The Department of Justice has filed a statement of interest in the asbestos-centric bankruptcy of Kaiser Gypsum Co., warning that it won't tolerate any continuation of the "fraud, abuse and mismanagement" that have plagued the asbestos trust system in recent years.
Counsel for the actresses accusing Harvey Weinstein of sexual assault in a putative class action say a New York federal judge gave them a “road map” to a stronger case when he dismissed their claims this week.
Ten years ago, Lehman Brothers filed the largest bankruptcy in history, an event that accelerated the global financial crisis and inspired a new regime of banking regulation. Judge James Peck spoke with Law360 about the gravity of Lehman's historic filing and how his prior work helped him steward the case. This is the first in a three-part series looking back at Lehman's collapse.
Puerto Rico’s creditors and its financial oversight board clashed Thursday over the proposed $4.1 billion restructuring of the island’s Government Development Bank, with creditors deriding it as a “home-baked bankruptcy” that would shield corrupt bankers from scrutiny even as the bank’s own creditors overwhelmingly approved the deal.
Consulting giant McKinsey & Co. on Wednesday asked a Virginia bankruptcy court to reject calls to reopen the Alpha Natural Resources Chapter 11 case over allegations of conflicts of interest, saying it did not know of the alleged conflicts and would have had no duty to disclose the ties at issue.
The liquidation trustee of reorganized debtor Green Field Energy Services Inc. will be able to recover nearly $17 million from the former CEO of the company after a Delaware bankruptcy judge decided Wednesday that he is liable for breaching a contract with the company and depriving it of needed financing.
A divided Third Circuit panel on Thursday upheld a decision relieving the bankrupt Energy Future Holdings Inc. from paying a $275 million termination fee after a deal to sell its interest in a power distribution system to NextEra Inc. failed to win approval from Texas utility regulators.
A Delaware bankruptcy judge approved a deal Thursday to release three European affiliates from plastics-maker M&G USA Corp.’s Chapter 11 case, conditioned in part on immunity agreements and affiliate efforts to prune as much as $600 million from creditor claims in Mexico.
Bankrupt furniture retailer Heritage Home Group LLC received approval in Delaware on Thursday for a Chapter 11 sale of “nonluxury” product inventories in stores and distribution centers, days ahead of a bid deadline and auction for the company’s pricier lines.
The Massachusetts Attorney General's Office told a Delaware bankruptcy judge on Thursday that federal protections in Education Management Corp.'s Chapter 7 should not prevent the state from proceeding with a lawsuit against one of its for-profit schools seeking damages on behalf of students.
A construction executive misused money meant for a luxury New York City condominium project and failed to repay a related $4 million loan while flaunting his “lavish lifestyle” on Instagram, a group of lenders said in a collection action filed Tuesday in state court.
A New York federal judge Wednesday found plaintiffs in dozens of states in the General Motors ignition switch MDL can recover damages even if the alleged defect never manifested and can recover earnings lost while dealing with the defect.
The Manhattan District Attorney urged a state judge on Wednesday to reject Harvey Weinstein’s effort to see grand jury materials and dismiss the sexual assault and rape charges against him, saying its investigation was proper and that Weinstein has gotten all the information he is entitled to.
Classes on blockchain and artificial intelligence. Crash courses in business and financial markets. These are a few ways law schools are preparing students for a job market that is struggling in the wake of the recession.
A Pennsylvania state judge has determined that conscious business decisions made by an entity connected to the defunct Adelphia Communications Corp. barred claims that Deloitte & Touche LLP failed to uncover financial misdealings that led to the cable company’s 2002 collapse.
Applebee’s deceived franchisee RMH Franchise Holdings Inc. in the months leading up to RMH’s bankruptcy filing by giving it vague and ambiguous warnings about terminating its franchise agreements, RMH told a Delaware judge Wednesday.
A New Jersey construction business should not have been held liable for all of Trenk DiPasquale Della Fera & Sodono PC’s unpaid legal bills when most of its work was done on behalf of other related parties, the company’s attorney told a state appellate panel Wednesday in seeking to overturn a judgment in the firm’s favor.
A Delaware bankruptcy judge on Wednesday approved a provisional order establishing Chapter 15 protections on Ontario-based flooring company Kraus Carpet Inc.'s U.S. assets as the company pursues a bankruptcy sale in Canada.
Kasowitz Benson Torres LLP has hired away a bankruptcy pro from Diamond McCarthy LLP to join Kasowitz Benson's Houston office as a partner in its bankruptcy and restructuring litigation practice.
Caught in a whirlwind of firm dissolutions and layoffs, thousands of associates were thrust into one of the worst job markets in history a decade ago. While some have rebounded, others are still feeling the lingering effects of the financial crisis on their careers.
In the five years since Detroit filed for Chapter 9 bankruptcy, people have wondered which big city will be next. But the next big-city bankruptcy will not be about one local government in crisis. It is more likely to be a crisis involving many overlapping local governments, in a place like Chicago, say Adam Levitin of Georgetown University and David Schleicher of Yale University.
Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
While the U.S. Supreme Court's decision in Lagos eliminated the traditional way that many corporate victims recouped investigation costs, there still may be ways for at least a subset of those costs to be recovered, say Shannon Murphy and Steven Grimes of Winston & Strawn LLP.
Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.
The Senate Republican leadership and the Trump administration are racing to fill Justice Anthony Kennedy’s spot on the U.S. Supreme Court. Does opposition to their plans have any chance of success? My answer is yes, because the stakes are so high, people are so engaged, and the records of those short-listed are so deeply troubling, says Nan Aron, president of Alliance for Justice.
As clients increasingly look to limit their own liability exposure, they can reasonably expect that their retained counsel should do the same. In this context, a carefully crafted, thoughtfully presented engagement letter can help a law firm strike a successful balance between protecting itself and preserving a client relationship, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.
In this analysis of disciplinary action trends in the legal industry, Edwards Neils LLC managing member Jean Edwards examines data provided by bar organizations for 17 states and the District of Columbia.
A health care operator in financial distress may consider a number of nonbankruptcy options to streamline its operations, dispose of underperforming assets and improve its position. However, an operator with significant assets in a master lease may find that the lease imposes a variety of restrictions, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
With law firms increasingly exposed to professional liability risks associated with their corporate client relationships, firms must craft well-structured client engagement letters to help protect against malpractice claims. Two key elements of an engagement letter are how it defines the scope of engagement and how it handles conflicts of interest, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.