Bowles Rice has resolved a $41 million fight with a title insurer stemming from a troubled coal plant build and averted a trial that was set to start Monday, according to a lawyer involved in the case, heading off what at least one expert said was a sizable threat to the firm in the face of its limited malpractice coverage.
Claire’s Stores Inc. retained exclusive control of its Chapter 11 on Friday, overcoming a move by creditor Oaktree Capital Management to loosen the debtor’s hand and improve prospects for a competing $1.5 billion Oaktree bid for the fashion accessories retailer.
The Seventh Circuit on Friday upheld the dismissal of a bankruptcy trustee's suit against the officers of a defunct bank holding company for keeping a $76 million tax refund instead of disbursing it to the company’s failing banks.
A Florida bankruptcy judge signed off Friday on a $39.1 million sale of a stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program.
The ex-CEO of bankrupt Constellation Healthcare Technologies Inc. Thursday asked a New Jersey federal court to dismiss claims he engaged in securities fraud, alleging he is the victim of an investor’s takeover scheme.
As wildfires again ravage swaths of California forests in what has become a deadly summer ritual, the threat of a Pacific Gas and Electric Co. bankruptcy looms over state lawmakers who are hastily debating how to apportion liability for billions of dollars' worth of damage stemming from last year's infernos.
The last week has seen Gatwick Airport sue an insolvent construction firm and two insurers for professional negligence, Deutsche Bank lodge a claim against India's Canara Bank and a Markel unit file a contract dispute against German animal insurance specialist Hippo.
A three-judge panel of the Second Circuit rejected an effort by investors in two so-called feeder funds that were linked to Bernie Madoff’s fraudulent investment scheme to revive their class action against the funds’ managers, auditors, consultant and administrator, ruling Friday that a lower judge was right to dismiss the case.
A creditor asserting secured claims against affiliates of The Weinstein Co. filed a motion late Thursday asking a Delaware bankruptcy court judge to lift the automatic stay of litigation in the Chapter 11 cases of the company to allow the creditor’s suit against Harvey Weinstein over a $46 million loan to move forward in New York state court.
No one is tracking law students with disabilities to see where the education system may be failing them, but some advocates are working to change this dynamic and build a better pipeline.
The Eleventh Circuit handed a group of Jefferson County, Alabama, sewer ratepayers a loss Thursday when it ruled that equitable mootness applies to Chapter 9 bankruptcy and extinguished their appeal of a bankruptcy confirmation plan for the county.
An Alabama federal judge has denied Alabama Aircraft Industries a quick win in its $100 million suit alleging Boeing put it out of business by pushing it out of a $1.2 billion U.S. Air Force contract, but also refused to clear the aerospace giant of the accusation, saying a jury will have to weigh the facts.
Georgia-Pacific affiliate Bestwall LLC’s bankruptcy is a “sham” and a “farce” designed to wall off its parent company from exposure to asbestos claims, a committee of asbestos claimants said Wednesday in seeking to get the case dismissed.
Bankrupt Applebee's restaurant franchisee RMH Franchise Holdings Inc. on Thursday told a Delaware bankruptcy court that it had struck a deal for continued access to its lender's cash, saying it will begin formulating bidding and sale procedures as well as a potential Chapter 11 reorganization plan.
The First Circuit threw out an 11-year prison term Wednesday for a Puerto Rican man convicted on 29 counts of fraud and other charges for posing as a bankruptcy lawyer to help parents get out of jail for missing child support payments, ruling that the sentence had been calculated under outdated guidelines.
A New York bankruptcy judge Thursday gave film studio Relativity Media LLC permission to sell its assets — including a long-contested Netflix distribution deal — to UltraV Holdings LLC for $40 million.
In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Patrick DiDomenico, chief knowledge officer at Ogletree Deakins Nash Smoak & Stewart PC.
A bankruptcy court finding that Bear Stearns & Co. Inc. acted in good faith when it repurchased securities from former debtor HomeBanc Mortgage Corp. in 2007 was upheld Tuesday when a Delaware federal judge said the lower court did not misapply the law or make errors of fact.
The ousted former CEO of Level Solar Inc.’s long-simmering bid to convert the defunct residential solar company’s Chapter 11 bankruptcy to a Chapter 7 liquidation began heating up again on Wednesday, as the federal bankruptcy watchdog echoed his concerns while a creditor objected to them.
The New York bankruptcy trustee for scandal-plagued Cambridge Analytica fought back against requests for documents made by Facebook users suing over the company’s alleged misuse of their personal data, calling the requests too vague and knocking them as a “backdoor effort” to circumvent the discovery process in their own suit.
In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.
For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.
In the marijuana industry, there is ambiguity surrounding failing businesses because the product remains illegal under federal law. Brett Theisen of Gibbons PC identifies the credit risks associated with lending to, or working with, a marijuana business and highlights key state law solutions for both debtors and creditors.
The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.
The U.S. Supreme Court has been asked to clarify in the case of Tempnology the extent to which trademark license rights survive rejection in bankruptcy proceedings. In the meantime, licensees face continued uncertainty on their ability to use licensed trademarks following rejection, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.
The Ninth Circuit's opinion in Fagerdala represents one of very few circuit-level decisions that touch on vote designation under Section 1126(e) of the Bankruptcy Code — and the severest limit to date upon its application, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.
I agree with the legal pundits speculating that NewLaw’s present and future disruptors will radically change the legal services industry, but that change may not come quite as rapidly as predicted. Regardless, now is the time for both the incumbents and the challengers to best position themselves for the eventual shakeup, says Craig Levinson, founder of Levity Partners.
The Fifth Circuit's recent decision in Franchise Services of North America should give comfort to investors that seek to negotiate consent rights with respect to a bankruptcy filing. The fact that an investor also holds a claim against the company will not, in and of itself, invalidate a bankruptcy consent provision, say attorneys with King & Spalding LLP.
Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.