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Bankruptcy
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November 04, 2025
Ex-Beneficient CEO Stole $150M From GWG, Feds Say
The former CEO of Texas financial services firm Beneficient allegedly created a fraudulent scheme to loot more than $150 million from now defunct GWG Holdings, a publicly traded company for which he served as chairman, according to a New York federal grand jury indictment unsealed Tuesday.
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November 04, 2025
Clippers Owner, BakerHostetler Named In Fintech Fraud Suit
Nearly a dozen investors have filed an amended lawsuit in California state court alleging Los Angeles Clippers owner Steve Ballmer and others, including BakerHostetler, helped financial technology company Aspiration Partners Inc. defraud them by propagating a false narrative that the business was financially solvent.
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November 04, 2025
First Brands Accuses Ex-CEO Of 'Brazen' Theft Of Millions
Bankrupt auto parts company First Brands has sued its founder and ex-CEO, saying he "lined his pockets" with hundreds of millions and possibly billions of dollars in company money, draining its accounts and partially causing its bankruptcy.
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November 04, 2025
Covington, Reed Smith Sue Vyaire Over Lost Fees
Covington & Burling LLP and Reed Smith LLP have brought an adversary lawsuit against onetime ventilator maker Vyaire Medical and its Chapter 11 plan administrator in Delaware bankruptcy court, alleging the company has failed to pay the law firms after it settled a dispute over product recall insurance coverage.
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November 04, 2025
Bowling Bistro Biz Pinstripes Seeks Ch. 7 Conversion
Illinois-based bowling-and-bistro operator Pinstripes has asked the Delaware bankruptcy court to convert its chapter 11 proceedings to a Chapter 7 liquidation, saying the move will allow a trustee to complete the wind-down process after the sale of its assets and the exhaustion of its financing.
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November 04, 2025
Winston & Strawn Fights 'Anti-Woke' Fintech $1.7B Crash Suit
Winston & Strawn LLP is asking a Texas bankruptcy court to toss a lawsuit from the trustee of self-styled "anti-woke" financial technology startup GloriFi, saying that holding the law firm responsible for the company's failure would set "extraordinary and dangerous precedent."
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November 04, 2025
Boies Schiller Adds 2 Attys From Herrick Feinstein, Disney
Boies Schiller Flexner LLP this week announced two prominent hires — a Herrick Feinstein LLP attorney with a history of working on multibillion-dollar restructurings and a firm alum from The Walt Disney Co. who brings experience in copyright matters and artificial intelligence.
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November 04, 2025
2nd Circ. Hints Bankman-Fried's $11B Forfeiture Is Overkill
The Second Circuit suggested Tuesday that the government's $11 billion forfeiture order against Sam Bankman-Fried may be unconstitutionally large, noting that the staggering amount tops the raft of cases tasking the court with determining if such money judgments pass Eighth Amendment muster.
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November 03, 2025
The Lone Ranger Facing A BigLaw Powerhouse At High Court
It might seem curious for a solo practitioner to decline offers of professional assistance in his first U.S. Supreme Court case. It might seem risky to go it alone against a BigLaw team led by an appellate icon. But a legal lone ranger arguing Tuesday at the high court is feeling confident, and he does have a friend proofreading briefs, just to be safe.
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November 03, 2025
FTX Trust Fights To Claw Back $650K Charity Donation
FTX Recovery Trust has urged a Delaware bankruptcy judge to reject an FTX angel investor's bid to block the trust from clawing back a $650,000 charitable donation, saying a related sanctions motion by the investor is a litigation tactic to deter the trust from pursuing its claims over the donation.
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November 03, 2025
2nd Circ. Denies Reed Smith Relief In Eletson Discovery Feud
The Second Circuit has rejected a bid from Reed Smith to pause a lower court ruling ordering the new owner of international shipping company Eletson Holdings to turn over documents requested by competitor Levona Holdings Ltd, finding the law firm failed to make its case to hold off on granting access to the documents.
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November 03, 2025
Diamondhead Trustee Gets OK For Jan. Real Estate Sale
A Delaware bankruptcy judge on Monday gave the trustee overseeing the Chapter 7 of casino developer Diamondhead Casino Corp. the go-ahead to put the vacant proposed casino site on the auction block in January.
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November 03, 2025
Foreclosure Fight Puts NYC Gay Bar Balcon Salon In Ch. 11
A gay bar in Manhattan's Hell's Kitchen neighborhood entered bankruptcy in New York after its largest secured creditor sought to foreclose on it for a bit over $7 million, saying the lender has been unwilling to work out a settlement.
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November 03, 2025
Wolfspeed Says Gas Supplier Reneged On Equipment Deal
Recently bankrupt semiconductor company Wolfspeed Inc. accused a bulk gas supplier in North Carolina federal court of failing to follow through on a contract by not removing gas equipment and suspending service fees.
