Bankrupt property company Lehigh Valley Properties Inc. has filed suit in a Pennsylvania federal court against a law firm focused on collections, claiming the firm pursued a tax debt it knew to be inflated because part of the taxed land had been seized by eminent domain.
The Third Circuit was urged in a brief on Tuesday to uphold a decision that nixed a bid by the bankrupt developer of a failed Philadelphia casino project to recoup a $50 million licensing fee paid to the state.
A shareholder in a failed Florida energy company who claims his former partners forced the business into bankruptcy to oust him grilled the attorney who drafted the petition Tuesday, but the contentious testimony produced opportunities for the defense to introduce several of its key arguments.
Hunton & Williams LLP has become the latest law firm to settle allegations that it aided Robert Allen Stanford’s $7 billion Ponzi scheme, inking a $34 million deal that would benefit some of Stanford’s thousands of victims. Here are four takeaways from Hunton’s deal and their potential impact on the case going forward.
Ambac Financial Group Inc. was cut loose Tuesday from a proposed class action accusing the bond insurer and its executives of misleading investors about its $2.5 billion Puerto Rican bond portfolio and exposure to losses, with a New York federal judge finding no alleged signs of intentional fraud or concealment.
General Wireless Operations Inc., the owner of the twice-bankrupt electronics retailer RadioShack, defended its latest Chapter 11 disclosure on Monday as sufficient and improving, and asked a Delaware bankruptcy judge to continue its control of the case.
A Connecticut federal judge in a case involving a bankrupt marine fuel supplier and Norwegian Cruise Line advised counsel for both sides to consider what effect an English court decision in a similar case might have on his own disposition of Norwegian’s bid to stop the supplier from seeking arbitration over payment of a bunker fuel delivery.
Manhattan prosecutors on Friday pushed back against former Dewey & LeBoeuf Chief Financial Officer Joel Sanders’ effort to nix his conviction for fraud and conspiracy, telling a New York state judge that Sanders is just rehashing already decided arguments.
The widow of an Emerald Casino Inc. executive Tuesday asked an Illinois district court to block an attempt by the casino’s bankruptcy trustee to collect a portion of a $45 million judgment from her husband’s estate, saying it is a probate court matter.
A Missouri bankruptcy judge on Tuesday approved a $43 million settlement between coal producer Peabody Energy Corp. and the U.S. government over environmental liabilities incurred by a Peabody subsidiary at 13 Superfund sites contaminated by heavy metal mining and production.
Credit Suisse International was handed a win by a New York federal judge in a proposed class action brought by Energy Conversion Devices Inc. shareholders alleging the bank pushed ECD into bankruptcy by manipulating the market for the solar panel maker’s stock through short selling.
Bankrupt soup purveyor The Original Soupman Inc. on Tuesday made a second attempt to secure court approval for a plan to sell assets in its Chapter 11 case, saying it will provide new information to allay an objection over the company's board not having signed off on the deal.
Saul Ewing LLP and Arnstein & Lehr LLP announced Tuesday they have merged to create a more than 400-attorney firm with 15 offices along the East Coast and in the Midwest.
Cox Enterprises Inc. and its affiliates have urged a Florida federal judge to compel arbitration or dismiss allegations by a bankrupt used car dealership that the conglomerate monopolized the used car market for financial gain, calling the allegations “meritless.”
Brick-and-mortar retailers continue to feel pressure from e-commerce, with big players filing for bankruptcy in 2017. Lawyers say developers would be wise to keep a few key points in mind when formulating their retail strategy since more bankruptcies are likely to follow.
Dots LLC asked a New Jersey bankruptcy judge Friday to end its Chapter 11 cases, saying the retailer worked diligently to get as much as it could out of its assets, but that it doesn’t have enough money to repay a number of claims and fees, let alone confirm a Chapter 11 plan, so there’s nothing left to do.
A New York bankruptcy judge on Thursday granted requests by the liquidating trustee of National Events Holdings LLC to collect information from seven big banks in an effort to uncover details about the defunct ticket reseller’s alleged Ponzi scheme and the disappearance of $70 million.
An Alabama federal judge said Friday that she won’t pause a $2 billion suit that alleges PricewaterhouseCoopers LLP overlooked a mortgage fraud scheme that brought down a bank while the auditor appeals the court’s rejection of its attempt to shift the blame to federal regulators.
A group of former employees of electronics retailer RadioShack filed a putative class action complaint in the company’s Delaware bankruptcy court proceeding Friday, alleging the company violated the Worker Adjustment and Retraining Notification Act by terminating workers on short notice.
The liquidating trust set up by Jumio Inc.’s Chapter 11 plan launched an adversary action Friday targeting former company brass for an alleged revenue report padding scheme that the trust argues sunk the software developer’s fortunes and ultimately drove it into bankruptcy.
Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.
The director of the U.S. Trustee Program recently proclaimed before a congressional subcommittee that debtors with assets or income derived from marijuana may not proceed through the bankruptcy system. However, this limitation has not been addressed, let alone settled, with respect to businesses that are ancillary to marijuana cultivators and dispensaries, says Patricia Heer of Duane Morris LLP.
Health Republic's liquidator has stated that claimants will not be paid until Health Republic's disputed claims against and from the federal government are resolved. Policyholders and other creditors should not be told to wait through a claims adjudication process only to find that potentially barely any money may remain to pay even a small portion of approved claims, says James Veach of Mound Cotton Wollan & Greengrass LLP.
Normally, investors and lenders to public-private partnerships avoid pursuing projects where the government’s ability to provide financial, operational and logistical support is subject to considerable uncertainty. But the tools provided by the Puerto Rican Oversight, Management and Economic Stability Act can help mitigate some of these risks and even facilitate future projects in Puerto Rico, say attorneys with Cleary Gottlieb Ste... (continued)
In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?
Debtors and creditors in municipal restructuring situations need to accept that engaging with policymakers, shaping the public narrative and mitigating misleading headlines all have a significant impact on the outcome, says Dan Zacchei of Sloane & Co.
Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.
Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.
Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.