Citibank NA's agreement to return $1.74 billion to the Lehman Brothers estate and cut short a trial over closeout calculations for derivatives trades that went into default after Lehman's collapse is sealed, as the New York bankruptcy judge who oversaw the monthslong trial happily signed the deal on Friday.
The court-appointed receiver handling the Ponzi implosion of Stanford International Bank asked a Texas federal judge on Thursday to overturn a jury's decision keeping $88 million in Stanford cash in the hands of the cable and truck-racing magnate who received it shortly before Stanford collapsed.
The Delaware bankruptcy judge presiding over the Energy Future Holdings Corp. Chapter 11 granted the debtor’s request for a temporary restraining order Thursday blocking Vistra Energy Corp., which was once part of the power giant’s corporate structure, from making tax moves that could allegedly hurt the bankruptcy estate.
Nuclear energy contracting giant Westinghouse Electric Co. LLC asked a New York bankruptcy court on Wednesday to authorize amendments to its $800 million postpetition financing arrangement so it can provide emergency funding for struggling nondebtor affiliates overseas.
The liquidating trust for grocer Fresh & Easy has agreed to pay a claim of $2.2 million to settle putative class actions brought by about 900 California workers who said they found themselves jobless without warning, according to a joint motion filed Wednesday in Delaware bankruptcy court.
O'Melveny & Myers LLP defended its roughly $2.5 million fee bid for the La Paloma Generating Co. LLC Chapter 11 in Delaware bankruptcy court Thursday against criticism from the power producer's senior creditor, arguing that the lender is asking the firm to "roll over and play dead."
Steel tank maker CST Industries Holdings Inc. secured bankruptcy court approval Thursday for $1.3 million or more in incentive or retention bonuses for key employees, over objections from unsecured creditors wary of the cost and skeptical of the justifications.
Deutsche Lufthansa AG on Thursday confirmed its chief executive’s comments that the German airline is making a €1.5 billion ($1.8 billion) investment in beleaguered Air Berlin.
The trustee for an insolvent Russian bank investigating a purported link between funds embezzled by the bank’s former president and New York City real estate purchases won a bankruptcy court fight Thursday with the property buyers over the right to look deeper into past transactions.
Breitburn Energy Partners LP unveiled its long-awaited Chapter 11 plan before a New York bankruptcy court on Thursday, pacifying some creditors who’d been on the verge of mutiny over the summer and angering others who say the plan shortchanges them for the sake of expediency.
The tension simmering between former partners of a bankrupt Florida energy company repeatedly neared the boiling point Wednesday as a co-founder cross-examined the company's largest investor, who allegedly put the business into involuntary bankruptcy as part of a scheme to force the co-founder out.
A putative class of 2.2 million patients suing bankrupt cancer treatment center operator 21st Century Oncology over a data breach that exposed their personal information said the company has unacceptably omitted any mention of their claims in its Chapter 11 plan disclosures.
ChinaCast Education Corp. and a group of its senior lenders Wednesday asked a New York bankruptcy judge to deny a creditor a $15 million insurance payout on a securities class action judgment, calling it an improper asset grab.
A General Motors creditors’ trust on Tuesday asked to appeal a bankruptcy judge’s ruling in a bellwether case on the nature and value of security interests in GM plant assets related to a $1.5 billion term loan, saying that the findings overlook the federal government’s role as savior to the manufacturer in 2009.
"American Idol" producer CORE Entertainment moved Tuesday to shut down a suit by Sony Music Entertainment over unpaid royalties for Clay Aiken, Kelly Clarkson and other stars of the show, telling a New York bankruptcy court the claims are barred by CORE’s recent reorganization.
The European Commission on Wednesday said it has cleared Portugal’s plan to sell a majority of rescued bank Novo Banco to private equity outfit Lone Star after it found the arrangement did not run afoul of the European Union’s state aid rules.
Bankrupt restaurant chain operator Garden Fresh asked the Delaware bankruptcy court Tuesday to dismiss its Chapter 11 cases without a reorganization plan, saying it has no money to make a plan and no assets to reorganize.
Attorneys from Trenk DiPasquale Della Fera & Sodono PC told a New Jersey bankruptcy court Tuesday that its former client, the now-defunct Newark Watershed Conservation and Development Corp., was not entitled to search the firm’s electronics for missing documents.
The largest investor in a beleagured Florida energy company testified Tuesday that he tried in good faith to right the business after his partners descended into a deadlocked dispute, contending the only improprieties in the involuntary bankruptcy he forced the company into came in one partner's appeal.
Attorneys for hedge fund Platinum Partners and some of its executives on Tuesday pressed a New York state judge to force three excess insurers to advance money to cover their costs of defending against criminal charges over a purported $1 billion securities fraud scheme involving an offshore driller, saying the insurers are duty-bound to provide coverage.
The Delaware bankruptcy court's decision in the case of SRC Liquidation makes clear that administrative expense claim rights will be strictly construed to goods that are physically provided to the debtor. Clearly, concerned vendors should be wary of drop shipment, says Jason Binford of Gardere Wynne Sewell LLP.
If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.
The consolidation of financially troubled companies can be effectively achieved through the bankruptcy sale process. For health care businesses in particular, bankruptcy sales can maximize the value of these businesses by providing buyers with flexibility and myriad protections, say Adam Harris and James Bentley of Schulte Roth & Zabel LLP.
Litigator Roberta Walburn’s rollicking new book, "Miles Lord: The Maverick Judge Who Brought Corporate America to Justice," is a really good read — a fascinating story about a life lived in the heat of battle and usually at the edge of what might have been considered appropriate for a federal judge, says Chief U.S. District Judge John Tunheim of the District of Minnesota.
In the wake of the financial crisis, many lawsuits seeking to recover damages for alleged investment losses have been filed by special-purpose vehicles. Litigation practitioners will benefit from a practical consideration of the strengths and weaknesses of these entities in formulating an overall litigation strategy, say attorneys with Mayer Brown LLP.
For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.
The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.
Albert Einstein famously said, “The definition of insanity is doing the same thing over and over again, but expecting different results.” That maxim applies to large companies that seek more value and diversity from their outside counsel by expecting big firms to change. There’s a simple solution to this problem, according to attorneys Margaret Cassidy, Sara Kropf and Ellen D. Marcus.
While most of the Financial CHOICE Act focuses on financial regulations imposed by Dodd-Frank and other federal legislation, portions of the act would have a significant impact on U.S. Securities and Exchange Commission enforcement actions, say attorneys with Paul Hastings LLP.
The Consumer Financial Protection Bureau’s use of its abusiveness authority to attack Aequitas Capital Management’s willingness to acquire loans with high risks of default certainly makes one wonder about the downside risks of the CFPB’s foray into the capital markets, say attorneys with Mayer Brown LLP.