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November 03, 2025
Catching Up With Delaware's Chancery Court
From billion-dollar pharma feuds to shifting equity deadlines, Delaware's courts saw another week of battles over mergers, fiduciary duty and judicial limits.
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November 03, 2025
RV Refrigerator Seller Norcold Hits Ch. 11 With $300M+ Debt
Norcold LLC, a company that sells refrigerators for recreational vehicles, filed for Chapter 11 protection in Delaware bankruptcy court Monday with more than $300 million in debt and a plan to sell its business to RV components distributor Dave Carter & Associates.
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October 31, 2025
MV Realty Will Pay $2.8M To End NJ Suit Lien Agreements
Florida-based MV Realty has entered into a $2.8 million settlement with New Jersey to resolve a lawsuit claiming it duped cash-strapped homeowners into signing agreements with predatory terms that placed liens on their homes for a one-time cash payment, the state's attorney general's office said Friday.
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October 31, 2025
Real Estate Recap: Retail Rebirth, Data Center Outlier, SCIFs
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including a look at how recent big-box store bankruptcies could usher in a retail sector revival, Florida's comparative inertia building data centers, and a rise in the niche asset class known as "sensitive compartmented information facilities."
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October 31, 2025
Up Next At High Court: Tariffs, Fugitives & Contractor Liability
The U.S. Supreme Court will begin its November oral argument session Monday, during which the justices will consider President Donald Trump's authority to impose tariffs on foreign countries under an emergency statute, whether military contractors can be held liable for alleged breaches of contracts in war zones, and if there are time limits for litigants who want to vacate a void judgment. Here, Law360 breaks down the week's oral arguments.
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October 31, 2025
Real Estate Co. CBRM Affiliates' Ch. 11s Tossed In NJ
A New Jersey bankruptcy judge agreed Friday to dismiss the Chapter 11 proceedings for entities connected to troubled real estate group CBRM Realty Inc., diffusing creditors' efforts to have the cases thrown out as bad-faith filings.
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October 31, 2025
4th Circ. Denies En Banc Review In Bestwall Ch. 11 Case
The Fourth Circuit on Thursday declined asbestos claimants' request for an en banc review of a panel ruling in a Georgia-Pacific LLC spinoff's Chapter 11 case, rejecting on an 8-6 vote an argument that the bankruptcy is a sham and blocks victims' access to justice.
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October 31, 2025
Slater Blasts Bid To Terminate Boy Scout Case Fees
Mass tort plaintiffs' firm Slater Slater Schulman LLP is calling a motion seeking to end their contingency fee legal service agreements with sexual abuse claimants in the Boy Scouts of America bankruptcy a baseless attempt to lure away its clients.
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October 31, 2025
Fraud Claims Spur Dismissal Bid In First Brands SPV Cases
Lenders to special purpose vehicle entities tied to auto parts maker First Brands Group asked a Texas bankruptcy judge to dismiss the vehicles' Chapter 11 cases or appoint a trustee, arguing that the entities' managers were improperly replaced and their funds were to be kept apart from First Brands' assets.
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October 31, 2025
Insurers Denied Bid To Stay Avon's Ch. 11 Plan For Appeal
A Delaware bankruptcy judge denied a motion Thursday from insurers at Lloyd's of London to stay Avon Inc.'s Chapter 11 plan while the insurers appeal, finding the insurers had not shown they would be irreparably harmed by the plan taking effect.
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October 31, 2025
Ill. Judge Prefers 'Clean' Dismissal Against Ex-Girardi Attys
An Illinois federal judge told Edelson PC on Friday to either dismiss its conversion case against two former Girardi Keese attorneys in a "clean" and "unadulterated" stipulation or submit legal authority supporting its desire to condition the dismissal on him adopting side agreements the parties outlined in their filing.
Expert Analysis
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As SEC, CFTC Retreat, Who Will Police The Crypto Markets?
As the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission pull back from policing the crypto markets, the Federal Trade Commission and Consumer Financial Protection Bureau have the authority to pick up the slack — although recent events raise doubts that they will do so, say attorneys at Skadden.
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E-Discovery Quarterly: The Perils Of Digital Data Protocols
Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can lead to significant inefficiencies, say attorneys at Sidley.
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Series
Law School's Missed Lessons: Preparing For Corporate Work
Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.
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A Cold War-Era History Lesson On Due Process
The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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23andMe Case Highlights Privacy Complexities In Ch. 11
Attorneys at Pryor Cashman discuss the interplay between a sale of personally identifiable information and bankruptcy law in light of genetics and health company 23andMe's recent filing for Chapter 11 relief.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.