A former Bridgeview Bank employee told an Illinois jury Wednesday that he would have tried to block the bank's $2.85 million loan to BCI Aircraft Leasing Inc., which now faces fraud charges, if he knew about alleged misrepresentations in the company's application documents.
The Delaware Chancery Court on Friday affirmed that fiduciary duties are implicit in limited liability company agreements, finding that the manager of an LLC that owned a golf course trampled the rights of Auriga Capital Corp. and other equity investors in a scheme to buy back the property on the cheap.
Benihana National Corp. will seek sanctions against one of the lead plaintiffs in a proposed overtime wage class action against the Japanese steakhouse chain after he allegedly copied and destroyed some 6,500 files from one of its computers, the company announced Tuesday.
A former BCI Aircraft Leasing Inc. investor testified Tuesday that while he profited from investing with BCI, which now faces fraud charges, he never would have done so if he knew his money was not directly linked to specific assets as allegedly promised.
The U.S. Securities and Exchange Commission on Tuesday accused two brothers of racking up more than $17 million in illegal gains from naked short selling involving stocks such as Chipotle Mexican Grill Inc. and Fairfax Financial Holdings Ltd.
The Fourth Circuit ruled Monday that the U.S. did not violate the Privacy Protection Act by searching a photojournalist's home as part of its investigation into criminal activity during a demonstration against the International Monetary Fund.
When Merrill Lynch & Co. Inc. faced a Second Circuit appeal in a class action alleging inadequate disclosures related to the collapse of the $330 billion auction rate securities market, the investment bank turned to attorneys at Skadden Arps Slate Meagher & Flom LLP, who won affirmation of the dismissal over the U.S. Securities and Exchange Commission's objections — one of many high-profile representations that earned the firm a spot among Law360’s Class Action Groups of 2011.
Las Vegas casino magnate Steve Wynn on Friday said Wynn Resorts Ltd.’s top shareholder has no right to examine its books for details about investments including a $135 million university endowment in Macau connected to the company’s planned expansion of its huge casino development there.
MacroSolve Inc. fired off patent infringement suits against Facebook, Wal-Mart and three others in Texas federal court on Monday, adding to a lengthy list of targets in the company's rights battle over technology used in mobile applications.
Hotel REIT Chesapeake Lodging Trust will pay $76.5 million for a 185-room Hyatt hotel currently under construction in midtown Manhattan, its second New York City property, the company said Tuesday.
A former San Diego tax lawyer and two Arizona businessmen face federal conspiracy charges for allegedly hiding millions of dollars in accounts at UBS AG and other overseas banks, according to an indictment unsealed Monday by an Arizona federal court.
A Delaware bankruptcy judge on Monday approved the appointment of a consumer privacy ombudsman in Real Mex Restaurants Inc.'s Chapter 11 case following U.S. trustee objections over the sale of company assets on privacy grounds.
Dan Gilbert, founder of Quicken Loans Inc. and owner of the Cleveland Cavaliers, has purchased the Federal Reserve Building in Detroit, his latest move in a series of acquisitions aimed at attracting technology startups to the city's downtown area, Gilbert's Rock Ventures LLC announced Monday.
Rep. Tom Graves, R-Ga., said Monday he was introducing a bill that would eliminate a U.S. Department of Transportation provision implemented last week requiring airlines to include government-mandated taxes and fees in published fares.
The U.S. Department of Labor has begun enforcing a law requiring employers to provide break time for nursing mothers, but the agency has not yet issued final implementing rules, leaving employers in the dark about their obligations, attorneys say.
A Travelzoo Inc. shareholder filed a derivative suit Friday accusing the company's executives of shortchanging shareholders by selling Travelzoo's Asia Pacific assets to the company's founder, Ralph Bartel, at a discount.
The Bahamas' House of Assembly authorized a loan agreement Thursday wherein the Export-Import Bank of China will put up $41 million for a Chinese company to build a commercial port and bridge in the Bahamas' northern Abaco Islands.
We should have a uniform foreclosure statute so that lenders can avoid the inconsistency and uncertainty of an 18-month judicial foreclosure process in one jurisdiction and a 45-day nonjudicial process in another jurisdiction, says Jeffrey Giese, a partner in Hunton & Williams LLP's capital finance and real estate group.
A crew member from the Costa Concordia cruise ship hit Carnival Corp. with a putative class action in Illinois on Thursday, claiming the company didn’t evacuate the 4,200 passengers and crew quickly enough when the ship ran aground off the coast of Italy.
The Sixth Circuit on Wednesday partially upheld a lower court's ruling against Benton Harbor, Mich., residents fighting the National Park Service over the construction of a golf course on parkland, finding some of their environmental claims moot with the course already completed.