Purdue Pharma is asking a New York bankruptcy judge for another 27-day extension of an injunction freezing opioid suits against the company and its owners, saying it needs more time to ensure it gets court approval for its Chapter 11 plan disclosures.
The administrators of collapsed finance firm Greensill Capital said they have recovered only £3.7 billion ($5.1 billion) of the company's last-reported assets of £17.7 billion since the supply chain financing firm entered into insolvency proceedings in March.
A man who used his company's business account to "get by financially" after being hit with a $20 million judgment and more than $300,000 in back taxes can't get those debts discharged in bankruptcy, the Eleventh Circuit has ruled.
The Chapter 7 trustee overseeing the bankruptcy of trucking company Jevic Holding Corp. cannot step into the shoes of the plaintiff in a suit brought by the official committee of unsecured creditors, after a Delaware judge said Wednesday that a post-petition financing order limits adversary actions to those brought by the committee only.
The U.S. Department of Justice has announced it has appointed longtime Georgia standing Chapter 13 trustee Mary Ida Townson as the U.S. trustee for Georgia, Florida, Puerto Rico and the U.S. Virgin Islands.
Emotional patient testimony and a prosecutor's improper remark during closing arguments likely aren't enough to overturn a landmark verdict convicting five former Insys Therapeutics executives of a scheme to bribe doctors to prescribe opioids, a First Circuit panel suggested Thursday.
A Chapter 11 trustee has won a fight in Delaware for a $57.4 million breach of contract recovery benefiting the estate of bankrupt Allied Systems Holdings Inc., with simple interest from 2009 under governing New York law nearly doubling the potential award to more than $110 million.
Global auto parts supplier Shiloh Industries on Thursday won approval from a Delaware bankruptcy judge for a Chapter 11 plan that carves out $3 million for unsecured creditors from the proceeds of the company's $218 million asset sale.
Bankrupt trial lawyer Thomas Girardi's 10,277-square-foot mansion near Los Angeles is on the market for $13 million, well below the $16.5 million he had told lenders it was worth, court documents say.
Puerto Rico's fiscal oversight board said Wednesday that it had reached a deal with the holders of more than $2 billion in highway and convention center bonds to end ongoing litigation and slash the amount owed by the island's government by 70%.
A Delaware bankruptcy judge on Wednesday denied a motion to dismiss a new complaint alleging that former top executives of steelmaker Essar Steel Minnesota helped loot $1 billion from the company and pushed it into Chapter 11, saying it has enough details to be viable.
Harvey Weinstein on Tuesday accused prominent criminal defense attorney Jose Baez of refusing to refund him $1 million in legal fees after backing out of his case in 2019, according to a suit filed in New York state court.
Bankrupt car rental giant Hertz Global announced Wednesday that a competing bid from a prospective sponsor for its Chapter 11 plan beat the existing deal the company has with a group of sponsors led by Centerbridge Partners, triggering a potential auction if Centerbridge decides to counter the offer.
Baker Donelson, along with a firm partner and a Baker lobbyist, suffered another setback Wednesday in a federal case in Mississippi accusing them of aiding — and profiting from — a $100 million timber scam.
The Maxus Liquidating Trust urged the Delaware bankruptcy court Tuesday to reject Argentine energy company YPF SA's bid to directly appeal to the Third Circuit the denial of its motion to disqualify White & Case LLP from representing the trust in a $14 billion environmental liability case, saying the effort is procedurally flawed.
British steel maker Liberty Steel Group on Wednesday announced it has appointed a committee to restructure and refinance the company in the wake of the March collapse of its principal lender, financial group Greensill Capital.
Rochester Drug Co-Operative Inc. has urged a Pennsylvania federal judge to once again reject arguments that the company's ongoing bankruptcy meant that it could not continue serving as class representative in a massive antitrust suit accusing drugmaker Indivior PLC of scheming to maintain its monopoly on the opioid addiction treatment Suboxone.
Secured creditors of Canadian holding company Stoneway Capital Ltd. have told a New York bankruptcy court they wanted to resume a restructuring proceeding that was pending in Ontario before Stoneway filed for Chapter 11 protection in the Empire State.
The liquidating trustee of the bankrupt Orchid Paper Products Co. filed a suit in Delaware bankruptcy court Tuesday accusing the company's leadership of recklessly sending the business into Chapter 11 with an "overly-ambitious and ill-conceived" expansion plan.
Beneath a black-and-white Instagram filter, "Real Housewives of Beverly Hills" star Erika Jayne strikes another sultry pose, clad in lingerie and a sparkling necklace for her 2.2 million followers.
