s anti-money laundering procedures, as well as oversight of their registered people, should have a Foreign Corrupt Practices Act component if the firm is doing international business, say attorneys with Duane Morris LLP.
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Libor Litigation Must Overcome Significant Obstacles
When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested plaintiffs seeking to recover from banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims. But those plaintiffs will need to be lucky indeed. Two recent developments show that obstacles are inherent and, perhaps, insurmountable, say attorneys with Choate Hall & Stewart LLP.
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NY Jumps On Domestic Violence Protection Bandwagon
In the last few years, there have been significant legal developments to increase protections for victims of domestic or sexual violence, including New York state's recently approved bill that provides 90 days of job protection to victim-employees. If the bill passes, New York legislation, along with that of Illinois and California, would provide arguably the most expansive state protection in the country, say attorneys with Proskauer Rose LLP.
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Tips For Your Rule 10b5-1 Trading Plan Policy
Now that investigations have been initiated by U.S. Attorney’s Offices and the SEC into possible abuses by corporate executives of Rule 10b5-1 trading plans, the private securities bar inevitably will follow suit and file litigation. Nevertheless, these plans continue to be an effective defense against allegations of insider trading, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.
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4 Takeaways From 2nd Highest FCPA Penalty
A New York federal court recently entered a final judgment against a former Siemens AG executive for his alleged role in a purported $100 million bribery scheme for Siemens to obtain a $1 billion contract from Argentina. Third-party sham contracts continue to be a prevalent theme in the alleged facts contained in corruption enforcement filings and resolutions, say attorneys with Fulbright & Jaworski LLP.
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A Tale Of 2 Burdens Of Proof In Ch. 11
As a matter of strategy, it can be vital to understand the differing burdens of proof under various provisions of the Bankruptcy Code and when those burdens shift. For example, the Southern District of New York recently clarified the distinction between section 362(d) and 363(e) burdens of proof in In re AMR Corp., say attorneys with Duane Morris LLP.
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Calif. Chemical Safety Rules Push Constitutional Envelope
Impatience with the pace of Toxic Substances Control Act reform at the federal level is understandable, but substituting individual state action for a perceived lack of federal action may be the classic example of a cure which is worse than the disease. Many think California’s Safer Consumer Product Regulations now prove that, says Ward Benshoof of Alston & Bird LLP.
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Insights From An Under-The-Radar CDO Case
A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corporation. Dismissed by the New York Supreme Court, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions, say James Bliss and Kevin Broughel of Paul Hastings LLP.
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Viacom V. YouTube Provides Some Insight Into DMCA
Though many of the issues in Viacom International Inc. v. YouTube Inc. are still unsettled in light of the strong likelihood of additional appeal in the Second Circuit, the district court’s analysis provides a basic framework for the Southern District of New York’s interpretation of the Digital Millennium Copyright Act’s safe harbor provisions, say attorneys with Latham & Watkins LLP.