Illinois Law360 provides breaking news and analysis on legal and regulatory issues in Illinois. Coverage includes high-stakes litigation, policy developments, and corporate deals affecting the state.
An investor in a bankrupt Illinois information technology company agreed on Thursday to pay the U.S. Securities and Exchange Commission $450,000 after he allegedly aided former top company executives in a fraud scheme to embezzle $4.1 million.
Private equity firm Oaktree Capital Management LP reported Friday it intends to top the current best offer for bankrupt Claire’s Inc., potentially disrupting what until now has been a pre-arranged but hotly contested plan to hand the retail jewelry and accessories chain to its first-lien lenders.
In a brief filed before the full Seventh Circuit reconsiders whether to uphold a national injunction barring the Trump administration from imposing new, immigration-focused grant conditions, the U.S. Department of Justice argued that the court should have limited the injunction to Chicago.
A Montana federal judge ruled Thursday that the attorney for a woman in a car insurance dispute with Allstate could not serve as trial counsel due to his presuit communications with the insurance company, finding the attorney may have to testify over information he provided about his client’s demands.
An assertion that a tax consequence “may” happen is not the same as a declaration that it “will,” a Seventh Circuit panel has ruled, upholding the dismissals of two individuals' suits against debt collection firms for a perceived implication about their forgiven debt.