Bankruptcy

  • September 16, 2024

    Delaware Powerhouse: Richards Layton

    Over the past year, Richards Layton & Finger PA has helped Gilead Sciences Inc. fight a potentially billion-dollar claim in which the federal government alleged the biopharmaceutical company infringed patents covering HIV drugs — one of a winning run of cases that earned the firm a spot on Law360's list of Delaware Powerhouses for 2024.

  • September 16, 2024

    Titanic Shipbuilder Sinks Under Weight Of Debt

    Struggling shipbuilder Harland & Wolff said Monday that it plans to enter into administration and remove its shares from the London Stock Exchange after failing to win a £200 million ($264 million) government loan to help offset money owed to creditors.

  • September 13, 2024

    The 2024 Regional Powerhouses

    The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.

  • September 13, 2024

    NJ Jury Puts $26M Price Tag On Land In Development Battle

    A New Jersey federal jury found that the owner of a 22-acre former Michelin Tire & Rubber Co. factory at the heart of a land-taking battle should get $25.6 million from a borough redevelopment agency that argued the parcel would fetch less than a third of that figure on the market.

  • September 13, 2024

    Bankman-Fried Lays Blame On Trial Judge In 2nd Circ. Appeal

    FTX founder Sam Bankman-Fried on Friday launched an appeal of his fraud conviction over the cryptocurrency exchange's historic collapse, issuing a broadside against the judge who oversaw his trial and saying FTX's debtor counsel Sullivan & Cromwell LLP acted as an arm of the prosecution.

  • September 13, 2024

    Yellow Corp.'s Bid To Ax $7.8B Pension Liability Rejected

    A Delaware bankruptcy judge sided with the Pension Benefit Guaranty Corp. in its dispute with trucking firm Yellow Corp. over $7.8 billion in retirement fund withdrawal liability, ruling Friday that special federal funds from a 2021 COVID-19 stimulus package do not reduce or eliminate the debtor's liability.

  • September 13, 2024

    SEC Fines Zymergen $30M Over Misleading Pre-IPO Claims

    Now-shuttered biotechnology company Zymergen Inc. has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission allegations that it misled investors in its initial public offering when it used "unsupported hype" about the market potential for its technology for foldable touch screens.

  • September 13, 2024

    Trio Of BigLaw Mergers Expected To Drive More Deal Talks

    After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.

  • September 13, 2024

    Philly's Defunct University Of The Arts Files For Ch. 7

    Philadelphia's University of the Arts, which abruptly closed in June, filed for Chapter 7 liquidation Friday in Delaware bankruptcy court, roughly two weeks after nearby Temple University said it would not move forward with a potential merger.

  • September 13, 2024

    Property Developer Claims To Be Target Of Legal 'Vendetta'

    The director of a defunct property developer has hit back against a claim that accuses him of breaching his duties to the company, as he argued that the "vexatious" case was brought as part of a "vendetta" by his former co-directors.

  • September 13, 2024

    Mayer Brown Bankruptcy Ace Jumps To Pashman Stein In NJ

    Pashman Stein Walder Hayden PC has bolstered its bankruptcy practice in New Jersey with the addition of a partner from Mayer Brown LLP along with two associates, expanding the firm's roster in a state known for attracting large and complex bankruptcy cases. 

  • September 13, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.

  • September 12, 2024

    8th Circ. Nixes $563M Verdict Against BMO Harris Over Ponzi

    The Eighth Circuit on Thursday struck down a $563 million verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion dollar Ponzi scheme, ruling that the bank should have been allowed to raise a defense that would have barred the suit in the first place.

  • September 12, 2024

    Steward Health Care CEO Faces Contempt For No-Show

    A Senate committee said it would vote next week to hold now-bankrupt Steward Health Care CEO Dr. Ralph de la Torre in contempt after he failed to comply Thursday with a subpoena ordering him to testify at a hearing.

  • September 12, 2024

    Feds Eye Nixing Girardi's Ill. Case After Calif. Theft Conviction

    The federal government might drop its criminal charges in Illinois against disbarred attorney Tom Girardi following his recent conviction in California on similar charges of stealing millions from clients, a prosecutor indicated Thursday during a status hearing in the Prairie State matter.

  • September 12, 2024

    EU Probes Bankrupt German Racetrack Sale After Court Loss

    The European Commission relaunched an investigation Thursday into whether Germany supplied illegal state aid in the sale of the Nürburgring motorsports complex after the European Union's top court struck down the competition authority's 2014 decision to clear the aid.