A Delaware bankruptcy judge Tuesday approved a Chapter 11 plan for yoga instruction company YogaWorks that includes $340,000 for unsecured creditors thanks to good results from the company's asset auction in December.
Hertz Global confirmed early Tuesday receipt of a sweetened sponsorship offer from the original plan backers for the bankrupt rental giant's Chapter 11, potentially setting up a final three-day deadline for a topping offer by the current leader and a potential auction on May 10.
The New York Attorney General's Office made its closing argument Monday in its bid to have the National Rifle Association's Chapter 11 case tossed from a Texas bankruptcy court, saying the organization doesn't have any financial issues to justify its insolvency proceeding.
A New York bankruptcy judge has given Mexican airline Grupo Aeromexico SAB de CV the go-ahead to amend a prebankruptcy deal to acquire two dozen planes from Boeing after cutting a deal to shave $800 million and unneeded aircraft from the contract.
As it faces a potential malpractice complaint in Pennsylvania state court, Blank Rome LLP has said representatives for defunct billion-dollar hedge fund Platinum Partners, a one-time client, are trying to dodge language in the client engagement letter requiring arbitration of any disputes about the firm's work.
Arizona's far-reaching new rules opening its legal sector up to nonlawyer participation may encourage other states to follow suit, with both positive and negative consequences for clients, the justice system, legal education and lawyers' careers, say Maya Steinitz at the University of Iowa and Victoria Sahani at Arizona State University.
Steps that many businesses took to survive the COVID-19 crisis will result in major challenges this year, especially for the hardest hit industries, including retail, travel, oil and gas, and entertainment, say attorneys at Reed Smith.
Many federal and state courts will likely embrace virtual proceedings even after pandemic-related restrictions are lifted, so attorneys should get comfortable with the virtual platforms commonly used by courts, and follow a few audio and video best practices, says Justin Heminger, a senior litigation counsel at the U.S. Department of Justice.
The pandemic-era rise in mediation brings about the increased risk that participants will engage in dishonest behavior with the expectation that settlement negotiations will be kept confidential, but lawyers should beware that state confidentiality protections differ, and that courts have applied ethical rules in the mediation context, say Jennifer Gibbs and Amanda Rodriguez at Zelle.
Many state courts' failure to gather basic data on sentencing and other important criminal justice metrics frustrates efforts to keep checks on judges’ implicit biases and reduce racial disparities, say Justice Michael Donnelly at the Ohio Supreme Court and Judge Pierre Bergeron at the Ohio First District Court of Appeals.
The U.S. Supreme Court's recent Chicago v. Fulton decision — that the Bankruptcy Code's automatic stay provision does not require immediate return of debtor property upon the filing of a bankruptcy case — may give lenders and creditors an edge in cases beyond those filed under Chapter 13, say attorneys at Dykema.
Attorneys at Cozen O'Connor analyze key provisions of the U.S. Small Business Administration's two new interim final rules regulating first-draw and second-draw loans under the reinstituted Paycheck Protection Program.
Attorneys at Cozen O'Connor provide an overview of the recently reinstituted Paycheck Protection Program's provisions for new borrowers to receive loans and existing borrowers to receive additional funding, and the U.S. Small Business Administration's startup of the program.
Amid the challenges of the pandemic, a shifting digital landscape, and increasing calls for diversity and inclusion, general counsel responsibilities are expanding into six new areas, highlighting the need for both in-house and outside counsel to serve as strategic and empathetic business leaders, say Wendy King at FTI Consulting and David Horrigan at Relativity.
The Eleventh Circuit's recent decision in Pension Benefit Guaranty Corp. v. 50509 Marine, upholding a company's defined plan termination liability under the Employee Retirement Income Security Act 20 years after that business liquidated, highlights issues that owners need to consider upon company dissolution, say attorneys at Winston & Strawn.
As clients increasingly demand better efficiency, predictability and cost-effectiveness from their legal partners, especially during the pandemic, law firms and other legal service providers may need to explore new ways to bundle and deliver services — and move away from billing by time, says Joey Seeber at Level Legal.
No U.S. law firm has its shares listed on a public stock exchange unlike some lucrative overseas counterparts, but by allowing nonattorneys to become stakeholders in law firms, Arizona may have paved the way for this to change should other U.S. states — particularly New York — follow suit, says Marc Lieberman at Kutak Rock.
Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.
Two recent decisions from a New York state court and a Nevada federal court reaffirm the importance of lenders paying off superpriority liens, which may extinguish their mortgages or deeds of trust if not swiftly addressed, say Michael O'Donnell and Michael Crowley at Riker Danzig.
In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.