• August 29, 2023

    Genesis, Unsecured Creditors Ink Deal Over Earn Accounts

    Bankrupt cryptocurrency lender Genesis Global Holdco LLC has reached an agreement in principle with unsecured creditors and its parent company that, if finalized, would provide for a "comprehensive resolution" of the company's bankruptcy case, which includes claims stemming from Genesis' partnership with cryptocurrency exchange Gemini on certain interest-bearing accounts known as the Earn program.

  • August 29, 2023

    TV Azteca, Noteholders Agree To Talks On Bond Debt

    A two-day hearing on TV Azteca's attempt to dismiss its involuntary Chapter 11 ended Tuesday with the Mexican television producer and the three noteholders who filed the bankruptcy case agreeing to enter talks regarding the company's $400 million in bond debt.

  • August 29, 2023

    $30K Document Search A Sticking Point In Alex Jones' Ch. 11

    A resolution between creditors of right-wing radio conspiracy theorist Alex Jones and his bankrupt radio production company is close, but the company said Tuesday that the estimated $30,000 cost of an email database search is too high.

  • August 29, 2023

    Feds Keep Heat On Banks With Long-Term Debt Proposal

    Federal banking regulators issued a proposal Tuesday that would require banks with at least $100 billion in assets to issue and maintain a minimum amount of long-term debt to help absorb losses if the banks fail, following last month's proposal to raise capital requirements for the financial institutions.

  • August 29, 2023

    Feds Say SBF Can't Call Ex-FEC Chair, London Atty To Testify

    Prosecutors asked a Manhattan federal judge on Monday to bar both the former chair of the Federal Election Commission and an English barrister from testifying as expert witnesses in FTX founder Sam Bankman-Fried's upcoming criminal trial.

  • August 29, 2023

    Philly Firm Sacks Weston Hits Ch. 11 Amid Fraud Scandal

    Struggling Philadelphia plaintiffs firm Sacks Weston LLC has filed for protection in Pennsylvania bankruptcy court, months after two of its former attorneys pled guilty to resolving cases behind their partners' backs and pocketing the proceeds.

  • August 29, 2023

    Trustee's Malpractice Appeal 'Nothing New,' Says Perkins Coie

    Months after a Texas trial court gave Perkins Coie an early win against legal malpractice claims filed by a bankruptcy trustee for one of its former clients, the firm is urging a state appellate court to uphold the lower court's findings, arguing, "On appeal, the trustee offers nothing new."

  • August 29, 2023

    Teamsters Slam Yellow Corp. For 'Forum Shopping' Suit

    The International Brotherhood of Teamsters has accused Yellow Corp. of "brazen forum shopping" by trying to move claims the union drove the trucking company into Chapter 11 into bankruptcy court before the union's motion to dismiss the case can be heard.

  • August 29, 2023

    A Deep Dive Into Law360 Pulse's Women In Law Report

    The legal industry experienced incremental gains for female lawyers in private practice in the U.S., according to Law360 Pulse's Women in Law Report, with women now representing half of all associates.

  • August 29, 2023

    Thompson Hine Hires Litigation Partner In Chicago

    Thompson Hine LLP announced it has expanded its Chicago office by adding a litigation partner from Smith Gambrell & Russell LLP.

  • August 29, 2023

    3M Strikes $6B Deal In Combat Earplug Litigation

    3M on Tuesday said that it had reached a $6 billion deal to end more than 260,000 claims that its combat earplugs failed to protect the hearing of servicemembers and veterans, capping the largest multidistrict litigation in U.S. history.

  • August 28, 2023

    $5.5B 3M Earplug Deal Awaits Veterans' Buy-In

    A $5.5 billion settlement has reportedly been reached to resolve more than 260,000 claims that defective 3M earplugs harmed the hearing of U.S. service members, but court watchers don't expect an immediate end to the rapidly paced litigation remarkable for both its size and multimillion-dollar bellwether verdicts.

  • August 28, 2023

    No Creditors Committee For Bankrupt Alecto Health Co.

    A Delaware bankruptcy judge denied a bid from unsecured creditors of bankrupt hospital owner Alecto Healthcare Services to form an official committee, finding Monday that a court-appointed trustee and an independent director for Alecto could adequately investigate the creditors' allegations of fraudulent transfers.

  • August 28, 2023

    2nd Circ. Says Lynn Tilton Owes $39.2M To TransCare Estate

    The Second Circuit on Monday upheld an award of $39.2 million in damages to the bankruptcy estate of an ambulance business and said its director and indirect owner, Lynn J. Tilton, breached her fiduciary duty when she created a plan to sell the profitable parts of the company to herself before the remainder of the organization filed for Chapter 7 bankruptcy.

