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Bankruptcy
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May 02, 2024
Teen Retailer Rue21 Hits Ch. 11 Again With Plans To Sell
Retail fashion company rue21, which made a trip through bankruptcy most recently in 2017, filed for Chapter 11 protection in Delaware court Thursday, disclosing $194.4 million in debt and a plan to sell the business.
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May 01, 2024
Weinstein On Track For Fall Trial Redo On NY Rape Charges
A New York judge said Wednesday that disgraced movie mogul Harvey Weinstein will be retried sometime after September, following last week's decision by the state's highest court to overturn his rape conviction due to the admission of overly broad evidence at trial.
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May 01, 2024
Eiger Gets Deal With Merck Over $46M Rare-Disease Drug Sale
Bankrupt Eiger BioPharmaceuticals Inc. told a Texas federal judge Wednesday it had struck a tentative agreement with drug company Merck & Co. over licensing rights to a rare-disease drug that it is selling for $46.1 million.
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May 01, 2024
Ex-NFL Star Romanowski Files For Ch. 11 Amid $15M Tax Suit
Ex NFL star and Super Bowl champion Bill Romanowski has filed for Chapter 11 protection in California after being slapped with a $15.5 million income tax suit.
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May 01, 2024
Judge Enjoins Baseball Bat Cos. In Fla. Trademark Fight
A pair of companies owned by ex-MLB player Yoenis Céspedes have won a preliminary injunction against several businesses in an intellectual property dispute in Florida federal court over baseball bats, saying the former New York Mets outfielder's companies are likely to succeed on a trademark claim.
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May 01, 2024
Kirkland Rips 'Tortured' Theory In Texas Judge Romance Suit
Kirkland & Ellis LLP's inclusion in a Texas federal suit accusing it of conspiring with Jackson Walker LLP, a disgraced Texas bankruptcy judge and a former Jackson Walker partner who was his romantic partner to oust a CEO is based on "a tortured theory" and "flimsy facts," the firm declared.
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May 01, 2024
J&J Proposes $6.5B Deal To End Ovarian Cancer Claims
Johnson & Johnson said Wednesday it is proposing a prepackaged reorganization plan for its talc unit that will pay out $6.5 billion to resolve claims that its talc-based baby powder caused ovarian cancer, if a supermajority of claimants agree to the plan.
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April 30, 2024
Attys Barred From Practicing Over Ch. 13 Real Estate Scams
Enforcement actions against two consumer bankruptcy attorneys who admitted they hid their involvement in schemes to acquire their clients' homes during Chapter 13 proceedings have resulted in sanctions barring them from practicing in certain districts, the U.S. Department of Justice's Trustee Program announced Tuesday.
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April 30, 2024
Insurance Mogul Can't Escape $164M Dutch Payout Yet
A shareholder accused of raiding a Dutch insurer's coffers can't stop it from trying to enforce a nearly $164 million arbitration victory, a North Carolina federal judge ruled, finding that he didn't show it's not enforceable in U.S. courts.
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April 30, 2024
Vice Media Gets OK For Ch. 11 Liquidation Plan
A New York bankruptcy judge said at a hearing Tuesday he would confirm Vice Media's Chapter 11 liquidation plan, following a $350 million sale last year.
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April 30, 2024
Judge Tosses LTL's Suit Over Article Linking Talc To Cancer
A New Jersey federal judge on Tuesday tossed a suit from the bankrupt talc unit of Johnson & Johnson accusing three doctors of damaging its business through a medical journal article it claimed was backed by "junk science," ruling that the doctors having served as expert witnesses in the Garden State is not enough to show that the court has jurisdiction over its claims.
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April 30, 2024
Atty Wants Out Of 'Coup' Suit Over Judge Romance
The former Jackson Walker LLP attorney whose secret relationship with a Texas judge ignited an ethics scandal wants out of a racketeering suit accusing her of "orchestrating a coup" in a bankruptcy case, calling the suit a "dubious" attempt to blame her for an ex-CEO's "disastrous" mismanagement of his family business.
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April 30, 2024
NYC Law Firm Says Japanese Auto Supplier Owes $800K Fees
New York law firm Florence Rostami Law LLC seeks more than $800,000 in legal fees and expenses after representing a Japanese auto part manufacturer in litigation and bankruptcy court proceedings in a contract dispute with a former vendor, the firm told a Michigan federal court.