  • September 12, 2024

    Boutique Litigation Firm Esbrook Adds Office In Delaware

    Boutique litigation firm Esbrook PC is opening the doors on a new Delaware office with a former Rosner Law Group attorney at the helm, a move that Esbrook says will help it better assist clients embroiled in disputes over books and records, corporate control issues and more.

  • September 12, 2024

    Digital Media Solutions Hits Ch. 11 With Plans To Sell

    Digital advertising firm Digital Media Solutions filed for Chapter 11 protection in a Texas bankruptcy court with eyes toward a sale process that would have its prepetition lenders acting as lead bidders for a proposed auction.

  • September 12, 2024

    Navient Agrees To Pay $120M To End CFPB Student Loan Case

    Navient Corp. would be barred from servicing federal student loans and required to pay $120 million to settle allegations related to its student lending practices under a proposed settlement the Consumer Financial Protection Bureau announced Thursday.

  • September 11, 2024

    Litigation Spending To Rise As Cases Grow More Aggressive

    A substantial number of large companies are expecting to increase their litigation spending by double digits next year in the face of more complex and hard-fought cases — and they are more open to bringing in new legal talent to navigate the matters, according to a report released Thursday. 

  • September 11, 2024

    Hertz Noteholders Entitled To $270M Interest, 3rd Circ. Rules

    Unsecured noteholders from Hertz's bankruptcy are entitled to roughly $270 million in interest as a so-called make-whole payment, a Third Circuit panel decided in a split ruling overturning a bankruptcy court opinion that said it was disallowed under the Chapter 11 code.

  • September 11, 2024

    Star Witness In Bankman-Fried Trial Seeks No Prison Time

    Former FTX insider Caroline Ellison urged a Manhattan federal judge not to sentence her to prison for her part in the crypto exchange's massive fraud scheme, citing her remorse and the "devastating" trial testimony she gave against onetime romantic partner and company founder Sam Bankman-Fried.

  • September 11, 2024

    TD Bank To Pay $28M Over Consumer Reporting Failings

    The Consumer Financial Protection Bureau hit TD Bank with a $20 million fine on Wednesday for its failures over inaccurate consumer credit reports and ordered it to pay nearly $8 million to customers, four years after the regulator imposed a $122 million fine against the bank over illegal overdraft fees.

  • September 11, 2024

    BurgerFi Flips Into Ch. 11, Burned By Rising Costs

    BurgerFi International Inc., the fast casual chain that also has Anthony's Coal Fired Pizza & Wings restaurants under its umbrella, filed for Chapter 11 protection in Delaware on Wednesday, listing up to $500 million in debt and being deluged by increasing operational costs.

  • September 10, 2024

    Blink Fitness Lands $105M Bid From PureGym

    Bankrupt gym chain Blink Fitness landed a stalking horse bid from a unit of U.K.-based global gym operator PureGym Ltd. that sets a $105 million floor price for a Chapter 11 auction set to be held later this month, the companies said Tuesday.

Expert Analysis

  • Banking Compliance Takeaways From Joint Agency Statement

    Author Photo

    Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

    Author Photo

    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

    Author Photo

    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Replacing The Stigma Of Menopause With Law Firm Support

    Author Photo

    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Planning Law Firm Content Calendars: What, When, Where

    Author Photo

    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

    Author Photo

    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

    Author Photo

    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

    Author Photo

    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

    Author Photo

    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

    Author Photo

    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • Bankruptcy Courts May Be Budding Open To Cannabis Cases

    Author Photo

    Two recent California bankruptcy court rulings, denying motions to dismiss the respective debtors' bankruptcies, provide persuasive authority to allow cannabis debtors the protections of federal bankruptcy law, say Noah Weingarten and Bethany Simmons at Loeb & Loeb.

  • How Justices Upended The Administrative Procedure Act

    Author Photo

    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • Chapter 11 Ruling Signals Emphasis On Lockup Provisions

    Author Photo

    A New York bankruptcy court's recent ruling in GOL Linhas Aéreas Inteligentes’ Chapter 11 case provides creditors with a strong basis for resisting requests to lock up or otherwise limit their voting rights, say Dania Slim and Andrew Alfano at Pillsbury.

  • Vendor Rights Lessons From 2 Chapter 11 Cases

    Author Photo

    A Texas federal court’s recent critical vendor order in the Zachry Holdings Chapter 11 filing, as well as a settlement between Rite Aid and McKesson in New Jersey federal court last year, shows why suppliers must object to critical vendor motions that do not recognize creditors' legal rights, says David Conaway at Shumaker.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

    Author Photo

    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Bankruptcy archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!