  • August 28, 2023

    EV Maker Survives Foxconn's Attempt To End Ch. 11 Case

    Ohio-based electric vehicle maker Lordstown Motors Group survived a motion to dismiss its bankruptcy case Monday when a Delaware judge said the company's efforts to liquidate assets in Chapter 11 was a valid use of the insolvency court.

  • August 28, 2023

    SL Green Wants HNA Co-Counsel To Stay If Kobre & Kim Exits

    One of the law firms representing Chinese conglomerate HNA Group can withdraw from a suit litigating tens of millions in debt the multinational corporation owed to an SL Green Realty affiliate as long as someone is still around to enforce a long-standing judgment, says opposing counsel in the case.

  • August 28, 2023

    CFPB Signs $2.6B Settlement With Credit Repair Companies

    The Consumer Financial Protection Bureau has struck a $2.6 billion deal with Progrexion Marketing Inc., resolving claims that the credit repair giant and its affiliates improperly collected billions in fees from customers.

  • August 28, 2023

    SBF Asks 2nd Circ. To Undo 'Speculative' Jail Order

    FTX founder Sam Bankman-Fried urged the Second Circuit on Friday to let him out of jail ahead of an October fraud trial, saying a Manhattan federal judge improperly made "speculative" analytical leaps to infer that his protected free speech amounted to witness tampering.

  • August 28, 2023

    Digital Solutions Co. AgileThought Hits Ch. 11 In Delaware

    Texas digital transformation technology company AgileThought Inc. and more than 30 affiliates filed for Chapter 11 bankruptcy in Delaware on Monday, saying it will be seeking a quick sale to deal with its $110 million in funded debt.

  • August 28, 2023

    Mallinckrodt Files Second Ch. 11 To Wipe Out $1.9B Of Debt

    Irish drugmaker Mallinckrodt PLC filed its second Chapter 11 case in three years in an effort to erase about $1.9 billion of secured debt in a follow-up restructuring case that comes after its earlier Chapter 11 addressed its legacy opioid liability.

  • August 25, 2023

    SBF Slams Feds For 'Yet Another' Pretrial Document Dump

    Sam Bankman-Fried on Friday criticized federal prosecutors for producing 4 million additional pages of discovery documents less than six weeks before the FTX founder's fraud trial, arguing that prosecutors "can't be allowed to dump millions of pages" with limited plans for Bankman-Fried to access them while in prison.

  • August 25, 2023

    FTX, BlockFi, Genesis Claimant Data Breached In Cyberattack

    Claims and noticing agent Kroll LLC announced on Friday that cybercriminals have exposed data belonging to claimants in the FTX, BlockFi and Genesis Global Holdco bankruptcies following a "highly sophisticated" cyberattack directed against Kroll employees.

  • August 25, 2023

    AppHarvest Gets $30M In DIP Financing To Get To Ch. 11 Sale

    Kentucky-based greenhouse agriculture company AppHarvest Products LLC on Friday got the approval of a Texas bankruptcy judge for $29.6 million in debtor-in-possession financing, including $24 million of new money, as it moves toward a Chapter 11 liquidation.

  • August 25, 2023

    DC Circ. Won't Revive FTC's Endo-Impax Deal Suit

    A D.C. Circuit panel refused Friday to revive a Federal Trade Commission lawsuit targeting an opioid medication settlement between Endo Pharmaceuticals and Impax, concluding the license brandmaker Endo granted for Impax to sell a generic, even the only version of the drug available, was just "a standard exclusive license."

  • August 25, 2023

    Credit Repair Firm Gets Nod On Ch. 11 Sale, Regulator Deal

    Bankrupt credit repair agency PGX Holdings Inc. received court approval Friday in Delaware for a sale of its assets after the debtor reached an agreement with federal regulators that resolves a long-running dispute in federal court.

Expert Analysis

  • Colo. Bankruptcy Ruling Clarifies Debt Collection Rules

    Author Photo

    The Colorado Supreme Court’s recent ruling in U.S. Bank v. Silvernagel provides necessary clarification on the state's debt collection statute of limitations commencement rules and gives lenders breathing room to pursue foreclosure after their borrowers receive a bankruptcy discharge, say Erin Edwards and Justin Balser at Troutman Pepper.

  • Preparing For Legal Scrutiny Of Data Retention Policies

    Author Photo

    Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.