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April 30, 2024
Moritt Hock Adds 3 Attorneys In NYC, Garden City Offices
Moritt Hock & Hamroff LLP has hired an associate and counsel and has rehired a former corporate associate who spent three years working for the firm, according to a Monday announcement.
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April 29, 2024
Terraform Says SEC's $5.4B Sanction Bid Fails Under Morrison
Crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision.
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April 29, 2024
Herbert Smith Adds Bankruptcy Pro To Thai Disputes Practice
Herbert Smith Freehills has hired an expert in construction disputes and insolvency and bankruptcy matters as a new partner for its Bangkok office, a move the firm says will strengthen its disputes practice in Thailand's capital.
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April 29, 2024
Kemp Klein Adds Bankruptcy Atty In Mich.
Detroit-area-based Kemp Klein Law Firm has announced it hired a new bankruptcy-focused corporate lawyer to bolster its corporate, litigation and bankruptcy practices.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
WeWork Wins Conditional OK Of Ch. 11 Plan Disclosures
A New Jersey bankruptcy judge gave conditional approval Monday to bankrupt flexible office space company WeWork Inc.'s reorganization plan disclosure statement over the objection of WeWork's former owner Adam Neumann, finding the disclosure contained adequate information.
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April 29, 2024
4th Circ. OKs Sanctions Against Law Firm In Bestwall Ch. 11
A split Fourth Circuit panel on Monday refused to overturn more than $402,000 in sanctions against a law firm and its clients as part of bankruptcy proceedings for a Georgia-Pacific unit, saying the contempt and sanctions orders can't be appealed because they aren't final judgments.
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April 29, 2024
Turkey Cos. Seek Swift Appeal Of Burford's Ability To Sue
Some of the country's largest turkey producers have asked an Illinois federal court for permission to immediately appeal a March ruling that allows a Burford Capital investment unit to pursue price-fixing allegations against them, arguing the Seventh Circuit should weigh in on whether the investor is permitted to bring such a claim.
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April 29, 2024
Supreme Court Declines To Hear 'Unusual' FCRA Case
The U.S. Supreme Court on Monday declined to take up PHH Mortgage Corp.'s call for review of a Fourth Circuit decision allowing a Marine Corps veteran to continue his Fair Credit Reporting Act claims that the company harassed him about his ex-wife's debt on a home they once shared.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
Insurer's $580M Fight With NC Mogul Lands In Del.
An insurer has urged a Delaware state court to unravel a business conversion by embattled insurance mogul Greg Lindberg, arguing that in converting the company he is illegally attempting to escape paying a $580 million award.
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April 26, 2024
Giuliani Seeks Ch. 11 Judge's OK To Appeal $148M Verdict
Rudy Giuliani asked a New York bankruptcy judge on Friday for permission to move forward with an appeal of a $148 million defamation award to two Georgia poll workers he accused of committing ballot fraud.
Expert Analysis
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Don't Sit On Bankruptcy Sidelines, 5th Circ. Ruling Reminds
The Fifth Circuit’s recent In re: Louisiana Pellets decision, holding that a creditor couldn’t assert indemnification defenses in a suit brought by the trustee of a liquidation trust, highlights the risks faced by creditors and other contract parties that choose not to participate in a bankruptcy, say Gregory Hesse and Kaleb Bailey at Hunton.
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2nd Circ. Ruling Will Guide Social Media Account Ownership
The Second Circuit’s recent decision in JLM Couture v. Gutman — which held that ownership of social media accounts must be resolved using traditional property law analysis — will guide employers and employees alike in future cases, and underscores the importance of express agreements in establishing ownership of social media accounts, says Joshua Glasgow at Phillips Lytle.
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Texas Ruling Clarifies That Bankruptcy Shields LLC Rights
A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
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Opinion
3rd-Party Financiers Have Power To Drive Mass Tort Cases
The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.
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Del. Dispatch: Clarification On Fiduciary Duties Of Controllers
The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.
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Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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What Are The Pros And Cons Of Selling A Bankruptcy Claim?
As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.