  • How Companies Should Prepare For Debt Ceiling Impasse

    Author Photo

    Given the uncertainty about whether the U.S. government could hit the debt ceiling and how markets would react, companies should take some steps now, including discussing contingency plans with boards of directors, both to address future market dislocations and an actual default, say attorneys at Cleary.

  • FTX Proceedings Highlight D&O Issues Amid Bankruptcy

    Author Photo

    A Delaware bankruptcy judge’s recent refusal of Samuel Bankman-Fried's request to access FTX's directors and officers coverage serves as a reminder of the interplay of bankruptcy law and D&O insurance policies, and some best practices for policyholders when pursuing D&O coverage during bankruptcy, say Geoffrey Fehling and Justin Paget at Hunton.

  • Echoes Of '80s Thrift Crisis Are Present In Today's Bank Woes

    Author Photo

    The current distress in the banking industry bears an uncanny resemblance to the thrift industry crisis of the 1980s, and while that collapse was a worst-case scenario, it provides lessons for understanding the fundamental economic forces at work today, says Alan Frankel at Coherent Economics.

  • Opinion

    Attorneys Should Have An Ethical Duty To Advance DEI

    Author Photo

    National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.

  • SVB Collapse Reinvigorates Bank Accounting Debate

    Author Photo

    Silicon Valley Bank's sudden collapse revives questions over whether fair value or amortized cost accounting is the most appropriate for banks' financial reporting — a controversy that's crucial for understanding what information could have helped market participants better understand SVB's financial condition, say consultants at Analysis Group.

  • Data-Driven Insights Are Key To Attracting Today's Clients

    Author Photo

    As law firm growth slows and competition for clients increases, modern firms must rely on robust data analytics to develop the sector-based expertise and industry insights that clients increasingly prioritize in relationships with counsel, says Lavinia Calvert at Intapp.

  • Planning For A Potential Dodd-Frank Revamp Post-SVB

    Excerpt from Practical Guidance
    Author Photo

    An overhaul of the previous rollback of Dodd-Frank may occur in the near future, meaning banks that could be bumped up to a more restrictive category under the act's enhanced prudential standards should prepare for more frequent supervisory stress tests and stringent liquidity requirements, says Eric Yoon at K&L Gates.

  • Ghosting In BigLaw: Why Better Feedback Habits Are Needed

    Author Photo

    Not giving assignments or constructive criticism to junior associates can significantly affect their performance and hours, potentially leading them to leave the firm, but partners can prevent this by asking the right questions and creating a culture of feedback, says Rachel Patterson at Orrick.

  • Tips For Negotiating With A Swap Dealer In Distress

    Author Photo

    The rights of a party to terminate a qualified financial contract with a collapsing bank can be complicated, but ensuring possession of an executed guarantee and having relationships with more than one swap dealer can absorb some of the economic and operational fallout of dealing with a swap counterparty in distress, says Elanit Snow at Proskauer.

  • SVB Collapse Underscores Policy And Regulatory Pitfalls

    Author Photo

    The recent failures of three American banks reveal hidden vulnerabilities, raise concerns about moral hazard, and highlight the need for tighter regulation and closer monitoring of unrealized investment-portfolio losses in the U.S. banking system, says attorney Patrick Meson.

  • Rebuttal

    Law Needs A Balance Between Humanism And Formalism

    Author Photo

    A recent Law360 guest article rightly questions the pretextual pseudo-originalism that permits ideology to masquerade as judicial philosophy, but the cure would kill the patient because directness, simplicity and humanness are achievable without renouncing form or sacrificing stare decisis, says Vanessa Kubota at the Arizona Court of Appeals.

  • What SBF's FCPA Charge Means For Crypto Enforcement

    Author Photo

    The recent addition of a Foreign Corrupt Practices Act charge in federal prosecutors’ case against FTX founder Samuel Bankman-Fried appears to be the first crypto-related indictment under the statute, and by using yet another tool in its arsenal, the government is showing it will continue to aggressively crack down on crypto crime, say attorneys at Lewis Brisbois.

  • NY Bankruptcy Court Pivots On Commercial Rent Damage Cap

    Author Photo

    A New York bankruptcy court departed from its prior precedent in the recent Cortlandt Liquidating case, effectively lowering the commercial rent damages cap, and making the court a little less friendly for landlords but potentially an attractive venue for debtors planning to reject significant commercial leases, say attorneys at MoFo.

Want to publish in Law360?

Submit an idea

Have a news tip?

Contact us here
Can't find the article you're looking for? Click here to search the Bankruptcy archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!